The state Senate on Sept. 7 sanctioned New Hampshire's title loan providers to
impose interest of up to 25 percent a month. In a 17-7 vote, senators agreed to
override Gov. John Lynch's veto of the legislation, which now moves to the
House. Lynch argued that the bill allowed excessive rates to be charged that
would hurt families, communities, and the economy. The current maximum rate is
36 percent per year, the same cap set in 2006 by Congress on title loans to
military personnel. Supporters contend that the legislation provides more
alternatives for consumers in need of a short-term advance.