Section 58-15-15 – Repealed.
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 […]
Section 58-15-15.1 – No prepayment penalty on small loans.
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. — […]
Section 58-15-16 – Loan insurance allowable; financing certain premiums prohibited.
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 […]
Section 58-15-17 – Requirements for making and paying of loans; incomplete instruments; limitations on charges after judgment and interest.
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 […]
Section 58-15-18 – Repealed.
History: 1953 Comp., § 48-17-45, enacted by Laws 1955, ch. 128, § 16; 1977, ch. 245, § 73; repealed by Laws 2017, ch. 110, § 25.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 — Laws 2017, ch. 110, § 25 repealed 58-15-18 NMSA 1978, as enacted by Laws 1955, ch. 128, § 16, relating to lenders’ exchange, effective January 1, […]
Section 58-15-19 – Loans under other laws.
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 […]
Section 58-15-20 – Fees and costs.
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 […]
Section 58-15-20.1 – Installment loans; refund anticipation loans; insufficient funds; permitted charges.
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, […]
Section 58-15-21 – What constitutes loan of money; wage purchases.
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 […]
Section 58-15-22 – [Assignments; validity; amount collectible.]
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, […]