Congressional Candidate Janice Arnold-Jones Took Massive Donation from PayDay Lender
Submitted by J. Dyrcz on 3 October 2012 - 5:25pm
Lender Found Guilty of Cheating Consumers
FOR IMMEDIATE RELEASE: Wednesday, October 3, 2012
CONTACT: Matt Ross (505) 263-4879
Albuquerque, NM -- Republican Congressional Candidate Janice Arnold-Jones, an advocate of special interests, gladly accepted $28,900 in campaign contributions from a payday lending company when she ran for Governor in 2010. Now, that same company was found to have illegally exploited New Mexico families, charging annual interest rates between 520 and 650 percent.
The Journal published a story in 2010 about large campaign contributions, which included news about a $25,000 contribution that Arnold-Jones received from FastBucks. [Albuquerque Journal, 4/15/10]
“Janice Arnold-Jones owes an explanation to working New Mexico families as she prepares for primetime TV debates,” said DPNM Chairman Javier Gonzales “Why was Janice supporting an industry that doesn't play by the rules and exploits New Mexico consumers for its own profit?”
The Albuquerque Journal published an editorial today that was highly critical of the payday lending company, FastBucks Holding Corp., which does business in New Mexico. A Santa Fe Judge ruled that FastBucks exploited New Mexico families with installment loans that had annual interest rates between 520 and 650 percent. Judge Michael E. Vigil ordered the company to pay $10 million to consumers for violating the New Mexico’s Unfair Trade Practices Act.
FastBucks Management Co. donated $28,900 to Arnold-Jones when she ran for Governor in 2010. The special-interest contribution represented nearly 10 percent of the money Arnold-Jones raised in her losing bid for the Republican nomination that year.
Arnold-Jones has a history of supporting special interests in Santa Fe and voting against ethics legislation that would have prevented massive campaign contributions like the cash she received from FastBucks.
In 2007, Arnold-Jones opposed a bill to cap the amount of money individuals, businesses and labor unions could give to New Mexico political campaigns. [HB 821, Santa Fe New Mexican, 2/10/07]
In 2007, Arnold-Jones was one of four representatives to vote against the “Gift Act.” The bill would make it a petty misdemeanor for state, county, and local officials and candidates for public office to accept certain types or amounts of gifts from lobbyists, political backers, and companies bidding on state contracts. [SB 931, Fiscal Impact Report, 3/17/07, Santa Fe New Mexican, 3/13/07]
In 2010, Arnold-Jones voted against a bill to prohibit campaign contributions from lobbyists and state contractors. [HB 118, 2/16/10, Santa Fe New Mexican, 2/19/10]
In 2010, Arnold-Jones praised a bill that would ban lobbyist and contractor contributions to candidates but then tried to move a substitute bill that would exempt lobbyists from the ban. [Associated Press, 2/17/10]
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