Payday Loan in New Mexico
Legal Status: Legal
Citation:
N.M. Stat. Ann. § 58-15-32 to 38
Loan Terms:
Maximum Loan Amount: $2,500
Loan Term: 14 to 35 days, can be shorter by written agreement
Maximum Finance Rate and Fees: $15.50 per $100; $.50 verification fee per $100
Finance Charge for 14-day $100 loan: $16
APR for 14-day $100 loan: 417.14%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Total capped at 25% gross monthly income
Rollovers Permitted: None
Cooling-off Period: 10 days
Repayment Plan: Yes, equal installments over 130 day period
Collection Limits:
Collection Fees: $15 NSF fee one time per loan
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Phone: (505)476-4885
Fax: (505) 476-4670
Regulations essentially prohibiting payday and auto title lending enacted in 2005 but are being challenged in court. Regulations are on hold until the court makes a decision. In the meantime, the small loan business act applies but interest rate is that agreed to by contract. N.M. Stat. Ann. § 58-15-1 et seq.
