reglab/housing_qa huggingface dataset:
NM Stat § 58-15-16 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-16 - Loan insurance allowable; financing certain premiums prohibited.

A. It is unlawful for any person licensed under the New Mexico Small Loan Act of 1955, in connection with the making of a loan under that act:(1) to sell life insurance other than a term policy or credit life insurance on the principal borrowers;(2) to sell term or credit life insurance the coverage of which exceeds the amount of the loan or extends beyond the term for which the loan is made;(3) after having made a loan, to finance any premiums of any life insurance policies, other than credit life insurance, sold to the borrower by the licensee or the licensee's agent in any manner for a period of ninety days;(4) after having made a loan, to finance any premium of any single-interest property insurance policy sold to the borrower by the licensee or the licensee's agent whereby the premium would be charged to the borrower in any manner. Nothing in this section shall preclude the sale and purchase of an insurance policy covering the dual interest of borrower and lien holder; or(5) to sell property insurance on unsecured loans.B. A lender may charge for only the actual cost of any insurance; provided that all insurance shall be written by a company licensed to operate within the state and at a rate not higher than those approved by the superintendent of insurance; and provided further that the lender shall not require any insurance to be written or provided by or through a particular agent, broker or insurer as a condition to making the loan, but shall, at the borrower's option, permit the insurance to be procured from any insurer or agent authorized by law to provide the insurance. History: 1953 Comp., § 48-17-43.2, enacted by Laws 1969, ch. 58, § 1; 1977, ch. 272, § 1; 1979, ch. 367, § 1; 2019, ch. 201, § 11. ANNOTATIONSThe 2019 amendment, effective January 1, 2020, provided that a lender may charge for only the actual cost of insurance the lender is allowed to sell under the Small Loan Act and that the insurance must be written by a company licensed to operate in New Mexico at a rate not higher than those approved by the superintendent of insurance; added new subsection designation "A." and redesignated former Subsections A through E as Paragraphs A(1) through A(5); and added Subsection B.Applicability. — Laws 2019, ch. 201, § 17 provided that the provisions of this act apply to loans subject to the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 that are executed on or after January 1, 2020.Am. Jur. 2d, A.L.R. and C.J.S. references. — 53A Am. Jur. 2d Money Lenders and Pawnbrokers §§ 51, 52. 58 C.J.S. Money Lenders §§ 2, 5.
NM Stat § 58-15-18 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-18 - Repealed.

History: 1953 Comp., § 48-17-45, enacted by Laws 1955, ch. 128, § 16; 1977, ch. 245, § 73; repealed by Laws 2017, ch. 110, § 25. ANNOTATIONSRepeals. — Laws 2017, ch. 110, § 25 repealed 58-15-18 NMSA 1978, as enacted by Laws 1955, ch. 128, § 16, relating to lenders' exchange, effective January 1, 2018. For provisions of former section, see the 2017 NMSA on NMOneSource.com.
NM Stat § 58-15-19 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-19 - Loans under other laws.

Any licensee hereunder may make loans in accordance with and not in violation of the general laws of this state governing money and usury to any borrower not having a loan with the lender under this act, provided no charge authorized to be made under the provisions hereof shall be made, collected or received by the lender in connection with any such loan; and provided further, that any such loan shall not be converted into a loan under this act after once made or after it is reduced to a sum less than the maximum herein provided for. History: 1953 Comp., § 48-17-46, enacted by Laws 1955, ch. 128, § 17. ANNOTATIONSConventional loan prohibited where small loan already. — This section clearly prohibits the making of a conventional loan by a small loan licensee where the borrower has already taken out a small loan. 1962 Op. Att'y Gen. No. 62-50. Small loan not barred by existing conventional loan. — The statutes permit the granting of a small loan where a conventional loan to the same borrower is already on the books. 1962 Op. Att'y Gen. No. 62-50. Time sales transactions not "loans." — By the vast weight of authority, time sales transactions are not "loans" within the ordinary meaning of that word. 1961 Op. Att'y Gen. No. 61-23. Am. Jur. 2d, A.L.R. and C.J.S. references. — 58 C.J.S. Money Lenders §§ 3, 5.
NM Stat § 58-15-20.1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-20.1 - Installment loans; refund anticipation loans; insufficient funds; permitted charges.

A. If there are insufficient funds to pay a check or other type of debit on the date of presentment by the licensee, a check or debit authorization request shall not be presented to a financial institution by a licensee for payment more than one time per payment due unless the consumer agrees in writing, after a check or other type of debit has been dishonored, to one additional presentment or deposit.B. A licensee shall not charge a consumer for fees, interest or charges of any kind other than those permitted pursuant to Sections 58-15-16, 58-15-17 and 58-15-20 NMSA 1978.History: Laws 2017, ch. 110, § 20; 2019, ch. 201, § 14. ANNOTATIONSThe 2019 amendment, effective January 1, 2020, clarified that when there are insufficient funds to pay a check, a licensee may not present a check to a financial institution more than one time per payment due; and in Subsection A, after "more than one time", added "per payment due".Applicability. — Laws 2019, ch. 201, § 17 provided that the provisions of this act apply to loans subject to the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 that are executed on or after January 1, 2020.
NM Stat § 58-15-21 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-21 - What constitutes loan of money; wage purchases.

The payment of five thousand dollars ($5,000) or less in money, credit, goods or things in action, as consideration for any sale or assignment of or order for the payment of wages, salary, commission or other compensation for services, whether earned or to be earned, shall, for the purposes of regulation under the New Mexico Small Loan Act of 1955, be deemed a loan of money secured by such sale, assignment or order. The amount by which compensation so sold, assigned or ordered paid exceeds the amount of consideration actually paid shall for the purpose of regulation under the New Mexico Small Loan Act of 1955 be deemed interest or charges upon the loan from the date of payment to the date the compensation is payable. Such transaction shall be governed by and subject to the provisions of the New Mexico Small Loan Act of 1955. History: 1953 Comp., § 48-17-48, enacted by Laws 1955, ch. 128, § 19; 1973, ch. 18, § 5; 2017, ch. 110, § 18. ANNOTATIONSThe 2017 amendment, effective January 1, 2018, changed the loan amount in the definition of what constitutes a "loan of money" for the purpose of regulation under the New Mexico Small Loan Act of 1955; and after "The payment of", deleted "two thousand five hundred dollars ($2,500)" and added "five thousand dollars ($5,000)". Applicability. — Laws 2017, ch. 110, § 26 provided that the provisions of Laws 2017, ch. 110 shall apply to loans subject to the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 executed on or after January 1, 2018. Am. Jur. 2d, A.L.R. and C.J.S. references. — 53A Am. Jur. 2d Money Lenders and Pawnbrokers §§ 2, 3. 58 C.J.S. Money Lenders § 1.
NM Stat § 58-15-22 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-22 - [Assignments; validity; amount collectible.]

A. Validity and payment of assignment. No assignment of or order for payment of any salary, wages, commissions or other compensation for services earned or to be earned, given to secure any loan made by any licensee, shall be valid unless the amount of such loan is paid to the borrower, simultaneously with its execution, nor shall any such assignment or order, or any chattel mortgage or other lien on household furniture then in the possession and use of the borrower, be valid unless it is in writing, signed in person by the borrower, or if the borrower is married unless it is signed in person by both husband and wife, provided that written assent of a spouse shall not be required when husband and wife have been living separate and apart for a period of at least two months prior to the making of such assignment, order, mortgage or lien. B. Amount collectible under assignment. A valid assignment or order for the payment of future salary, wages, commissions or other compensation for services, may be given as security for a loan made by any licensee or licensees and under such assignment or order, a sum not to exceed ten (10%) percent of the borrower's salary, wages, commissions or other compensation for services shall be collectible from the employer of the borrower by the licensee at the time of each payment to the borrower of such salary, wages, commissions or other compensation for services, from the time that a copy of such assignment, verified by the oath of the licensee or his agent, together with a similarly verified statement of the amount unpaid upon such loan and a printed copy of this section, is served upon the employer. Not more than one such assignment of wages shall be valid hereunder or acceptable by an employer. History: 1953 Comp., § 48-17-49, enacted by Laws 1955, ch. 128, § 20. ANNOTATIONSLaw reviews. — For symposium, "The Effects of an Equal Rights Amendment on the New Mexico System of Community Property: Problems of Characterization, Management and Control," see 3 N.M. L. Rev. 11 (1973). Am. Jur. 2d, A.L.R. and C.J.S. references. — 58 C.J.S. Money Lenders §§ 3, 5, 7.
NM Stat § 58-15-23 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-23 - Violation of general usury laws.

The violation by a licensee or by an officer, manager, director, trustee, executive or employee directly engaged in operating a small loan office under the provisions of the New Mexico Small Loan Act of 1955 of any usury statute of this state within an office, room or place of business in which the making of loans as a licensee is solicited or engaged or in association or conjunction therewith is grounds for suspension and revocation of license in accordance with the applicable procedures set forth in that act. History: 1953 Comp., § 48-17-50, enacted by Laws 1955, ch. 128, § 21; 2007, ch. 86, § 12. Severability clause. — Laws 2007, ch. 86, § 23 provides that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected. The 2007 amendment, effective November 1, 2007, clarifies the language of this section. Am. Jur. 2d, A.L.R. and C.J.S. references. — 53A Am. Jur. 2d Money Lenders and Pawnbrokers §§ 46, 47, 48. Contingency as to borrower's receipt of money or other property from which loan is to be repaid as rendering loan usurious, 92 A.L.R.3d 623. 58 C.J.S. Money Lenders §§ 6, 9.
NM Stat § 58-15-24 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-24 - Loans made elsewhere.

No loan made outside this state to a resident of New Mexico in the amount or of the value of five thousand dollars ($5,000) or less for which a greater rate of interest, consideration, charge or compensation to the lender than is permitted by the general laws of New Mexico in force governing money, interest and usury has been charged, contracted for or received shall be enforced in this state. Every person in any way participating in such a loan in this state is subject to the provisions of the New Mexico Small Loan Act of 1955. Any loan made to a nonresident of New Mexico in conformity with the law of the state where made may be enforced in this state. History: 1953 Comp., § 48-17-51, enacted by Laws 1955, ch. 128, § 22; 1973, ch. 18, § 6; 2017, ch. 110, § 19. ANNOTATIONSThe 2017 amendment, effective January 1, 2018, changed the loan amount in the criteria for certain unenforceable loans made outside the state to a resident of New Mexico and that do not comply with the general laws of New Mexico; and after "the value", deleted "two thousand five hundred dollars ($2,500)" and added "five thousand dollars ($5,000)", after the second occurrence of "New Mexico", deleted "presently", and after "loan in this state", deleted "shall be" and added "is". Applicability. — Laws 2017, ch. 110, § 26 provided that the provisions of Laws 2017, ch. 110 shall apply to loans subject to the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 executed on or after January 1, 2018. Am. Jur. 2d, A.L.R. and C.J.S. references. — 53A Am. Jur. 2d Money Lenders and Pawnbrokers §§ 11, 12, 13, 24, 25.
NM Stat § 58-15-25 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-25 - Review.

Any licensee or any person aggrieved by any act or order of the director pursuant to the New Mexico Small Loan Act of 1995 may file and appeal in the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978. History: 1953 Comp., § 48-17-52, enacted by Laws 1955, ch. 128, § 23; 1977, ch. 245, § 74; 1998, ch. 55, § 57; 1999, ch. 265, § 61. ANNOTATIONSThe 1999 amendment, effective July 1, 1999, substituted "Section 39-3-1.1" for "Section 12-8A-1". The 1998 amendment, effective September 1, 1998, rewrote this section. Scope. — While this section appears to be a departure from the general rule requiring a reviewing court either to affirm an administrative decision or to find it unreasonable and arbitrary and set it aside, it does not change, in any sense, the scope of review of administrative decisions previously established in New Mexico. S.I.C. Finance-Loans of Menaul, Inc. v. Upton, 1966-NMSC-012, 75 N.M. 780, 411 P.2d 755.
NM Stat § 58-15-26 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-26 - Status of preexisting licensees.

Notwithstanding the repeal thereof by the New Mexico Small Loan Act of 1955, any licensee having a license under Chapter 174, New Mexico Session Laws of 1947, which is valid and in force and against which no revocation or suspension proceedings are pending on the date of the passage and approval of the New Mexico Small Loan Act of 1955, may within thirty days after the effective date of the New Mexico Small Loan Act of 1955 file with the director an application pursuant to Section 58-15-4 NMSA 1978 for an original license under the New Mexico Small Loan Act of 1955 and such applicants so filing shall be deemed to have a temporary license under the New Mexico Small Loan Act of 1955 for a period expiring sixty days after the filing of such application, and such additional period as the director by order may provide. All such existing licenses except as in this section provided shall terminate on the effective date of the New Mexico Small Loan Act of 1955. One-half of the amount of any license fees paid under Chapter 174, New Mexico Session Laws of 1947, by licensees thereunder for the calendar year 1955 shall be credited upon the application fee payable under the New Mexico Small Loan Act of 1955. History: 1953 Comp., § 48-17-53, enacted by Laws 1955, ch. 128, § 24; 1977, ch. 245, § 75. ANNOTATIONSCompiler's notes. — The effective date of the New Mexico Small Loan Act of 1955, referred to in this section, is March 16, 1955. Laws 1947, ch. 174, referred to in this section, was repealed by Laws 1955, ch. 128, § 30. Am. Jur. 2d, A.L.R. and C.J.S. references. — 53A Am. Jur. 2d Money Lenders and Pawnbrokers § 11 et seq. 58 C.J.S. Money Lenders § 4.
NM Stat § 58-15-27 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-27 - Amendment.

This act, or any part thereof, may be modified, amended or repealed so as to effect a cancellation or alteration of any license or right of a license hereunder; provided, that such cancellation or alteration shall not impair or affect the obligation of any preexisting lawful contract between any licensee and any borrower. History: 1953 Comp., § 48-17-54, enacted by Laws 1955, ch. 128, § 25. ANNOTATIONSCompiler's notes. — For meaning of "this act", see notes following 58-15-1 NMSA 1978.
NM Stat § 58-15-28 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-28 - Status of preexisting obligations.

Nothing herein contained shall be so construed as to impair or affect the obligation of any contract of loan between any licensee, under Chapter 174, New Mexico Session Laws of 1947 (Article 17, Chapter 48, New Mexico Statutes Annotated 1953), and any borrower, which was lawfully entered into prior to the effective date of this act. History: 1953 Comp., § 48-17-55, enacted by Laws 1955, ch. 128, § 26. ANNOTATIONSCompiler's notes. — For meaning of "this act", see notes following 58-15-1 NMSA 1978. Laws 1947, ch. 174, referred to in this section, were repealed by Laws 1955, ch. 128, § 30.
NM Stat § 58-15-29 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-29 - Director to keep record of fees, expenses and disposition of money.

The director shall keep a detailed record of all fees, expenses and costs collected by him and a detailed record of all expenses and disbursements of his office in the administration of laws regulating the small loan business. He shall, at the end of each month, turn over to the state treasurer all such money for deposit and transfer as provided in Section 9-16-14 NMSA 1978. The director may incur such expense, pay mileage and per diem and employ and fix the compensation of such employees as may be necessary for the enforcement of laws regulating the small loan business. The record in the director's office of all receipts and disbursements shall be a public record. History: 1953 Comp., § 48-17-56, enacted by Laws 1955, ch. 128, § 27; 1957, ch. 9, § 1; 1977, ch. 245, § 76; 1987, ch. 298, § 5. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 53A Am. Jur. 2d Money Lenders and Pawnbrokers §§ 26 et seq., 53.
NM Stat § 58-15-30 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-30 - Penalties; general.

Any person, copartnership, trust, association or corporation and the several members, beneficiaries, officers, directors, agents and employees thereof who violate or participate in the violation of any provision of the New Mexico Small Loan Act of 1955 are guilty of a misdemeanor and upon conviction shall be punished by a fine of not less than five hundred dollars ($500) or more than one thousand dollars ($1,000) or by imprisonment of not more than six months or both in the discretion of the court. History: 1953 Comp., § 48-17-57, enacted by Laws 1955, ch. 128, § 28; 2007, ch. 86, § 13. ANNOTATIONSCompiler's notes. — For meaning of "this act", see notes following 58-15-1 NMSA 1978. Severability clause. — Laws 2007, ch. 86, § 23 provides that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected. The 2007 amendment, effective November 1, 2007, increases the penalty to not less than $500 and not more than $1,000 or imprisonment of not more than six months for a violation of the New Mexico Small Loan Act. Am. Jur. 2d, A.L.R. and C.J.S. references. — 53A Am. Jur. 2d Money Lenders and Pawnbrokers §§ 46, 47, 48. 58 C.J.S. Money Lenders §§ 6, 9.
NM Stat § 58-15-31 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-31 - Short title.

Chapter 58, Article 15 NMSA 1978 may be cited as the "New Mexico Small Loan Act of 1955". History: 1953 Comp., § 48-17-58, enacted by Laws 1955, ch. 128, § 29; 1987, ch. 292, § 4. ANNOTATIONSSeverability clauses. — Laws 1955, ch. 128, § 31, provides for the severability of the act if any part or application thereof is held invalid.
NM Stat § 58-15-32 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-32 - Repealed.

History: Laws 2007, ch. 86, § 14; repealed by Laws 2017, ch. 110, § 25.ANNOTATIONSRepeals. — Laws 2017, ch. 110, § 25 repealed 58-15-32 NMSA 1978, as enacted by Laws 2007, ch. 86, § 14, relating to requirements for payday loans, effective January 1, 2018. For provisions of former section, see the 2017 NMSA on NMOneSource.com.
NM Stat § 58-15-33 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-33 - Repealed.

History: Laws 2007, ch. 86, § 15; repealed by Laws 2017, ch. 110, § 25.ANNOTATIONSRepeals. — Laws 2017, ch. 110, § 25 repealed 58-15-33 NMSA 1978, as enacted by Laws 2007, ch. 86, § 15, relating to payday loan products, permitted charges, effective January 1, 2018. For provisions of former section, see the 2017 NMSA on NMOneSource.com.
NM Stat § 58-15-34 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-34 - Repealed.

History: Laws 2007, ch. 86, § 16; repealed by Laws 2017, ch. 110, § 25.ANNOTATIONSRepeals. — Laws 2017, ch. 110, § 25 repealed 58-15-34 NMSA 1978, as enacted by Laws 2007, ch. 86, § 16, relating to payday loan products, prohibited acts, effective January 1, 2018. For provisions of former section, see the 2017 NMSA on NMOneSource.com.
NM Stat § 58-15-35 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-35 - Repealed.

History: Laws 2007, ch. 86, § 17; repealed by Laws 2017, ch. 110, § 25.ANNOTATIONSRepeals. — Laws 2017, ch. 110, § 25 repealed 58-15-35 NMSA 1978, as enacted by Laws 2007, ch. 86, § 17, relating to payday loans, payment plans, effective January 1, 2018. For provisions of former section, see the 2017 NMSA on NMOneSource.com.
NM Stat § 58-15-36 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-36 - Repealed.

History: Laws 2007, ch. 86, § 18; repealed by Laws 2017, ch. 110, § 25.ANNOTATIONSRepeals. — Laws 2017, ch. 110, § 25 repealed 58-15-36 NMSA 1978, as enacted by Laws 2007, ch. 86, § 18, relating to payday loans, waiting period, effective January 1, 2018. For provisions of former section, see the 2017 NMSA on NMOneSource.com.
NM Stat § 58-15-37 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 15 - Small Loan Business|Section 58-15-37 - Repealed.

History: Laws 2007, ch. 86, § 19; repealed by Laws 2017, ch. 110, § 25.ANNOTATIONSRepeals. — Laws 2017, ch. 110, § 25 repealed 58-15-37 NMSA 1978, as enacted by Laws 2007, ch. 86, § 19, relating to payday loans, verification, effective January 1, 2018. For provisions of former section, see the 2017 NMSA on NMOneSource.com.