PRESS RELEASE – St. Michaels, Ariz. (9.25.20) – The Navajo Nation Human Rights Commission is pleased that the Navajo Nation Council Naabik’iyati’ Committee passed Resolution NABIS-38-20 on supporting efforts to reduce the small loans annual percentage rate (“APR”) in New Mexico from its current rate of 175% to 36%.
The resolution also requests the NM Legislature to adopt the 36% APR. According to the National Consumer Law Center, New Mexico has the third highest interest rate on small loans in the United States. The national average for interest rates is 38.5% for a six-month loan of $500.00.
With the support of the Navajo Nation, the Human Rights Commission plans to continue working with nonprofit organizations in New Mexico on bettering and protecting Navajo consumers by advocating to the state legislatures to capping the small loan APR to 36%.
Resolution NABIS-38-20 passed on Sept. 3, 2020 with 19 in favor, 0 opposed.
For more information, contact the Commission at (928) 871-7436.