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.

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.