HOUSE JOINT RESOLUTION 11

52nd legislature - STATE OF NEW MEXICO - second session, 2016

INTRODUCED BY

Patricia Roybal Caballero

A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO ARTICLE 20 OF THE CONSTITUTION OF NEW MEXICO TO LIMIT INTEREST RATES CHARGED BY CERTAIN PERSONS FOR THE EXTENSION OF CREDIT TO THIRTY-SIX PERCENT OR LESS PER YEAR.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. It is proposed to amend Article 20 of the constitution of New Mexico by adding a new section to read:

     "A person shall not charge or receive for the extension of credit interest at an annual rate that exceeds thirty-six percent of any principal or interest owed. The limitation on interest for the extension of credit shall not apply to any federally insured depository institution or any government- issued bond."

     SECTION 2. The amendment proposed by this resolution shall be submitted to the people for their approval or rejection at the next general election or at any special election prior to that date that may be called for that purpose.

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