New Mexico § 56-8-7 Procuring loans; rate of commission; exceptions

New Mexico Statutes

§ 56-8-7 — Procuring loans; rate of commission; exceptions

New Mexico § 56-8-7

Ch. 56Commercial Instruments and Transactions

Art. 8Money, Interest and Usury

This text of New Mexico § 56-8-7 (Procuring loans; rate of commission; exceptions) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 56-8-7 (2026).

Text

For negotiating or securing any loan, no person, association of persons or corporation shall charge, collect or receive in excess of the following amounts: A. upon any loan not exceeding five hundred dollars ($500), four percent; B. upon any loan exceeding five hundred dollars ($500) and not exceeding two thousand dollars ($2,000), four percent upon the first five hundred dollars ($500) and three percent upon the remainder; and C. upon any loan exceeding two thousand dollars ($2,000), four percent upon the first one thousand dollars ($1,000) and two percent upon the remainder; provided that this section shall not apply to any loan in excess of fifty thousand dollars ($50,000) when such loan is made for business, commercial or agricultural purposes, nor to any loan negotiated or secured by 

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For negotiating or securing any loan, no person, association of persons or corporation shall charge, collect or receive in excess of the following amounts: A. upon any loan not exceeding five hundred dollars ($500), four percent; B. upon any loan exceeding five hundred dollars ($500) and not exceeding two thousand dollars ($2,000), four percent upon the first five hundred dollars ($500) and three percent upon the remainder; and C. upon any loan exceeding two thousand dollars ($2,000), four percent upon the first one thousand dollars ($1,000) and two percent upon the remainder; provided that this section shall not apply to any loan in excess of fifty thousand dollars ($50,000) when such loan is made for business, commercial or agricultural purposes, nor to any loan negotiated or secured by a registrant under the Mortgage Loan Company and Loan Broker Act [Mortgage Loan Company Act] [Chapter 58, Article 21 NMSA 1978]. In such instances, broker's fees shall be negotiable, but shall not exceed six percent of the principal amount of the loan.