Council takes a look at interest rates, sets election By Benjamin Fisher Damage allegedly caused by high-interest moneylenders has finally driven the Silver City Town Council to draft a resolution to cap the interest fees charged for the loans. At their regular meeting on Monday, Silver City town councilors approved a resolution to support a statewide cap of no more than 36 percent for moneylenders. As it stands, the lenders are able to charge as much as 500 percent interest and the Town Council is powerless to stop them. The ability to do so is reserved for the state Department of Regulation and Licensing, according to Councilor Lynda Aiman-Smith, who sponsored the resolution and spoke most passionately about the problems she sees stem from the lenders. Two of the councilors — District 1’s Cynthia Bettison and District 3’s Jose Ray — are up for re-election in 2015. Both announced on Monday that they would be seeking to retain their seats. Any other residents of those districts must announce their candidacy at Town Hall on Tuesday, Jan. 6. Absentee ballots can be picked up from Jan. 27 to Feb. 27. Early voting begins Feb. 11. For more information, pick up the Tuesday edition of the Silver City Daily Press.
Posted on: Tue, 18 Nov 2014 17:38:11 +0000
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