summary
Introduced
01/19/2021
01/19/2021
In Committee
02/01/2021
02/01/2021
Crossed Over
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO STATE EMPLOYEES; PROVIDING FOR A PROGRAM THROUGH WHICH PARTICIPATING STATE EMPLOYEES HAVE PORTIONS OF THEIR SALARIES OR WAGES DEDUCTED AND DISBURSED FOR THE REPAYMENT OF PERSONAL LOANS.
AI Summary
This bill establishes an employee loan program for state employees in New Mexico, where the state will deduct a portion of the participating employee's salary or wages to be disbursed directly to qualified lenders for the repayment of personal loans. The program is designed to pose no financial risk to the state, and the deducted amount cannot exceed 12% of the employee's gross salary or wages per pay period. The loans must have an annual percentage rate of 30% or less, a term of one year or less, and cannot use the employee's credit score to determine eligibility. The state has no involvement in the loan decision process and does not use state funds to repay, subsidize, or guarantee the loans.
Committee Categories
Budget and Finance, Health and Social Services
Sponsors (1)
Last Action
SHPAC: Reported by committee with Do Pass recommendation (on 02/01/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=57&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0057.pdf |
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