New Mexico Small Loan Act
New Mexico · Financial Institutions and Regulations · §§ 58-15-1 to 58-15-9 · 47 sections
Overview
The New Mexico Small Loan Act governs consumer lending in small dollar amounts, requiring anyone in the business of making such loans to obtain a license from the state and submit to investigation, examination, and ongoing supervision by the licensing agency. It caps and prescribes the method of computing interest and other charges, restricts the fees, insurance premiums, and collection costs a lender may impose, bars prepayment penalties, and sets requirements for loan documentation, installment terms, and credit reporting. The act exempts certain lenders, treats evasions such as disguised wage purchases as covered loans, and backs its requirements with license revocation, civil penalties, and the loss of the right to collect charges on offending loans.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 4 court decisions.
Most-cited authority: 313 FRD 147 - Daye v. Community Financial Service Centers, LLC
Sections covered
- § 58-15-1 NMSA 1978Objects and purposes of act1 cite
- § 58-15-10 NMSA 1978Books and records; annual reports; additional information
- § 58-15-10.1 NMSA 1978Licensee reporting requirements; penalties
- § 58-15-10.2 NMSA 1978Reporting of credit required
- § 58-15-11 NMSA 1978Regulations and orders; certified copies
- § 58-15-12 NMSA 1978Advertising
- § 58-15-13 NMSA 1978Licensed offices; other business
- § 58-15-14 NMSA 1978Repealed
- § 58-15-14.1 NMSA 1978Charges; method of computation
- § 58-15-15 NMSA 1978Repealed
- § 58-15-15.1 NMSA 1978No prepayment penalty on small loans
- § 58-15-16 NMSA 1978Loan insurance allowable; financing certain premiums prohibited
- § 58-15-17 NMSA 1978Requirements for making and paying of loans; incomplete instruments; limitations on charges after judgment and interest
- § 58-15-18 NMSA 1978Repealed
- § 58-15-19 NMSA 1978Loans under other laws
- § 58-15-2 NMSA 1978Definitions2 cites
- § 58-15-20 NMSA 1978Fees and costs
- § 58-15-20.1 NMSA 1978Installment loans; refund anticipation loans; insufficient funds; permitted charges
- § 58-15-21 NMSA 1978What constitutes loan of money; wage purchases
- § 58-15-22 NMSA 1978[Assignments; validity; amount collectible.]
- § 58-15-23 NMSA 1978Violation of general usury laws
- § 58-15-24 NMSA 1978Loans made elsewhere
- § 58-15-25 NMSA 1978Review
- § 58-15-26 NMSA 1978Status of preexisting licensees
- § 58-15-27 NMSA 1978Amendment
- § 58-15-28 NMSA 1978Status of preexisting obligations
- § 58-15-29 NMSA 1978Director to keep record of fees, expenses and disposition of money
- § 58-15-3 NMSA 1978Applicability of act; exemptions; evasions; penalty
- § 58-15-30 NMSA 1978Penalties; general1 cite
- § 58-15-31 NMSA 1978Short title
- § 58-15-32 NMSA 1978Repealed
- § 58-15-33 NMSA 1978Repealed
- § 58-15-34 NMSA 1978Repealed
- § 58-15-35 NMSA 1978Repealed
- § 58-15-36 NMSA 1978Repealed
- § 58-15-37 NMSA 1978Repealed
- § 58-15-38 NMSA 1978Repealed
- § 58-15-39 NMSA 1978Duties of division
- § 58-15-4 NMSA 1978Application, investigation and fee; agent for service of process
- § 58-15-40 NMSA 1978Financial literacy fund
- § 58-15-41 NMSA 1978Preemption
- § 58-15-42 NMSA 1978Right of rescission
- § 58-15-5 NMSA 1978Licenses; investigation of application; issuance; denial; issuance of renewal license; denial of renewal license; fitness and character of applicant; license fees; licensee bound by act
- § 58-15-6 NMSA 1978Contents and posting of license; limitation of authority granted by license; effective date of license; minimum assets
- § 58-15-7 NMSA 1978Place of business; change; residence of borrower
- § 58-15-8 NMSA 1978Revocation, suspension and reinstatement of licenses
- § 58-15-9 NMSA 1978Examination of licensee's books and records; witnesses
Enacted in other states
All New Mexico named statutes →
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