summary
Introduced
01/19/2021
01/19/2021
In Committee
02/04/2021
02/04/2021
Crossed Over
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO FINANCIAL INSTITUTIONS; LOWERING THE MAXIMUM ANNUAL PERCENTAGE RATE FOR LOANS PURSUANT TO THE NEW MEXICO BANK INSTALLMENT LOAN ACT OF 1959 AND THE NEW MEXICO SMALL LOAN ACT OF 1955.
AI Summary
This bill lowers the maximum annual percentage rate (APR) for loans made under the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act of 1955 from 175% to 36%. It also adds several other restrictions, such as requiring a minimum loan term of 120 days (except for refund anticipation loans) and a minimum of four substantially equal installment payments. The bill applies to loans executed on or after July 1, 2021 and takes effect on that date.
Committee Categories
Business and Industry, Justice
Sponsors (2)
Last Action
HCPAC: Reported by committee with Do Pass recommendation (on 02/04/2021)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=99&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/house/HB0099.pdf |
Loading...