summary
Introduced
01/25/2021
01/25/2021
In Committee
Crossed Over
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO FINANCIAL INSTITUTIONS; CHANGING THE PERMITTED PERCENTAGE RATES FOR LOANS PURSUANT TO THE NEW MEXICO BANK INSTALLMENT LOAN ACT OF 1959 AND THE NEW MEXICO SMALL LOAN ACT OF 1955; REQUIRING A LICENSE FOR CERTAIN LENDERS; CHANGING CERTAIN REPORTING REQUIREMENTS.
AI Summary
This bill makes several changes to the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act of 1955. Key provisions include: increasing the loan amount limit from $5,000 to $10,000 for loans covered under these acts, lowering the maximum permitted annual percentage rate from 175% to 36% (with some exceptions), requiring lenders other than federally insured depository institutions to be licensed, and changing certain reporting requirements for licensees. The bill also includes severability clauses to protect the validity of the remainder of the acts if any part is held invalid.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
House Commerce and Economic Development Committee (13:30 2/3/2021 Room Zoom) (on 02/03/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=149&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/house/HB0149.pdf |
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