Prosperity Works Legislative Agenda For Increased Financial Equity & Inclusion In NM

Michael Barrio, Director of Advocacy

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Prosperity Works begins our campaign for change at the New Mexico State Capitol with the opening of legislative session on Tuesday, January 15, 2019.  The 2019 session is looking to be fast-paced and intense, with a flurry of proposed legislation expected to hit the Roundhouse. With a new Democratic Governor, a host of eager newly-seated legislators and a revenue surplus we anticipate significant movement on education, healthcare and public safety-focused legislation. We’re looking forward to working with our new Governor and her administration to address the systemic issues that continue to undermine our progress as a state.

Prosperity Works' mission is to remove barriers and increase opportunity for all New Mexicans to build assets and financial stability for their families. These opportunities and barriers are often systemic - the result of policy decisions at the local, state and federal level.  As such, legislative advocacy is the key to realizing financial equity and inclusion for every New Mexican.

If you would like to receive all of the latest news and calls to action from the Prosperity Works team during legislative session, please sign up for our advocacy newsletter here.  Please note: if you are signed up to receive the PW Quarterly Newsletter, we also ask that you use the link above to subscribe to our advocacy list.  

For your consideration and support, our legislative agenda for the 2019 Legislative Session follows:
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​HB 150  INSTALLMENT & SMALL LOAN CHANGES – Sponsors: Rep. Georgene Louis, Sen. Sander Rue, & Sen. Benny Shendo

Every New Mexican deserves access to fair loans at reasonable rates. In order to help hardworking New Mexicans make smart financial decisions, the public and our legislature need to know how the small lending industry operates in our state. Although New Mexico's first across-the-board interest rate cap has gone into effect, there are gaps in enforcement and loopholes that prevent New Mexican families from receiving the benefit of the law's protections. With a lower interest rate to contend with, lenders are using high fees and rollovers as profit generators that simply drain income from New Mexico consumers. HB 150 provides commonsense updates to address inconsistencies in NM small loan laws and introduces transparent data sharing practices that would eliminate loopholes, gaps, and confusion that circumvent the intended consumer protections.

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