A. The New Mexico Bank Installment Loan Act of 1959 applies to a loan that is a precomputed loan repayable in installments and that is clearly identified on the loan documents as being made under that act.
B. A loan in an amount equal to five thousand dollars ($5,000) or less shall be made only pursuant to the New Mexico Bank Installment Loan Act of 1959 or the New Mexico Small Loan Act of 1955 [Chapter 58, Article 15 NMSA 1978]. A loan made pursuant to the New Mexico Bank Installment Loan Act of 1959 shall be identified in the loan documents as being made pursuant to that act.
C. The provisions of Subsection B of this section shall not apply to a federally insured depository institution.
History: 1978 Comp., § 58-7-3, enacted by Laws 1995, ch. 190, § 15; 2017, ch. 110, § 3; 2019, ch. 201, § 1.
The 2019 amendment, effective January 1, 2020, provided that a loan made pursuant to the New Mexico Bank Installment Loan Act of 1959 shall be identified as such in the loan documents; in Subsection B, added "A loan made pursuant to the New Mexico Bank Installment Loan Act of 1959 shall be identified in the loan documents as being made pursuant to that act"; and in Subsection C, after "provisions", added "of Subsection B".
Applicability. — Laws 2019, ch. 201, § 17 provided that the provisions of Laws 2019, ch. 201 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.
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