NH Senate Overrides Veto of Title Loan Bill

September 7, 2011
Associated Press 
car title lending news

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.
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