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SB 57 STATE EMPLOYEE WAGE DEDUCTED FOR LOANS

Current Location: SFC
Referrals: SHPAC/SFC

[1] SHPAC/SFC-SHPAC [3] DP-SFC

SB 57 PDF  |  SB 57 FIR


Scheduled on - Date:  Time:   Location:

2/01/2021 [3]SHPAC - Do Pass Senate Finance (SFC)
1/19/2021 [1] - Sent to location Senate Health & Public Affairs (SHPAC)
Synopsis:

 Senate Bill 57 (SB 57) provides for a program through which participating state employees have portions of their salaries or wages deducted and disbursed for the repayment of personal loans.

Analysis:

 Senate Bill 57 (SB 57) creates a new section of Chapter 10 NMSA 1978 (Public Officers and Employees) that allows the Department of Finance (DFA) the discretion to establish an employee loan program through which the state will deduct portions of an employee’s salaries to repay personal debts.

SB 57 restricts the state’s liability both to the lenders and to the employee in a variety of ways including not being responsible if the loan repayment made by the state on the employee’s behalf is wrong.  It imposes limits on the amount of an employee’s pay that may be directed to this program and restrictions on length, type and interest of the loans that could be repaid through this program.

SB 57 defines qualified lender.

It would be effective 1 July 2021.

Amendments:

Current Law:No such program exists under this chapter currently.

Bill Comments:
Position:    Priority: 
CMM: The bill would allow the Department of Finance (DFA) the discretion to establish an employee loan program through which the state will deduct portions of an employee’s salaries to repay personal debts. SB restricts the state’s liability both to the lenders and to the employee in a variety of ways including not being responsible if the loan repayment made by the state on the employee’s behalf is wrong. It imposes limits on the amount of an employee’s pay that may be directed to this program and restrictions on length, type and interest of the loans (limits the term to no greater than 12 month and the APR has to be less than 30%) that could be repaid through this program. SB defines qualified lender as one that is licensed by the small loan licensing act or a lender that is exempt from the act.