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HB 347 “limits” maximum finance charges to 175% APR

April 7, 2017 – For Immediate Release
Interest Cap Legislation signed by Governor
HB 347, limiting the maximum finance charges on loans under $5000 to 175% APR, has been signed by the governor.  Until now there has been no limit on small loan finance charges in New Mexico, and the average reported interest rate from small loan stores has been 350%.
While 175% APR is still way too high, we estimate the new law will save borrowers $250 million annually.  In addition, HB 347 eliminates bait and switch single payment payday and title loans; requires reporting to state regulators on the number, principal amount, and finance fees paid on small loans under 175% made by non-bank businesses; bans numerous “junk” fees that increase borrowing costs; specifies remedies for violations under the Unfair Practices Act; requires positive credit reporting for all loan repayments, and closes previous loopholes for higher cost lenders.
The New Mexico Fair Lending Coalition plans to continue pushing for an across the board 36% interest rate cap as adopted by 12 states and the US Armed forces.
The fair lending coalition also continues to promote adoption of affordable loan programs as an employee benefit at public sector organizations across the state. Dona Ana county has adopted the True Connect loan program.  In the first month, about 80 of their 850 employees borrowed an average of $1700 for a term of one year.  The typical county borrower will save $4,000 annually in finance fees versus the average state reported loan store interest rate of 350%.  So far, the county has not experienced any significant administrative drawbacks with the program.
The town of Bernalillo, NM has also adopted the True Connect program, and similar programs are under consideration by the New Mexico Association of Counties, Santa Fe Public Schools, the city of Albuquerque (which is considering an RFP process), NMSU’s AFSCME union, Bernalillo County and other public entities around the state.
At interest rates of 26% or less, these programs can be life-savers for employees, and help prove the case that triple digit interest rates are not necessary to provide credit to low income/ low credit score borrowers.
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NCAF Press Release, March 2017

Read the full “Make America Great Again” budget plan here>

NCAF update

Region VI Call For Nominations for 2016-18 Board of Directors

Elections for new Region VI Board members will take place Friday, October 14 during the Region VI Annual Conference in Albuquerque. Please click here> for full details.

 

FY 2017 Reporting

Deadlines for quarterly inventory forms or emails:

8/26/16

11/28/16

2/24/17

5/26/17

Summary of the current  inventory approval/reporting process:

 If your agency’s February or May 2016 inventory  report fully reported all IT / non-IT assets/fixed assets purchased in whole or part with CSBG funds,  subsequent inventory reports need only provide updates. Updates are newly purchased items , a change in requested action for a previously reported item, or other inventory information you wish to convey. If you have no updates, please send me an email to that effect by the due date.  The email should  reference all four types of inventory as applicable.

 The IT purchase approval  process  includes a minimum dollar threshold ($250) , unless the contractor/subrecipient is co-located in an HSD facility.

 In the past there was a $500 threshold for inventory reporting of non-IT assets. There is no minimum threshold under the current directives for reporting IT and  non-IT assets  with a purchase value less than $5,000. Office supplies are excluded from the inventory reporting requirement.

Upcoming Events June – Sept

17th Annual Wipfli National Training Conference
July 10-15, 2016
Las Vegas, NV
Click here for more information

CAPLAW National Training Conference
June 22-24, 2016
Ft. Lauderdale, FL
Click here for more information.

2016 Community Action Partnership Annual Convention
Building Resilience: The Promise and Practice of Community Action
August 30 – September 2, 2016
Austin, TX
Click here to register.
Click here for the convention brochure.

Nonprofit Risk Management Center’s 2016 Risk Summit
September 18 – 20, 2016
Chicago, IL
Click here for more information.

2016 NASCSP Annual Training Conference
September 27-30, 2016
Omaha, NE

CFED 2016 Assets & Learning Conference
September 28-30, 2016
Washington, D.C.
Click here for more information.

May-June Report Deadlines for NMACP Members

May 16:

·  CAA expenditure reports due  for the month of April

·  CAA Quarterly inventory reports due

May 20:

·  CAA program reports due for the month of April

 June 15:

·   CAA expenditure reports duefor the month of May

 June 20:

· CAA program reports due for the month of May

ROMA Training offered in Albuquerque May 19

roma picA one-day Introduction to ROMA training will be held in Albuquerque from 9:30 am-2:30 pm on Friday, May 19 for a maximum of 20 participants. Please download the Word doc application here> or the pdf version here>.

Please complete and return by COB May 12, 2016 to Carolyn VanderGiesen or Laura Bruzzese by email (carolyn@nmacp.com / laura@nmacp.com) or fax (1-844-221-6761). Thanks!