New Hampshire Governor vetoes title loan revival

New Hampshire Governor John Lynch recently vetoed a bill to raise the interest on vehicle title loans up to 25 percent per month, citing other states' positions on the subject and a lack of evidence about the long term benefits of the loans. "Thirty-one other states - including all the other New England states - ban these types of excessive interest rates," Lynch explained in his veto message, as quoted by the Boston Globe. The current legislation caps the interest on car title lending at 36 percent per year, which Lynch said was sufficient. The 36 percent rate is identical to the one set by Congress on title loans to members of the military in 2006. "There is no evidence that reversing that law would benefit New Hampshire (but) significant evidence that it would harm our state and families," said Lynch, quoted by the news source. He cited local welfare officials' concerns about cash-strapped families who make credit decisions to use their cars as loan collateral ending up worse off. Additionally, Lynch vetoed legislation that would have ended the state's participation in the Regional Greenhouse Gas Initiative, a program to reduce carbon dioxide emissions.