Senate Memorial 27 asks the state personnel office to study adding affordable loans to their employee benefits plan. It will be heard in Public Affairs at 2:30today in Room 321. It got a do pass recommendation by a 6-3 vote in Senate Rules yesterday.
About 4,500 state workers with low credit scores use storefront and internet loans averaging 300% interest. Turnkey services are available through employee benefit plans that can save an average of 94% of loan financing costs – with no credit check required! The services are provided at no cost to the state with outside vendors providing all the loan capital and all loan servicing. The vendors also assume all loan loss risk.
State employees deserve this huge cost saving benefit – one that is Free for the state to offer.
Please email members of the Senate Public Affairs Committee this morning urging a yes vote. No explanations needed. Just say “Please vote yes on SM 27, Study Affordable Loans for State Employees” and state your title if you head up or represent a specific organization.
Their e-mail addresses:
A very Special thanks to Senator Ortiz y Pino (our sponsor) for his help on this.