The violation by a licensee or by an officer, manager, director, trustee, executive or employee directly engaged in operating a small loan office under the provisions of the New Mexico Small Loan Act of 1955 of any usury statute of this state within an office, room or place of business in which the making of […]
No loan made outside this state to a resident of New Mexico in the amount or of the value of five thousand dollars ($5,000) or less for which a greater rate of interest, consideration, charge or compensation to the lender than is permitted by the general laws of New Mexico in force governing money, interest […]
Any licensee or any person aggrieved by any act or order of the director pursuant to the New Mexico Small Loan Act of 1995 may file and appeal in the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978. History: 1953 Comp., § 48-17-52, enacted by Laws 1955, ch. 128, § 23; 1977, […]
Notwithstanding the repeal thereof by the New Mexico Small Loan Act of 1955, any licensee having a license under Chapter 174, New Mexico Session Laws of 1947, which is valid and in force and against which no revocation or suspension proceedings are pending on the date of the passage and approval of the New Mexico […]
This act, or any part thereof, may be modified, amended or repealed so as to effect a cancellation or alteration of any license or right of a license hereunder; provided, that such cancellation or alteration shall not impair or affect the obligation of any preexisting lawful contract between any licensee and any borrower. History: 1953 […]
Nothing herein contained shall be so construed as to impair or affect the obligation of any contract of loan between any licensee, under Chapter 174, New Mexico Session Laws of 1947 (Article 17, Chapter 48, New Mexico Statutes Annotated 1953), and any borrower, which was lawfully entered into prior to the effective date of this […]
The director shall keep a detailed record of all fees, expenses and costs collected by him and a detailed record of all expenses and disbursements of his office in the administration of laws regulating the small loan business. He shall, at the end of each month, turn over to the state treasurer all such money […]
A. A person shall not engage in the business of lending in amounts of five thousand dollars ($5,000) or less for a loan without first having obtained a license from the director. Nothing contained in this subsection shall restrict or prohibit a licensee under the New Mexico Small Loan Act of 1955 from making loans […]
Any person, copartnership, trust, association or corporation and the several members, beneficiaries, officers, directors, agents and employees thereof who violate or participate in the violation of any provision of the New Mexico Small Loan Act of 1955 are guilty of a misdemeanor and upon conviction shall be punished by a fine of not less than […]
Chapter 58, Article 15 NMSA 1978 may be cited as the “New Mexico Small Loan Act of 1955”. History: 1953 Comp., § 48-17-58, enacted by Laws 1955, ch. 128, § 29; 1987, ch. 292, § 4. ANNOTATIONS Severability clauses. — Laws 1955, ch. 128, § 31, provides for the severability of the act if any […]
History: Laws 2007, ch. 86, § 14; repealed by Laws 2017, ch. 110, § 25. ANNOTATIONS Repeals. — Laws 2017, ch. 110, § 25 repealed 58-15-32 NMSA 1978, as enacted by Laws 2007, ch. 86, § 14, relating to requirements for payday loans, effective January 1, 2018. For provisions of former section, see the 2017 […]
History: Laws 2007, ch. 86, § 15; repealed by Laws 2017, ch. 110, § 25. ANNOTATIONS Repeals. — Laws 2017, ch. 110, § 25 repealed 58-15-33 NMSA 1978, as enacted by Laws 2007, ch. 86, § 15, relating to payday loan products, permitted charges, effective January 1, 2018. For provisions of former section, see the […]
History: Laws 2007, ch. 86, § 16; repealed by Laws 2017, ch. 110, § 25. ANNOTATIONS Repeals. — Laws 2017, ch. 110, § 25 repealed 58-15-34 NMSA 1978, as enacted by Laws 2007, ch. 86, § 16, relating to payday loan products, prohibited acts, effective January 1, 2018. For provisions of former section, see the […]
History: Laws 2007, ch. 86, § 17; repealed by Laws 2017, ch. 110, § 25. ANNOTATIONS Repeals. — Laws 2017, ch. 110, § 25 repealed 58-15-35 NMSA 1978, as enacted by Laws 2007, ch. 86, § 17, relating to payday loans, payment plans, effective January 1, 2018. For provisions of former section, see the 2017 […]
History: Laws 2007, ch. 86, § 18; repealed by Laws 2017, ch. 110, § 25. ANNOTATIONS Repeals. — Laws 2017, ch. 110, § 25 repealed 58-15-36 NMSA 1978, as enacted by Laws 2007, ch. 86, § 18, relating to payday loans, waiting period, effective January 1, 2018. For provisions of former section, see the 2017 […]
History: Laws 2007, ch. 86, § 19; repealed by Laws 2017, ch. 110, § 25. ANNOTATIONS Repeals. — Laws 2017, ch. 110, § 25 repealed 58-15-37 NMSA 1978, as enacted by Laws 2007, ch. 86, § 19, relating to payday loans, verification, effective January 1, 2018. For provisions of former section, see the 2017 NMSA […]
History: Laws 2007, ch. 86, § 20; repealed by Laws 2017, ch. 110, § 25. ANNOTATIONS Repeals. — Laws 2017, ch. 110, § 25 repealed 58-15-38 NMSA 1978, as enacted by Laws 2007, ch. 86, § 20, relating to required disclosures when making payday loans, required signage, effective January 1, 2018. For provisions of former […]
A. The division shall: (1) maintain a list of licensees, which list shall be available to interested persons and the public; and (2) establish a complaint process whereby an aggrieved consumer or other person may file a complaint against a licensee. B. The division shall compile from reports filed by licensees pursuant to Section 58-15-10.1 […]
A. Application for a license and any annual license renewal shall be in writing under oath and in the form prescribed by the director, shall give the exact location where the business is to be conducted and shall contain such other relevant information as the director may require, including identification of all parties in interest […]
The “financial literacy fund” is created in the state treasury. The fund shall consist of appropriations, gifts, grants, donations and bequests made to the fund and fees received pursuant to Subsection L of Section 58-15-5 NMSA 1978. Income from the fund shall be credited to the fund, and money in the fund shall not revert […]
