Bill > SB269

This bill makes the following key changes: 1. Exempts loans of $5,000 or less that do not accrue any interest, finance charges, or other fees from certain provisions of the New Mexico Small Loan Act of 1955, including the requirements to obtain a license and maintain certain records. 2. Clarifies that out-of-state licensees under the New Mexico Small Loan Act of 1955 must make documents available to the state financial institutions division director in a manner requested by the director, rather than being required to keep the documents on file in at least one office in the state. The bill aims to provide an exemption from licensing and recordkeeping requirements for small, no-interest loans, while also ensuring the state regulator can access relevant records from out-of-state lenders operating in New Mexico.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=269&year=21