summary
Introduced
01/24/2022
01/24/2022
In Committee
02/15/2022
02/15/2022
Crossed Over
02/07/2022
02/07/2022
Passed
02/15/2022
02/15/2022
Dead
Signed/Enacted/Adopted
03/01/2022
03/01/2022
Introduced Session
2022 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; REQUIRING NOTICE; MAKING AN APPROPRIATION.
AI Summary
This bill proposes several changes to the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act of 1955, including: changing the permitted annual percentage rates for certain loans, requiring a license for certain lenders, changing reporting requirements, and requiring notice when the maximum allowable annual percentage rate changes. The bill also defines key terms like "consumer," "consumer reporting agency," and "debit authorization," and gives the director of the Financial Institutions Division authority to issue regulations to effectuate the purposes of the New Mexico Bank Installment Loan Act of 1959.
Committee Categories
Business and Industry, Health and Social Services, Justice
Sponsors (7)
Phelps Anderson (I)*,
Meredith Dixon (D)*,
Brian Egolf (D)*,
Susan Herrera (D)*,
Katy Duhigg (D),
Daymon Ely (D),
Joy Garratt (D),
Last Action
Signed by Governor - Chapter 23 - Mar. 1 (on 03/01/2022)
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/Legislation/Legislation?chamber=H&legtype=B&legno=132&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/final/HB0132.pdf |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/house/HB0132.pdf |
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