44TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 1999

REQUESTING THE STATE EDUCATIONAL INSTITUTIONS TO ELIMINATE OR CURTAIL ON-CAMPUS SOLICITATION FOR CREDIT CARDS.

WHEREAS, a serious problem has arisen with credit card companies soliciting students to enter into credit card agreements, and much of the solicitation takes place on campuses of state educational institutions with the tacit if not active permission of the administration; and

WHEREAS, credit card companies entice students to apply for credit cards by promising all kinds of perquisites; and

WHEREAS, many students are seduced by those perquisites and the promise of "buy now, pay later" but may not have the financial resources to pay even the minimum charge of monthly credit card bills; and

WHEREAS, such students can quickly find themselves drowning in a sea of consumer debt, and parents are oftentimes held financially responsible for the debts of their children; and

WHEREAS, while modern educational institutions have rejected the concept of in loco parentis, they should not participate in putting students in harm's way; and

WHEREAS, for them to condone solicitations for credit cards on campus may harm students and parents financially;

NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE OF NEW MEXICO that state post-secondary educational institutions be encouraged to eliminate or curtail companies' on-campus solicitations of credit card customers; and

BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the boards of regents or other governing bodies and the presidents of the state's post-secondary educational institutions.