Storefront lenders howled when the New Mexico Legislature finally outlawed their 175% annual interest rates.

The lenders claimed they鈥檇 provided a public service. Mostly they saddled desperate customers with crushing debt.

The smokescreens from industry lobbyists didn鈥檛 survive in a land of pink-and-orange sunrises. Storefront lenders across New Mexico are still in business 13 months after lawmakers capped rates for small loans at 36%.

Ringside Seat is an opinion column about people, politics and news. Contact Milan Simonich at

msimonich@sfnewmexican.com or 505-986-3080.

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