Our 2021 Legislative Agenda
Legislative Advocacy
Acknowledging that COVID’s devastating effects will likely impede significant legislative action during New Mexico’s 2021 legislative session, Prosperity Works has developed an annotated 2021 legislative agenda with a top-line effort—which informs additional advocacy efforts at the community level (see below): to reduce the interest cap on small loans from 175% to 36%.
As a collaborative partner organization within the New Mexicans for Fair Lending Coalition, Prosperity Works will advocate for the New Mexico legislature and governor to bring our state in line with many others by reducing the state’s maximum annual interest rate on small loans from 175% to 36%. The rate of 36% is based off of the rate detailed in the Military Lending Act—which stipulates that members of the military and their families are to pay an APR on loans no higher than 36%.
We are currently working with legislative champions to ensure that this rate reduction is brought to the forefront during the 2021 legislative session.
Read more about our efforts to reduce the interest rate here.
Community Advocacy
Relatedly, we are working with community, city, county, and state leaders to embrace and socialize what we dub a “new social contract” between employees and employers—one predicated upon employees’ quality of life.
Part of this new social contract is working with large-scale employers to provide their employees with TrueConnect, an employer-provided loan product that assists employees in accessing a fair loan. Equitable lending options like TrueConnect are timelier than ever—when many New Mexico households are reeling from economic uncertainty and, in desperation, are turning to high-interest predatory lending options (operating at the current 175% rate cap); these exploitative, predatory schemes also disproportionately impact limited-income (LI) and Black, Indigenous, and People of Color households.
Read more about our Fair Lending work here.
As we work to grow awareness around this new social contract, we also are identifying articulation points with aligned advocacy efforts specific to increasing access to resources that help New Mexico households and workforce segments build assets and connect to supportive services (e.g., equitable broadband access and banking opportunities for currently unbanked households).
Sign-On Letters
Although we are focusing on the interest rate cap, Prosperity Works will consider furnishing sign-on letters in support of legislative priorities aligned with our mission-driven initiatives. For questions regarding sign-on letters, please email Advancement Director, Matt Mirarchi, at matthew@prosperityworks.net.
Acknowledging that COVID’s devastating effects will likely impede significant legislative action during New Mexico’s 2021 legislative session, Prosperity Works has developed an annotated 2021 legislative agenda with a top-line effort—which informs additional advocacy efforts at the community level (see below): to reduce the interest cap on small loans from 175% to 36%.
As a collaborative partner organization within the New Mexicans for Fair Lending Coalition, Prosperity Works will advocate for the New Mexico legislature and governor to bring our state in line with many others by reducing the state’s maximum annual interest rate on small loans from 175% to 36%. The rate of 36% is based off of the rate detailed in the Military Lending Act—which stipulates that members of the military and their families are to pay an APR on loans no higher than 36%.
We are currently working with legislative champions to ensure that this rate reduction is brought to the forefront during the 2021 legislative session.
Read more about our efforts to reduce the interest rate here.
Community Advocacy
Relatedly, we are working with community, city, county, and state leaders to embrace and socialize what we dub a “new social contract” between employees and employers—one predicated upon employees’ quality of life.
Part of this new social contract is working with large-scale employers to provide their employees with TrueConnect, an employer-provided loan product that assists employees in accessing a fair loan. Equitable lending options like TrueConnect are timelier than ever—when many New Mexico households are reeling from economic uncertainty and, in desperation, are turning to high-interest predatory lending options (operating at the current 175% rate cap); these exploitative, predatory schemes also disproportionately impact limited-income (LI) and Black, Indigenous, and People of Color households.
Read more about our Fair Lending work here.
As we work to grow awareness around this new social contract, we also are identifying articulation points with aligned advocacy efforts specific to increasing access to resources that help New Mexico households and workforce segments build assets and connect to supportive services (e.g., equitable broadband access and banking opportunities for currently unbanked households).
Sign-On Letters
Although we are focusing on the interest rate cap, Prosperity Works will consider furnishing sign-on letters in support of legislative priorities aligned with our mission-driven initiatives. For questions regarding sign-on letters, please email Advancement Director, Matt Mirarchi, at matthew@prosperityworks.net.
Our 2020 Legislative Agenda
Legislative advocacy is the key to realizing financial equity and inclusion for every New Mexican.
We've been working hard throughout the year to help draft legislation, secure buy-in from community partners, meet with legislators and hear the stories of New Mexicans across the state. We are focusing our efforts around three key pieces of legislation we believe will help build financial stability for New Mexican families.
We've been working hard throughout the year to help draft legislation, secure buy-in from community partners, meet with legislators and hear the stories of New Mexicans across the state. We are focusing our efforts around three key pieces of legislation we believe will help build financial stability for New Mexican families.
SB 24 INDIVIDUAL DEVELOPMENT ACT
SB 2 ELECTRIC VEHICLE TAX
SB 114 COMMUNITY EFFICIENT ENERGY DEVELOPMENT (CEED) BLOCK GRANT
Complete Content Archives
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