Bill > SB66

This bill makes the following key changes: This bill increases the loan limit for loans made under the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act of 1955 from $5,000 to $10,000. It also lowers the maximum permitted annual percentage rate (APR) for loans made under these acts from 175% to 36%, except that the maximum APR can increase to 36% plus any amount the prime interest rate exceeds 10% if the prime rate is above 10% for three consecutive months. The bill requires lenders other than federally insured depository institutions to obtain a license to make loans of $10,000 or less, and increases certain reporting requirements for licensed lenders. It also adds provisions to prevent evasion of the licensing and APR requirements.

Budget and Finance, Business and Industry, Justice

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=66&year=21