reglab/housing_qa huggingface dataset:
NM Stat § 58-5-11 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 5 - Organization and Management|Section 58-5-11 - Interstate acquisition; procedures.

A. A bank holding company which has control over a company operating as a bank in some jurisdiction, but not in this state, may acquire all, substantially all or such lesser portion as the director deems reasonable of the assets and liabilities of a bank operating in this state, but only if all the following conditions are met: (1) the federal deposit insurance corporation has been appointed the receiver for the bank whose assets and liabilities are to be acquired; (2) the federal deposit insurance corporation requests the bids for the assets and liabilities of the bank from institutions operating as banks in New Mexico or bank holding companies controlling an institution operating as a bank in New Mexico and the majority of which company's assets are located in New Mexico or from any qualified individuals and upon opening those bids finds none has met the minimum bid requirements set by the corporation; and (3) after the federal deposit insurance corporation finds that the conditions of Paragraph (2) of this subsection have been met, it then requests and opens the bids of bank holding companies described at the beginning of this subsection and any supplemental bids of the bank holding companies, institutions and qualified individuals described in Paragraph (2) of this subsection, and finds that the bid of a bank holding company described at the beginning of this subsection is the highest bid. B. Notwithstanding the provisions of Section 58-5-3 NMSA 1978, an institution operating as a bank in New Mexico may establish a branch or branches outside the county in which the institution is located for the purpose of acquiring assets and liabilities pursuant to this section. If these branches are approved, the institution shall be deemed located both in the county where the institution is located and in the county where the new branches are located for purposes of Section 58-5-3 NMSA 1978. C. After the federal deposit insurance corporation has been appointed the receiver for a bank, the director may waive any procedural requirements, including any time periods but not including any fees, in the granting of permission to file articles of incorporation. The director may also temporarily waive any substantive requirement in the granting of permission to file articles of incorporation, other than those relating to financial or managerial capability, for a reasonable time as determined by the director. Failure to comply with any substantive requirement within the time set by the director shall make the applicant liable to the state at a rate of one thousand dollars ($1,000) per day of noncompliance. The director may institute a civil action in a court of competent jurisdiction to recover all or any portion of such sums owed. History: 1978 Comp., § 58-5-11, enacted by Laws 1986, ch. 23, § 1.
NM Stat § 58-6-2 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 6 - Miscellaneous Loans|Section 58-6-2 - Repealed.

ANNOTATIONSRepeals. — Laws 1999, ch. 213, § 10 repeals 58-6-1 and 58-6-2 NMSA 1978, being Laws 1945, ch. 122, §§ 1 and 2, as amended, relating to power to make loans guaranteed under Servicemen's Readjustment Act, which had been repealed in 1958 by P.L. No. 85-857, and minors' eligibility for such loans, effective June 18, 1999. For provisions of former sections, see the 1998 NMSA 1978 on NMOneSource.com.
NM Stat § 58-6-3 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 6 - Miscellaneous Loans|Section 58-6-3 - Legal disability of minors removed when borrowing money for educational purposes.

A. As used in this section: (1) "person" means any individual, partnership, company, corporation, association, institution, department or agency; and (2) "institution of higher learning" means any graduate or undergraduate junior college, college, university, technical and vocational institute or similar institution accredited or approved by the appropriate official, department or agency as provided by the laws of the state wherein the institution is located. B. Any written promissory note, contract or other obligation entered into or executed by a minor sixteen years of age or over evidencing loans or other aid and assistance received by him from any person for the purpose of furthering his education at an institution of higher learning is enforceable against the minor with the same effect as if he had, at the time of its execution, reached the age of majority, provided that the person making the loan shall have in his records prior to making the loan a certification from the institution of higher learning that the minor is regularly enrolled in the institution of higher learning or has been accepted for regular enrollment in the institution of higher learning. History: 1953 Comp., § 48-3-11.1, enacted by Laws 1967, ch. 159, § 1; 1973, ch. 138, § 18. ANNOTATIONSCross references. — For Student Loan Act, see 21-21-1 NMSA 1978. For Medical Student Loan for Service Act, see 21-2-1 NMSA 1978.
NM Stat § 58-6-4 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 6 - Miscellaneous Loans|Section 58-6-4 - [Mortgage loan sales to federal national mortgage association authorized.]

Notwithstanding any other provision of law, any institution, including a bank, trust company, building and loan association, insurance company or other banking, building or insuring organization, organized under the laws of this state, which has as one of its principal purposes the making or purchasing of loans secured by real estate mortgages, is authorized to sell such mortgage loans to the federal national mortgage association, a corporation chartered by an act of congress, or any successor thereof, and in connection therewith to make payments of any capital contributions, required pursuant to law, in the nature of subscriptions for stock of the federal national mortgage association or any successor thereof, to receive stock evidencing such capital contributions and to hold or dispose of such stock. History: 1953 Comp., § 48-3-17, enacted by Laws 1955, ch. 109, § 1. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 683 et seq. Power to mortgage as authorizing insertion of power of sale in mortgage, 72 A.L.R. 158. 9 C.J.S. Banks and Banking § 604.
NM Stat § 58-6-5 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 6 - Miscellaneous Loans|Section 58-6-5 - Credit agreements; requirements.

A. As used in this section, "financial institution" means a bank, savings and loan association or credit union authorized to transact business in the state. B. A contract, promise or commitment to loan money or to grant, extend or renew credit or any modification thereof, in an amount greater than twenty-five thousand dollars ($25,000), not primarily for personal, family or household purposes, made by a financial institution shall not be enforceable unless in writing and signed by the party to be charged or that party's authorized representative. History: Laws 1990, ch. 45, § 1; 1999, ch. 213, § 9. ANNOTATIONSThe 1999 amendment, effective June 18, 1999, deleted "provided, however, that the provisions of this section shall not apply unless the financial institution is able to produce a statement signed by the borrower or recipient of loan monies on credit that he or she is aware of the provisions of this section" from the end of Subsection B.
NM Stat § 58-7-1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 7 - Installment Loans|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. ANNOTATIONSThe 2017 amendment, effective January 1, 2018, changed "This act shall be known" to "Chapter 58, Article 7 NMSA 1978 may be cited". 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. — Failure of moneylender or creditor engaged in business of making loans to procure license or permit as affecting validity or enforceability of contract, 29 A.L.R.4th 884. Construction and application of Consumer Credit Protection Act provisions (18 USCS §§ 891-894) prohibiting extortionate credit transactions, 106 A.L.R. Fed. 33.
NM Stat § 58-7-2 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 7 - Installment Loans|Section 58-7-2 - Persons to whom act applicable.

This act [58-7-1 to 58-7-3, 58-7-5 to 58-7-9 NMSA 1978] shall apply to any state or national bank located in and authorized to do business in the state, to any licensee as defined in the New Mexico Small Loan Act of 1955 [Chapter 58, Article 15 NMSA 1978] or to any sales finance company as defined in the Motor Vehicle Sales Finance Act and who hereafter makes a loan of money or credit, or forbearing or postponing [forbears or postpones] the right to receive money or credit in the state. History: 1953 Comp., § 48-21-2, enacted by Laws 1959, ch. 327, § 2; 1967, ch. 106, § 1. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not a part of the law. Cross references. — For the Motor Vehicle Sales Finance Act, see 58-19-1 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 694. What constitutes "business or commercial" purpose within meaning of § 104(1) of Truth in Lending Act (15 USCS § 1603(1)), exempting business or commercial credit transactions from act, 54 A.L.R. Fed. 491. What constitutes Truth in Lending Act violation which "was not intentional and resulted from bona fide error not withstanding maintenance of procedures reasonably adapted to avoid any such error" within meaning of § 130(c) of Act (15 USCA § 1640(c)), 153 A.L.R. Fed. 193. 9 C.J.S. Banks and Banking §§ 8, 9.
NM Stat § 58-7-3 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 7 - Installment Loans|Section 58-7-3 - Loans covered by act.

A. The New Mexico Bank Installment Loan Act of 1959 applies to a loan that is a precomputed loan repayable in installments and that is clearly identified on the loan documents as being made under that act.B. A loan in an amount equal to five thousand dollars ($5,000) or less shall be made only pursuant to the New Mexico Bank Installment Loan Act of 1959 or the New Mexico Small Loan Act of 1955 [Chapter 58, Article 15 NMSA 1978]. A loan made pursuant to the New Mexico Bank Installment Loan Act of 1959 shall be identified in the loan documents as being made pursuant to that act.C. The provisions of Subsection B of this section shall not apply to a federally insured depository institution. History: 1978 Comp., § 58-7-3, enacted by Laws 1995, ch. 190, § 15; 2017, ch. 110, § 3; 2019, ch. 201, § 1. ANNOTATIONSRepeals and reenactments. — Laws 1995, ch. 190, § 15, repealed former section 58-7-3 NMSA 1978, as amended by Laws 1975, ch. 252, § 1, and enacted a new section, effective June 16, 1995.The 2019 amendment, effective January 1, 2020, provided that a loan made pursuant to the New Mexico Bank Installment Loan Act of 1959 shall be identified as such in the loan documents; in Subsection B, added "A loan made pursuant to the New Mexico Bank Installment Loan Act of 1959 shall be identified in the loan documents as being made pursuant to that act"; and in Subsection C, after "provisions", added "of Subsection B".Applicability. — Laws 2019, ch. 201, § 17 provided that the provisions of Laws 2019, ch. 201 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.The 2017 amendment, effective January 1, 2018, provided that loans in the amount of five thousand dollars ($5,000) or less shall be made only pursuant to the New Mexico Bank Installment Loan Act of 1959 or the New Mexico Small Loan Act of 1955, and exempted federally insured depository institutions from the provisions of this section; added the subsection designation "A."; in Subsection A, after "installments", deleted "or" and added "and"; and added Subsections B and C. 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. — 10 Am. Jur. 2d Banks § 684. 9 C.J.S. Banks and Banking § 634.
NM Stat § 58-7-3.1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 7 - Installment Loans|Section 58-7-3.1 - Precomputed loan.

In a precomputed loan transaction, the interest charge shall be calculated on the assumption that all scheduled payments will be made when due, and the effect of prepayment is governed by the provisions of rebate upon prepayment in Section 58-7-5 NMSA 1978. History: 1978 Comp., § 58-7-3.1, enacted by Laws 1983, ch. 96, § 1; 2017, ch. 110, § 4. ANNOTATIONSThe 2017 amendment, effective January 1, 2018, required that interest charged on precomputed loan transactions be calculated on the assumption that all scheduled payments will be made when due; deleted "If the loan is" and added "In", and after "the interest charge", deleted "may" and added "shall". 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.
NM Stat § 58-7-3.2 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 7 - Installment Loans|Section 58-7-3.2 - Extension agreement.

In precomputed loan transactions where the borrower and lender execute an extension agreement for the deferral of an installment payment, the lender may make an interest charge on the monthly installment that is deferred at a rate not exceeding that on the original loan for each month or portion of a month that the payment has been deferred. History: 1978 Comp., § 58-7-3.2, enacted by Laws 1983, ch. 96, § 2.
NM Stat § 58-7-3.4 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 7 - Installment Loans|Section 58-7-3.4 - Right of rescission.

All agreements for precomputed loan transactions shall include a provision granting the borrower the right to rescind the transaction by returning in cash, or through certified funds, one hundred percent of the amount advanced by the lender pursuant to the New Mexico Bank Installment Loan Act of 1959 [Chapter 58, Article 15 NMSA 1978] no later than the close of business New Mexico time or, if the loan was made online, no later than midnight New Mexico time on the first day of business conducted by the lender following the date of execution of the loan agreement. If a borrower exercises the right of rescission pursuant to this section, no fee for the rescinded transaction shall be charged to the borrower, and the lender shall not charge or impose on the borrower a fee for exercising the right of rescission pursuant to this section. If a borrower exercises the right of rescission pursuant to this section, any fee collected by the lender shall be returned in full to the borrower. History: Laws 2019, ch. 201, § 7.ANNOTATIONSEffective dates. — Laws 2019, ch. 201, § 18 made Laws 2019, ch. 201 effective January 1, 2020.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 § 58-7-4 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 7 - Installment Loans|Section 58-7-4 - Repealed.

ANNOTATIONSRepeals. — 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 June 30, 1983.
NM Stat § 58-7-5 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 7 - Installment Loans|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 refund or credit shall represent at least as great a portion of the original charge as the sum of the consecutive monthly balances of the contract scheduled to be outstanding after the date of prepayment bears to the sum of all the consecutive monthly balances of the contract scheduled to be outstanding under the schedule of payments in the original instrument or instruments evidencing the loan; provided however, that if the contract is prepaid in cash rather than renewed or refinanced, the lender shall not be required to make a refund or credit, if the amount, computed as herein set forth, would be less than one dollar ($1.00) for each loan paid prior to the maturity. History: 1953 Comp., § 48-21-5, enacted by Laws 1959, ch. 327, § 5; 1975, ch. 252, § 3. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not a part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 693. Validity and construction of provision of mortgage or other real-estate financing contract prohibiting prepayment for a fixed period of time, 81 A.L.R.4th 423.
NM Stat § 58-7-10 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 7 - Installment Loans|Section 58-7-10 - Reporting of credit required.

For each installment loan made pursuant to the New Mexico Bank Installment Loan Act of 1959, a lender shall report to a consumer reporting agency the terms of the loan and the borrower's performance pursuant to those terms. History: Laws 2017, ch. 110, § 9. ANNOTATIONSEffective dates. — Laws 2017, ch. 110, § 27 made Laws 2017, ch. 110, § 9 effective January 1, 2018. 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.
NM Stat § 58-7-11 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 7 - Installment Loans|Section 58-7-11 - Preemption.

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. History: Laws 2017, ch. 110, § 10. ANNOTATIONSEffective dates. — Laws 2017, ch. 110, § 27 made Laws 2017, ch. 110, § 10 effective January 1, 2018. 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.
NM Stat § 58-8-1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 8 - National Housing Act Loans and Obligations|Section 58-8-1 - Powers of banks, financial institutions and lenders approved for loans by the National Housing Act.

Subject to such regulations as may be prescribed by the director of the financial institutions division, state and national banks, trust companies, savings banks, building and loan associations and savings and loan associations whose principal offices are located in this state and lenders approved for loans by the National Housing Act are authorized: A. to make such loans, secured by real property or leasehold, as the federal housing administrator insures or makes a commitment to insure, and to obtain such insurance; and to make such loans, secured by real property or leasehold, as the veterans administrator guarantees or makes a commitment to guarantee, and to obtain such guarantee, and to invest in loans eligible for purchase by the federal national mortgage association, the government national mortgage association or the federal home loan mortgage corporation, or from any financial institution from which it could be purchased by the federal home loan mortgage corporation; B. to make such loans and advances of credit, and purchases of obligations representing loans and advances of credit for the purpose of financing alterations, repairs and improvements upon real property, as the federal housing administrator insures or makes a commitment to insure, and to obtain such insurance, and to make such loans and advances of credit, and purchase of obligations representing loans and advances of credit for the purpose of financing alterations, repairs and improvements upon real property, as the veterans administrator guarantees or makes a commitment to guarantee, and to obtain such guarantee, and to invest in loans eligible for purchase by the federal national mortgage association, the government national mortgage association or the federal home loan mortgage corporation, or from any financial institution from which it could be purchased by the federal home [loan] mortgage corporation; and C. to invest their funds and the money in their custody or possession which is eligible for investment in mortgages insured and debentures issued by the federal housing administrator and in obligations of national mortgage associations, and in mortgages guaranteed by the veterans administrator. History: Laws 1935, ch. 5, § 1; 1937, ch. 34, § 1; 1941 Comp., § 50-1201; 1953 Comp., § 48-12-1; Laws 1975, ch. 337, § 1; 1977, ch. 245, § 27. ANNOTATIONSCross references. — For the National Housing Act, see 12 U.S.C. § 1701. Am. Jur. 2d, A.L.R. and C.J.S. references. — 40 Am. Jur. 2d Housing Laws and Urban Redevelopment § 6. 9 C.J.S. Banks and Banking §§ 461, 462.
NM Stat § 58-8-2 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 8 - National Housing Act Loans and Obligations|Section 58-8-2 - State laws; exemption.

No law of this state prescribing or limiting the nature, amount or form of security or requiring security upon which loans or advances of credit may be made, or prescribing or limiting interest rates upon loans or advances of credit, or prescribing or limiting the period for which loans or advances of credit may be made shall be deemed to apply to loans, advances of credit or purchases made pursuant to Section 58-8-1 NMSA 1978. History: Laws 1935, ch. 5, § 2; 1941 Comp., § 50-1202; 1953 Comp., § 48-12-2; Laws 1975, ch. 337, § 2. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 40 Am. Jur. 2d Housing Laws and Urban Redevelopment § 2.