Tara Jaramillo’s payday lending scheme didn’t happen despite New Mexico’s interest rate cap: it happened because of it, with a little help from Fred Nathan and the price-fixing crusaders at Think New Mexico.
Topic: Price controls
governmental restrictions on the prices that can be charged for goods and services
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‘Black Market Payday’ Makes Headlines: Unlicensed Lending by Tara Jaramillo
Price controls like New Mexico’s 36% APR cap have driven vulnerable workers into the hands of unlicensed lenders.
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Victory in Colorado: HB25-1282 Defeated
A harmful swipe fee price control bill was defeated in the Senate after passing the House, marking a major victory for economic freedom.
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Fox Business: Credit card rewards are about to vanish, and guess who’s to blame?
This isn’t just about miles and points; it’s about economic freedom and financial choice.
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American Banker: Death by a thousand caps—State laws could kill credit card rewards
A group of states are pursuing similar efforts to cap credit card interchange fees, endangering rewards programs that customers value, and raising concerns about an illegal interstate compact.
Colorado’s interchange swipe fee cap will ultimately harm small businesses, drive up banking costs, and gut credit card rewards.
New Mexico’s HB 476 stealthily caps interchange fees by targeting sales tax, bypassing federal oversight while shifting costs to consumers and small businesses.
Arizona’s HB 2629 stealthily caps interchange fees by targeting sales tax, bypassing federal oversight while shifting costs to consumers and small businesses.
A national credit card rate cap may seem consumer-friendly, but history and state-level experiments shows it shrinks credit access and pushes borrowers toward costlier alternatives.
“The road to hell is paved with good intentions.”