Section 58-7-4 – Repealed.
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 […]
Section 58-7-5 – Prepayment; precomputed loan transactions.
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 […]
Section 58-7-6 – Permitted charges; limitation on presentment.
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 […]
Section 58-7-7 – Restrictions.
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 […]
Section 58-7-1 – Short title.
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 […]