Under the bill, lenders could charge 15 percent monthly interest.
Governor Lynch’s veto message notes the annual percentage interest rate on these so-called installment loans translates to more than 400%. Lynch says allowing such rates would hurt New Hampshire families, communities and the economy.
Lynch’s message also says the bill limits the state’s regulatory authority.
Lenders would get advance notice before the banking department conduct exams and regulators would have reduced power to levy administrative fines.
Governor John Lynch got a first hand look at two major projects on the Spaulding Turnpike in Southern New Hampshire.
The Governor personally toured the expansion projects now underway on the pike on the Northern end in Rochester, and the Southern end between Newington and Portsmouth. The widening projects are intended to relieve traffic congestion on both ends of the Spaulding, especially at the Little Bay Bridge over Great Bay.
Governor John Lynch promises to veto any bill that would allow casinos or similar forms of gambling in the state.
Governor Lynch struck preemptively. In a letter to the Republican leaders in the House and Senate, he said more gambling would increase social service costs and, with casinos likely to come to Massachusetts, fail to raise as much revenue as backers predict.
The governor’s spokesman, Colin Manning said furthermore, any expansion will lead to proliferation.
Judiciary committee votes 11-6 to replace same-sex marriage with civil unions for any unmarried adults – even relatives. NHPR's Josh Rogers reports
By an 11 to 6 margin the house judiciary committee voted to undo the state’s 15-month-old gay marriage law and replace it with civil union for any unmarried adults – even relatives. The bill’s lead sponsor, Republican David Bates of Windham, says he expects the full House to endorse the proposal as drafted.