Bill > SB107

This bill: Makes several changes to the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act of 1955, including increasing the loan amount threshold from $5,000 to $10,000 for loans to be made only under those acts, changing the permitted annual percentage rates for such loans, requiring licenses for certain lenders, modifying reporting requirements for lenders, and requiring notice of changes to the permitted annual percentage rates. The bill also amends the definition of "installment loan" under the New Mexico Small Loan Act of 1955 to include loans without any finance charge and with any initial stated maturity, in addition to the existing definition of installment loans with a minimum of four substantially equal payments and an initial stated maturity of at least 120 days. The bill requires lenders to report both positive and negative borrower performance to consumer reporting agencies for all installment loans made under the New Mexico Small Loan Act of 1955.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=107&year=22