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Proposed bill would offer state employees personal loans

Proposed bill would offer state employees personal loans

Marian Camacho
January 02, 2018 06:38 AM

SANTA FE, N.M. – A newly proposed bill would make way for state employees to receive short-term personal loans and then allow them to repay those loans through their paychecks.

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The bill was introduced by Democratic state Sen. Bill Tallman of Albuquerque. Tallman says the bill will help state employees steer clear of high-interest loans from storefront lenders and borrow modest amounts of money.

A bill passed in the 2017 legislative session now caps annual interest rates on small loans at 175 percent, but Tallman’s proposed bill would limit interest rates to 30 percent for qualified employees. It would also cap repayment at 12 percent of gross salary or wages.

Several government agencies are already a part of TrueConnect, a program that gives state employees short term loans that are repaid through salaries.

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Marian Camacho

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