Bill > SB52

This bill establishes an employee loan program that allows participating state employees to have portions of their salaries or wages deducted and disbursed to qualified lenders for the repayment of personal loans. The program poses no financial risk to the state, does not compensate lenders, and limits the amount deducted per pay period to 12% or less of the employee's gross salary. 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 assumes no responsibility for repaying the loans. The bill also appropriates $250,000 to purchase hardware and software to implement the program and $100,000 to fund an additional full-time-equivalent position to administer it.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=52&year=22