Bill > SB579

This bill amends existing New Mexico laws to regulate loan fees and charges, particularly concerning the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act of 1955. Key provisions include clarifying that loans of $2,500 or less must be made under these specific acts, introducing new permitted fees for installment loans such as processing and handling fees, and capping certain charges like late fees and bounced check fees. The bill also establishes new definitions for loan types like "short-term installment loan" and "refund anticipation loan," and clarifies that these laws do not apply to loans made to corporations. Furthermore, it preempts local governments from regulating the terms and conditions of these loans, ensuring state-level control. The changes are intended to apply to loans executed on or after July 1, 2015.