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.
§ 58-15-15.1 NMSA 1978
No prepayment penalty on small loans
Known as the New Mexico Small Loan Act
The act spans §§ 58–58 (47 sections).
1978 Comp., § 58-15-15.1, enacted by Laws 1980, ch. 73, § 3.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.