The following are hereby declared to be the objects and purposes of this act: A. there exists among citizens of this state a widespread demand for small loans. The scope and intensity of this demand have been increased progressively by many social and economic forces; B. the expense of making and collecting small loans, which […]
A. Each licensee shall keep and use in the business such books, accounts and records in accordance with sound accounting practices that will enable the director to determine whether the licensee is complying with the provisions of the New Mexico Small Loan Act of 1955 and with the orders and regulations lawfully made by the […]
A. Licensees shall file with the director each year reports containing at least the following information for the preceding calendar year ending December 31 in an aggregated, nonidentifying consumer manner as specified below: (1) a description of each loan product offered by the licensee, including: (a) whether the loan product was secured or unsecured; (b) […]
For each installment loan and refund anticipation loan made pursuant to the New Mexico Small Loan Act of 1955, a lender shall report to a consumer reporting agency the terms of the loan and the borrower’s performance pursuant to those terms. History: Laws 2017, ch. 110, § 21. ANNOTATIONS Effective dates. — Laws 2017, ch. […]
A. The director has authority to make reasonable regulations and orders for the administration and enforcement of the New Mexico Small Loan Act of 1955 and is expressly authorized to make regulations and orders governing the conduct of all licensees’ operations, including the method and manner of selling, handling and writing, in connection with any […]
A licensee or other person subject to the New Mexico Small Loan Act of 1955 shall not advertise, display, distribute or broadcast or cause or permit to be advertised, displayed, distributed or broadcast in any manner whatsoever a false, misleading or deceptive statement or representation with regard to the charges, terms or conditions for loans […]
A. No licensee shall conduct the business of making loans provided for by the New Mexico Small Loan Act of 1955 under any name, or at any place of business within this state, other than that stated in the license. B. No licensee shall conduct the business of making loans under the New Mexico Small […]
ANNOTATIONS Repeals. — Laws 1981, ch. 263, § 4, repealed 58-15-14 NMSA 1978, relating to the rates of charges on loans, effective July 1, 1983. For present provisions, see 58-15-14.1 NMSA 1978. Compiler’s notes. — Laws 1981, ch. 263, § 6, revived 58-15-14 NMSA 1978, effective July 1, 1983. Laws 1983, ch. 44, § 1, […]
The simple interest method shall be used for loans made under the New Mexico Small Loan Act of 1955. Interest charges shall not be paid, deducted or received in advance. Interest charges shall not be compounded. However, if part or all of the consideration for a loan contract is the unpaid principal balance of a […]
History: 1953 Comp., § 48-17-43.1, enacted by Laws 1959, ch. 201, § 1; 1977, ch. 245, § 72; 1980, ch. 73, § 2; 2007, ch. 86, § 22. ANNOTATIONS Repeals. — Laws 2007, ch. 86, § 22 repeals 58-15-15 NMSA 1978, being Laws 1959, ch. 201, § 1, as amended, relating to the precomputation of […]
No provision in a loan or the evidence of indebtedness of a loan made under the New Mexico Small Loan Act of 1955 requiring a penalty or premium for prepayment of the balance of the indebtedness is enforceable. History: 1978 Comp., § 58-15-15.1, enacted by Laws 1980, ch. 73, § 3. ANNOTATIONS Compiler’s notes. — […]
A. It is unlawful for any person licensed under the New Mexico Small Loan Act of 1955, in connection with the making of a loan under that act: (1) to sell life insurance other than a term policy or credit life insurance on the principal borrowers; (2) to sell term or credit life insurance the […]
A. Every licensee shall: (1) at the time a consumer becomes contractually obligated on a loan pursuant to the New Mexico Small Loan Act of 1955, deliver to the borrower or, if there are two or more borrowers on the same obligation, to one of them, a statement on which shall be printed a copy […]
History: 1953 Comp., § 48-17-45, enacted by Laws 1955, ch. 128, § 16; 1977, ch. 245, § 73; repealed by Laws 2017, ch. 110, § 25. ANNOTATIONS Repeals. — Laws 2017, ch. 110, § 25 repealed 58-15-18 NMSA 1978, as enacted by Laws 1955, ch. 128, § 16, relating to lenders’ exchange, effective January 1, […]
Any licensee hereunder may make loans in accordance with and not in violation of the general laws of this state governing money and usury to any borrower not having a loan with the lender under this act, provided no charge authorized to be made under the provisions hereof shall be made, collected or received by […]
The following words and terms when used in the New Mexico Small Loan Act of 1955 have the following meanings unless the context clearly requires a different meaning. The meaning ascribed to the singular form applies also to the plural: A. “consumer” means a person who resides in New Mexico or who enters into a […]
A. Notwithstanding any provision of the New Mexico Small Loan Act of 1955, lawful fees, if any, actually and necessarily paid out by the licensee to a public officer for the filing, recording or releasing in a public office of an instrument securing the loan may be charged to the borrower. B. Notwithstanding any provision […]
A. If there are insufficient funds to pay a check or other type of debit on the date of presentment by the licensee, a check or debit authorization request shall not be presented to a financial institution by a licensee for payment more than one time per payment due unless the consumer agrees in writing, […]
The payment of five thousand dollars ($5,000) or less in money, credit, goods or things in action, as consideration for any sale or assignment of or order for the payment of wages, salary, commission or other compensation for services, whether earned or to be earned, shall, for the purposes of regulation under the New Mexico […]
A. Validity and payment of assignment. No assignment of or order for payment of any salary, wages, commissions or other compensation for services earned or to be earned, given to secure any loan made by any licensee, shall be valid unless the amount of such loan is paid to the borrower, simultaneously with its execution, […]
