Installment loans guidelines. 50th legislature – STATE OF NEW MEXICO – 2nd session

Installment loans guidelines. 50th legislature - STATE OF NEW MEXICO - 2nd session

ASSOCIATED WITH FINANCING; AMENDING THE BRAND NEW MEXICO BANK INSTALLMENT LOAN ACT OF 1959 AS WELL AS THE brand NEW MEXICO SMALL LOAN ACT OF 1955; ADDING AND CERTAIN that is AMENDING DEFINITIONS IMPOSING The CAP ON INTEREST RATES AND FEES FOR MANY LOANS; AMENDING PAY DAY LOAN DISCLOSURE REQUIREMENTS; REPEALING A PART OF THE BRAND NEW MEXICO SMALL LOAN ACT OF 1955.

BE IT ENACTED with THE LEGISLATURE OF THIS continuing STATE OF NEW MEXICO:

SECTION 1. Section 58-7-1 NMSA 1978 (being Laws 1959, Chapter 327, area 1) is amended to learn:

"58-7-1. SHORT TITLE.--[ This work will be understood ] Chapter 58, Article 7 NMSA 1978 could be cited while the "New Mexico Bank Installment Loan Act of 1959"."

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