New Mexico § 58-7-3 Loans covered by act

New Mexico Statutes

§ 58-7-3 — Loans covered by act

New Mexico § 58-7-3

Ch. 58Financial Institutions and Regulations

Art. 7Installment Loans

This text of New Mexico § 58-7-3 (Loans covered by act) 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. § 58-7-3 (2026).

Text

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 ten thousand dollars ($10,000) 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.

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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 ten thousand dollars ($10,000) 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.