New Hampshire’s House of Representatives recently passed two bills, one of which would allow for short-term loans and their restrictions to be lightened. The title loan bill (SB 57) would allow for loans with up to 25% interest and the use of a car title for collateral. In 2008, interest caps were lowered to 36% annually.
Representative Ken Gidge (D-Nashua) advocated for the loosening of the restrictions, stating, “We should not take the right away from the citizenry to do what they want. Sometimes they do what they have to do.” The bill was narrowly passed and now goes to the governor. Though he has expressed his concerns that there could be a return of loans with interest rates in the hundreds, that is unlikely with the passage of this bill.