Chapter 58, Article 7 NMSA 1978 may be cited as the “New Mexico Bank Installment Loan Act of 1959”. History: 1953 Comp., § 48-21-1, enacted by Laws 1959, ch. 327, § 1; 2017, ch. 110, § 2. ANNOTATIONS The 2017 amendment, effective January 1, 2018, changed “This act shall be known” to “Chapter 58, Article […]
For each installment loan made pursuant to the New Mexico Bank Installment Loan Act of 1959, 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, § 9. ANNOTATIONS Effective dates. — Laws 2017, ch. 110, § 27 […]
The state has exclusive jurisdiction and authority regarding the terms and conditions of loans to which the New Mexico Bank Installment Loan Act of 1959 is applicable, and counties, municipalities and other political subdivisions of the state are preempted from any regulation of terms and conditions of such loans by ordinance, resolution or otherwise. History: […]
This act [58-7-1 to 58-7-3, 58-7-5 to 58-7-9 NMSA 1978] shall apply to any state or national bank located in and authorized to do business in the state, to any licensee as defined in the New Mexico Small Loan Act of 1955 [Chapter 58, Article 15 NMSA 1978] or to any sales finance company as […]
A. The New Mexico Bank Installment Loan Act of 1959 applies to a loan that is a precomputed loan repayable in installments and that is clearly identified on the loan documents as being made under that act. B. A loan in an amount equal to five thousand dollars ($5,000) or less shall be made only […]
In a precomputed loan transaction, the interest charge shall be calculated on the assumption that all scheduled payments will be made when due, and the effect of prepayment is governed by the provisions of rebate upon prepayment in Section 58-7-5 NMSA 1978. History: 1978 Comp., § 58-7-3.1, enacted by Laws 1983, ch. 96, § 1; […]
In precomputed loan transactions where the borrower and lender execute an extension agreement for the deferral of an installment payment, the lender may make an interest charge on the monthly installment that is deferred at a rate not exceeding that on the original loan for each month or portion of a month that the payment […]
A. Every lender shall: (1) at the time a consumer becomes contractually obligated on a precomputed loan transaction, deliver to the borrower or, if there are two or more borrowers on the same obligation, to one of the borrowers, a written statement on which shall be printed a copy of Section 58-7-3 NMSA 1978, and […]
All agreements for precomputed loan transactions shall include a provision granting the borrower the right to rescind the transaction by returning in cash, or through certified funds, one hundred percent of the amount advanced by the lender pursuant to the New Mexico Bank Installment Loan Act of 1959 [Chapter 58, Article 15 NMSA 1978] no […]
ANNOTATIONS Repeals. — Laws 1981, ch. 263, § 4, repeals 58-7-4 NMSA 1978, relating to the rate of interest charge, effective July 1, 1981. Compiler’s notes. — Laws 1981, ch. 263, § 6, revived 58-7-4 NMSA 1978, effective July 1, 1983. Laws 1983, ch. 44, § 1, repeals Laws 1981, ch. 263, § 6, effective […]
If the entire unpaid balance outstanding on a precomputed loan transaction is paid by cash, renewal or otherwise, at any time prior to maturity, the lender shall give a refund or credit of the unearned portion of such charge, according to the rule commonly known as “the rule of 78th” [“the rule of 78’s”], which […]
A. No amount, other than the total finance charge, which consists solely of interest and a fully earned processing fee not to exceed the lesser of two hundred dollars ($200) or ten percent of the principal, shall be charged or contracted for, directly or indirectly, on or in connection with a precomputed loan transaction except […]
A. No lender shall make a loan pursuant to the New Mexico Bank Installment Loan Act of 1959 to a borrower who is also indebted to that lender pursuant to the New Mexico Small Loan Act of 1955 unless the loan made pursuant to the New Mexico Small Loan Act of 1955 is paid and […]
A. Any person willfully violating any of the provisions of the New Mexico Bank Installment Loan Act of 1959 is guilty of a misdemeanor and upon conviction shall be fined not less than one hundred dollars ($100) or more than five thousand dollars ($5,000) or imprisoned for not more than six months or both, in […]
A. None of the provisions of the New Mexico Small Loan Act of 1955 [Chapter 58, Article 15 NMSA 1978] are amended or repealed by the New Mexico Bank Installment Loan Act of 1959. B. None of the provisions of the New Mexico Bank Installment Loan Act of 1959 apply to the assignment or purchase […]
