reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-14.1 - Charges; method of computation.

The simple interest method shall be used for loans made under the New Mexico Small Loan Act of 1955. Interest charges shall not be paid, deducted or received in advance. Interest charges shall not be compounded. However, if part or all of the consideration for a loan contract is the unpaid principal balance of a prior loan, then the principal amount payable under the loan contract may include any unpaid charges that have accrued within sixty days on the prior loan. Such charges shall be computed on the basis of the number of days actually elapsed.
History:
Laws 1983, ch. 95, § 2; 2007, ch. 86, § 9.
ANNOTATIONS
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, requires the simple interest method for loans and eliminates the requirement that for purposes of computing charges, a month shall consist of thirty consecutive days and the rate of charge for each day shall be one-thirtieth of the monthly rate.
Allowable charges for loans.
— Apart from interest charges on loans, only those fees described in Section 58-15-20 NMSA 1978 may be charged for loans made under the Small Loan Act. Neither charges nor interest can be received in advance or compounded. 1985 Op. Att'y Gen. No. 85-01.
Opinions rendered under former law.
1962 Op. Att'y Gen. No. 62-44; 1962 Op. Att'y Gen. No. 62-48; 1967 Op. Att'y Gen. No. 67-11; 1973 Op. Att'y Gen. No. 73-74.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
53A Am. Jur. 2d Money Lenders and Pawnbrokers §§ 6, 7, 14 et seq., 38, 46 et seq.
Maximum amount: construction and application of provisions of small loan acts as regards maximum amount of loan, 99 A.L.R. 923.
Time: construction and application of provision of small loan statute limiting time period for loan contracts, 58 A.L.R.2d 1263.
Compound interest: what is "compound interest" within meaning of statutes prohibiting the charging of such interest, 10 A.L.R.3d 421.
Disclosure: construction and effect of disclosure statutes requiring one extending credit or making loan to give statement showing terms as to amounts involved and charges made, 14 A.L.R.3d 330, 46 A.L.R. Fed. 657.
58 C.J.S. Money Lenders §§ 2, 3, 5, 6, 8.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-15 - Repealed.

History:
1953 Comp., § 48-17-43.1, enacted by Laws 1959, ch. 201, § 1; 1977, ch. 245, § 72; 1980, ch. 73, § 2; 2007, ch. 86, § 22.
ANNOTATIONS
Repeals.
— Laws 2007, ch. 86, § 22 repeals 58-15-15 NMSA 1978, being Laws 1959, ch. 201, § 1, as amended, relating to the precomputation of charges, effective November 1, 2007. For provisions of former section,
see
the 2006 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-15.1 - No prepayment penalty on small loans.

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.
History:
1978 Comp., § 58-15-15.1, enacted by Laws 1980, ch. 73, § 3.
ANNOTATIONS
Compiler's notes.
— Laws 1980, ch. 73, § 5, repealed the act as of July 1, 1982, and provided that the law as it existed prior to the 1980 act would be revived on that date. However, Laws 1981, ch. 263, § 5, repealed Laws 1980, ch. 73, § 5, effective July 1, 1981.
2023 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.
ANNOTATIONS
The 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.
2023 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.
ANNOTATIONS
Repeals.
— 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.
2023 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.
ANNOTATIONS
Conventional 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.
2023 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.
ANNOTATIONS
The 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.
2023 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 ten thousand dollars ($10,000) 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; 2022, ch. 23, § 12.
ANNOTATIONS
The 2022 amendment,
effective January 1, 2023, raised the maximum dollar amount for loans that may be made pursuant to the New Mexico Small Loan Act of 1955; and after "The payment of", deleted "five thousand dollars ($5,000)" and added "ten thousand dollars ($10,000)".
The 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.
2023 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.
ANNOTATIONS
Law 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.
2023 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.
ANNOTATIONS
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.
2023 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 ten thousand dollars ($10,000) 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; 2022, ch. 23, § 13.
ANNOTATIONS
The 2022 amendment,
effective January 1, 2023, amended an existing provision that prohibited the enforcement of loans in the amount of five thousand dollars or less that provided for a greater rate of interest than is permitted by the laws of New Mexico, increasing the loan amount to ten thousand dollars or less; and after "in the amount or of the value of", deleted "five thousand dollars ($5,000)" and added "ten thousand dollars ($10,000)".
The 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.
2023 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.
ANNOTATIONS
The 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.
2023 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.
ANNOTATIONS
Compiler'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.
2023 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.
ANNOTATIONS
Compiler's notes.
— For meaning of "this act", see notes following 58-15-1 NMSA 1978.
2023 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.
ANNOTATIONS
Compiler'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.
2023 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.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
53A Am. Jur. 2d Money Lenders and Pawnbrokers §§ 26 et seq., 53.
2023 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.
ANNOTATIONS
Compiler'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.
2023 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.
ANNOTATIONS
Severability clauses.
— Laws 1955, ch. 128, § 31, provides for the severability of the act if any part or application thereof is held invalid.
2023 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.
ANNOTATIONS
Repeals.
— 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.
2023 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.
ANNOTATIONS
Repeals.
— 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.
2023 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.
ANNOTATIONS
Repeals.
— 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.
2023 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.
ANNOTATIONS
Repeals.
— 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.
2023 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.
ANNOTATIONS
Repeals.
— 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.
2023 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.
ANNOTATIONS
Repeals.
— 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.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-38 - Repealed.

History:
Laws 2007, ch. 86, § 20; repealed by Laws 2017, ch. 110, § 25.
ANNOTATIONS
Repeals.
— Laws 2017, ch. 110, § 25 repealed 58-15-38 NMSA 1978, as enacted by Laws 2007, ch. 86, § 20, relating to required disclosures when making payday loans, required signage, effective January 1, 2018. For provisions of former section,
see
the 2017 NMSA on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-40 - Financial literacy fund.

The "financial literacy fund" is created in the state treasury. The fund shall consist of appropriations, gifts, grants, donations and bequests made to the fund and fees received pursuant to Subsection L of Section 58-15-5 NMSA 1978. Income from the fund shall be credited to the fund, and money in the fund shall not revert or be transferred to any other fund at the end of a fiscal year. Money in the fund is appropriated to the regulation and licensing department for the purposes of developing and implementing financial literacy programs as provided for in Subsection C of Section 58-15-39 NMSA 1978. Expenditures from the fund shall be made on warrant of the secretary of finance and administration pursuant to vouchers signed by the superintendent of regulation and licensing.
History:
Laws 2017, ch. 110, § 22.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 110, § 27 made Laws 2017, ch. 110, § 22 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.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-41 - Preemption.

The state has exclusive jurisdiction and authority regarding the terms and conditions of permitted installment loans and refund anticipation loans, and counties, municipalities and other political subdivisions of the state are preempted from any regulation of terms and conditions of permitted installment loans and refund anticipation loans by ordinance, resolution or otherwise.
History:
Laws 2017, ch. 110, § 24.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 110, § 27 made Laws 2017, ch. 110, § 24 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.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-42 - Right of rescission.

All loan agreements 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 under the New Mexico Small Loan Act of 1955 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, § 16.
ANNOTATIONS
Effective 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.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-1 - Short title.

Chapter 58, Article 16 NMSA 1978 may be cited as the "Remote Financial Service Unit Act".
History:
1953 Comp., § 48-25-1, enacted by Laws 1977, ch. 359, § 1; 1978 Comp., § 58-16-1; repealed and reenacted by Laws 1990, ch. 123, § 1; 1996, ch. 2, § 28.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
The 1996 amendment,
effective June 1, 1996, substituted "Chapter 58, Article 16 NMSA 1978" for "This act".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-2 - Purpose of act.

The purposes of the Remote Financial Service Unit Act are:
A. to provide greater convenience for the consumer by authorizing financial institutions and merchants to offer certain financial services in convenient ways and locations;
B. to enable the use of remote financial service units at business locations for purposes of authorizing debit and certain credit transactions and verifying or guaranteeing payment of negotiable instruments or nonnegotiable share drafts to reduce the loss exposure of businesses;
C. to permit certain electronic transfers of funds to reduce the number of negotiable instruments processed and relieve the burden on the overall clearinghouse system;
D. to permit financial institutions and merchants to share the use of remote financial service units through networks; and
E. to maintain equal competitive opportunities for merchants and for financial institutions.
History:
1953 Comp., § 45-25-2 enacted by Laws 1977, ch. 359, § 2; repealed and reenacted by Laws 1990, ch. 123, § 2.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-4 - Restrictions on provision of financial services.

A. Nothing in the Remote Financial Service Unit Act shall be construed as authority for any person to provide financial services in a manner not otherwise permitted or restricted by applicable law nor as authority to enlarge upon the financial services that financial institutions are permitted by applicable law to perform.
B. Except as provided in Subsection F of Section 58-16-5 NMSA 1978, no provision of the Remote Financial Service Unit Act shall be construed to limit or otherwise control any debits or credits or other electronic funds transfers through a network or other system within the proprietary control of one or more merchants.
History:
1953 Comp., § 48-25-4, enacted by Laws 1977, ch. 359, § 4; 1989, ch. 218, § 2; repealed and reenacted by Laws 1990, ch. 123, § 4; 1991, ch. 120, § 8.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
The 1991 amendment,
effective June 14, 1991, designated the existing section as Subsection A and added Subsection B.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-5 - Point-of-sale terminals.

A. Subject to the provisions of Subsection B of this section, a POS terminal may be used to perform internal business functions in addition to all functions defined as POS transactions.
B. In conjunction with the performance of any POS transaction, the transfer or deposit of funds to the account of a merchant or to an account held for the merchant, is prohibited unless the account is maintained in an in-state financial institution having its main office or manned branch in New Mexico.
C. A POS terminal shall not be operated to perform any POS transaction except pursuant to a written agreement between the merchant on whose premises the POS terminal is located and an in-state financial institution having its main office or manned branch office in New Mexico, unless otherwise permitted or restricted by applicable law.
D. A merchant may designate specific POS terminals on its premises at which only a limited number of particular POS transactions shall be performed.
E. The POS terminal shall be manned or operated by one or more individuals who are agents, servants or employees of the merchant upon whose premises the POS terminal is located, either alone, in cooperation with the cardholder or by the cardholder. Provided, however, that an employee of a financial institution may be stationed at or operate a POS terminal only for demonstration or training purposes or to verify its accuracy.
F. A merchant contracting for any financial service functions through a POS terminal shall make that POS terminal available to any other requesting in-state financial institution, to the extent that the financial institutions are permitted by law to engage in POS transactions. Provided, however, that the mandatory sharing of the POS terminal will be upon the same terms and conditions of the written agreement between the merchant and the financial institution originally initiating the written agreement. Provided further, that any financial institution requesting to share a POS terminal shall pay reasonable compensation to the originating financial institution as they shall agree.
G. At the end of each POS transaction, the POS terminal shall issue the cardholder who initiated the POS transaction a receipt.
History:
1953 Comp., § 48-25-5, enacted by Laws 1977, ch. 359, § 5; 1985, ch. 231, § 2; repealed and reenacted by Laws 1990, ch. 123, § 5.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-6 - Use of automated teller machines.

A. An ATM may only be used to initiate and complete one or more ATM transactions.
B. Any lobby or teller-line ATM and any on-premises ATM, including the associated structures, shall be owned or leased by one in-state financial institution.
C. An off-premises ATM, excluding the associated structure, shall be owned or leased and operated by one or more in-state financial institutions. The off-premises ATM shall be unmanned, having no person stationed at the terminal to assist the cardholder in the operation of the ATM except for demonstration or training purposes or to verify its accuracy.
History:
1953 Comp., § 48-25-6 as enacted by Laws 1977, ch. 359, § 6; 1985, ch. 231, § 3; repealed and reenacted by Laws 1990, ch. 123, § 6.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-7 - POS terminal not considered a financial institution branch office.

A POS terminal installed and operated pursuant to the Remote Financial Service Unit Act is not a branch office of a financial institution and shall not be construed to be a branch office of a financial institution under New Mexico law. If any court of competent jurisdiction construes a POS terminal to be installed or installed under the authority of the Remote Financial Service Unit Act to be a branch office of a financial institution, the supervisory authority approving branch offices of financial institutions shall approve any application for a POS terminal to be installed or installed under the authority of the Remote Financial Service Unit Act without regard to capital requirements for a financial institution branch office and without regard to the convenience and necessity for a financial institution branch office or any other factors normally considered in granting or denying a financial institution branch office application.
History:
1953 Comp., § 48-25-7 as enacted by Laws 1977, ch. 359, § 7; repealed and reenacted by Laws 1990, ch. 123, § 7.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-8 - Lobby or teller-line automated teller machines and on-premises automated teller machines not considered financial institutions.

No lobby or teller-line ATM or on-premises ATM shall be construed for any purpose to be a branch office of a financial institution under New Mexico law.
History:
1953 Comp., § 48-25-8, enacted by Laws 1977, ch. 359, § 8; 1989, ch. 218, §3; repealed and reenacted by Laws 1990, ch. 123, § 8.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-9 - Off-premises ATM considered a financial institution branch office.

A. An off-premises ATM is a branch office of a financial institution. Subject to the limitations contained in the Remote Financial Service Unit Act [this article], in-state financial institutions are authorized to install one or more off-premises ATMs. Before installing or operating an off-premises ATM, the in-state financial institution shall first obtain the approval of the director to install and operate the off-premises ATM, which written approval shall not be withheld by the director unless good cause is shown. The director, in making this determination, shall take into account, but not by way of limitation, factors such as the financial history and condition of the applicant, the adequacy of its capital structure, its future earnings prospects and the general character of its management, the future earnings prospects of the off-premises ATM and the adequacy of any network, intercept processor or processing computer, if any. The director's approval shall not be given until the director has ascertained to his satisfaction that:
(1) the establishment of the off-premises ATM complies in all respects with all applicable requirements for a branch office of the particular financial institution making application, including but not limited to geographic restrictions, if any;
(2) the proposed location is in the public interest; and
(3) the establishment of the off-premises ATM will meet the needs and promote the convenience of the area to be served by the ATM.
B. An investigation fee of four hundred dollars ($400) shall accompany each application for an off-premises ATM.
History:
1953 Comp., § 48-25-9, enacted by Laws 1977, ch. 359, § 9; 1985, ch. 231, § 4; repealed and reenacted by Laws 1990, ch. 123, § 9; 1993, ch. 210, § 7.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
The 1993 amendment,
effective June 18, 1993, substituted "four hundred dollars ($400)" for "two hundred dollars ($200)" in Subsection B.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-10 - Notice to director.

Any financial institution desiring to utilize an off-premises ATM shall give the director written notice of its intention to do so in a form required by the director. The notice shall be delivered to the director not less than thirty days prior to the implementation of the off-premises ATM. The director may require any financial institution participating in the utilization of any off-premises ATM to file an annual report including such information as the director may deem necessary; provided, however, the director shall not require an in-state financial institution chartered under the laws of the United States to provide any greater information than it is required to provide its appropriate federal regulatory agency.
History:
1953 Comp., § 48-25-11, enacted by Laws 1977, ch. 359, § 11; 1978 Comp., § 58-16-11, repealed, reenacted and recompiled as § 58-16-10 by Laws 1990, ch. 123, § 10.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-10.1 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1990, ch. 123, § 18 repealed 58-16-10.1 NMSA 1978, as enacted by Laws 1985, ch. 231, § 6, relating to accessibility and advertising, effective May 16, 1990. For provisions of former section,
see
the 1989 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-11 - Restrictions on owning, leasing and operating.

A. Notwithstanding any provision to the contrary in the Remote Financial Service Unit Act, no ATM shall be owned or leased by a person other than an in-state financial institution.
B. Notwithstanding any provision to the contrary in the Remote Financial Service Unit Act, no POS terminal shall be operated by any person other than a merchant or an in-state financial institution.
History:
1978 Comp., § 58-16-11, enacted by Laws 1990, ch. 123, § 11; 1991, ch. 120, § 9; 1995, ch. 190, § 17; 1996, ch. 2, § 30.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
The 1996 amendment,
effective June 1, 1996, rewrote the section heading, deleted "having its main office, a manned branch office or any other authorized branch in the county in which the ATM is located" from the end of Subsection A, and deleted Subsection C relating to owning and operating off-premises ATM machines.
The 1995 amendment,
effective June 16, 1995, added Subsection C.
The 1991 amendment,
effective June 14, 1991, in Subsection B, substituted "operated by any person other than a merchant or an in-state financial institution" for "owned or leased by any person other than" and former Paragraphs (1) and (2), pertaining to ownership by financial institutions and merchants.