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Installment loans guidelines. 50th legislature – STATE OF NEW MEXICO – 2nd session
ASSOCIATED WITH FINANCING; AMENDING THIS NEW MEXICO BANK INSTALLMENT LOAN ACT OF 1959 PLUS THE brand NEW MEXICO SMALL LOAN ACT OF 1955; ADDING AND AMENDING CERTAIN DEFINITIONS; IMPOSING The CAP ON INTEREST LEVELS AND FEES FOR MANY LOANS; AMENDING PAY DAY LOAN DISCLOSURE REQUIREMENTS; REPEALING A PORTION OF THIS NEW MEXICO SMALL LOAN ACT OF 1955.
BE IT ENACTED BECAUSE OF THE LEGISLATURE OF THIS continuing STATE OF NEW MEXICO:
SECTION 1. Section 58-7-1 NMSA 1978 (being Laws 1959, Chapter 327, part 1) is amended to learn:
“58-7-1. BRIEF TITLE.–[ This act will be understood ] Chapter 58, Article 7 NMSA 1978 can be cited given that “New Mexico Bank Installment Loan Act of 1959″.”
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