New Mexico § 58-6-5 Credit agreements; requirements

New Mexico Statutes

§ 58-6-5 — Credit agreements; requirements

New Mexico·Ch. 58 Financial Institutions and Regulations·Art. 6 Miscellaneous Loans

A.As used in this section, "financial institution" means a bank, savings and loan association or credit union authorized to transact business in the state.

B.A contract, promise or commitment to loan money or to grant, extend or renew credit or any modification thereof, in an amount greater than twenty-five thousand dollars ($25,000), not primarily for personal, family or household purposes, made by a financial institution shall not be enforceable unless in writing and signed by the party to be charged or that party's authorized representative.

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A. As used in this section, "financial institution" means a bank, savings and loan association or credit union authorized to transact business in the state. B. A contract, promise or commitment to loan money or to grant, extend or renew credit or any modification thereof, in an amount greater than twenty-five thousand dollars ($25,000), not primarily for personal, family or household purposes, made by a financial institution shall not be enforceable unless in writing and signed by the party to be charged or that party's authorized representative.

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