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.
Bracketed 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.
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