A Check ‘n Go shop in Santa Fe provides loans that are payday.

A Check ‘n Go shop in Santa Fe provides loans that are payday.

A previous state senator that is assisting lead the battle against high-interest payday along with other little loans said Monday that a bill to cap prices at 36 per cent is dead.

“The governor would veto it anyhow,” previous Sen. Steve Fischmann, co-chairman for the brand New Mexico Fair Lending Coalition stated, talking about home Bill 26, sponsored by Rep. Patricia Roybal Caballero, D-Albuquerque.

But Fischmann, a Mesilla Park Democrat, stated supporters associated with bill come in negotiations with particular areas of the industry which can be supporting another bill aimed at managing companies that provide tiny loans at high interest levels. […]