The money of account of this state shall be the dollar, cent and mill; and all public accounts, and the proceedings of all courts in relation to money shall be kept and expressed in money of the above denomination. History: Laws 1851-1852, p. 254; C.L. 1865, ch. 79, § 1; C.L. 1884, § 1732; C.L. […]
The provisions of Subsections C, D and E of Section 56-8-9 NMSA 1978 are not applicable to loans secured by a first mortgage on farm, ranch or agricultural real estate where the purpose of the loan is primarily for farming, ranching or agricultural purposes. History: 1953 Comp., § 50-6-15.1, enacted by Laws 1977, ch. 293, […]
ANNOTATIONS Repeals. — Laws 1981, ch. 263, § 4, repealed 56-8-11 NMSA 1978, as enacted by Laws 1967, ch. 41, § 2, relating to the rates of interest allowed, effective July 1, 1981. Compiler’s notes. — Laws 1981, ch. 263, § 6, revived 56-8-11 NMSA 1978, effective July 1, 1983. However, Laws 1983, ch. 44, […]
History: Laws 1981, ch. 263, § 1; repealed by Laws 1991, ch. 120, § 10. ANNOTATIONS Repeals. — Laws 1991, ch. 120, § 10 repealed 56-8-11.1 NMSA 1978, as enacted by Laws 1981, ch. 263, § 1, relating to maximum rate of interest, effective June 14, 1991. For provisions of former section, see the 1990 […]
History: Laws 1981, ch. 263, § 2; 1990, ch. 69, § 1; repealed by Laws 1991, ch. 120, § 10. ANNOTATIONS Repeals. — Laws 1991, ch. 120, § 10 repealed 56-8-11.2 NMSA 1978, as enacted by Laws 1981, ch. 263, § 2, relating to disclosure, effective June 14, 1991. For provisions of former section, see […]
History: Laws 1981, ch. 263, § 3; repealed by Laws 1991, ch. 120, § 10. ANNOTATIONS Repeals. — Laws 1991, ch. 120, § 10 repealed 56-8-11.3 NMSA 1978, as enacted by Laws 1981, ch. 263, § 3, relating to penalties, effective June 14, 1991. For provisions of former section, see the 1990 NMSA 1978 on […]
ANNOTATIONS Repeals. — Laws 1983, ch. 44, § 1, repealed 56-8-11.4 NMSA 1978, which, on July 1, 1983, repealed 56-8-11.1 to 56-8-11.3 NMSA 1978, effective June 30, 1983. Former 56-8-11.4 NMSA 1978 also, on July 1, 1983, revived 56-1-2.1, 56-1-3.1, 56-8-11, 56-8-25 to 56-8-28, 58-7-4, 58-11-17, 58-13-47, 58-15-14, 58-19-8 and 59-8-7.1 NMSA 1978, which were […]
The acts and dealings of an agent in loaning money shall bind the principal, and in all cases where there is illegal interest contracted for by the transaction of any agent, the principal shall be held thereby to the same effect as though he had acted in person, and when the same person acts as […]
The taking, receiving, reserving or charging of a rate of interest greater than allowed by this act [56-8-9, 56-8-12 to 56-8-14 NMSA 1978], when knowingly done, shall be deemed a forfeiture of the entire amount of such interest which the note, bill or other evidence of debt carries with it or which has been agreed […]
Any person, corporation or association who shall violate the provisions of this act [56-8-9, 56-8-12 to 56-8-14 NMSA 1978] shall be guilty of a misdemeanor, and upon conviction thereof before the district court or a justice of the peace shall be fined the sum of not less than twenty-five ($25.00) dollars, nor more than one […]
ANNOTATIONS Repeals. — Laws 1985, ch. 228, § 17 repealed 56-8-15 to 56-8-20 NMSA 1978, as enacted by Laws 1965, ch. 253, §§ 1 to 6 and as amended by Laws 1971, ch. 82, §§ 1 and 2, relating to pledging personalty as security for loans and penalties for violation of provisions, effective June 14, […]
The above section [56-8-1 NMSA 1978] shall not in any manner affect any demand in money of another denomination, but such demand in any suit or proceeding affecting the same shall be reduced to the above denomination. History: Laws 1851-1852, p. 254; C.L. 1865, ch. 79, § 2; C.L. 1884, § 1733; C.L. 1897, § […]
A. No corporation shall plead, enforce a remedy, counterclaim, set off or set up the defense of usury to any action brought against it to recover damages or shall enforce a remedy for usury on any obligation executed by the corporation. B. No limited partnership, limited partner or general partner of a limited partnership, shall […]
Sections 1 through 9 [56-8-22 to 56-8-30 NMSA 1978] of this act may be cited as the “Residential Home Loan Act.” History: Laws 1980, ch. 64, § 1. ANNOTATIONS Compiler’s notes. — Sections 56-8-25 to 56-8-28 NMSA 1978 were repealed by Laws 1981, ch. 263, § 4, effective July 1, 1981. Applicability of act. — […]
The purpose of the Residential Home Loan Act is to make funds for residential home financing available to New Mexicans at national market rates and to secure certain rights and protections for borrowers. History: Laws 1980, ch. 64, § 2. ANNOTATIONS
As used in the Residential Home Loan Act: A. “residence” means a dwelling and the underlying real property designed for occupancy by one to four families, and includes mobile homes and condominiums; B. “home loan” means: (1) a loan made to a person, all or a substantial portion of the proceeds of which will be […]
ANNOTATIONS Repeals. — Laws 1981, ch. 263, § 4, repealed 56-8-25 to 56-8-28 NMSA 1978, as enacted by Laws 1980, ch. 64, §§ 4 to 7, relating to the rates of interest on home loans, effective July 1, 1981. Compiler’s notes. — Laws 1981, ch. 263, § 6, revived 56-8-25 to 56-8-28 NMSA 1978, effective […]
Any person that knowingly receives or charges a rate of interest greater than that allowed under the Residential Home Loan Act shall forfeit the entire amount of interest that the evidence of indebtedness specifies. If any interest has been paid by the debtor to a person that knowingly received or charged a rate that was […]
The rate of interest, in the absence of a written contract fixing a different rate, shall be not more than fifteen percent annually in the following cases: A. on money due by contract; B. on money received to the use of another and retained without the owner’s consent expressed or implied; and C. on money […]
No provision in a home loan or a loan for a mobile home, the evidence of indebtedness of a home loan, a real estate contract or an obligation secured by a real estate mortgage or other purchase contract requiring a penalty or premium for prepayment of an installment payment or prepayment of the balance of […]
