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.
§ 58-7-11 NMSA 1978
Preemption
Known as the New Mexico Bank Installment Loan Act
The act spans §§ 58–58 (15 sections).
Laws 2017, ch. 110, § 10.
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.