summary
Introduced
01/17/2017
01/17/2017
In Committee
01/17/2017
01/17/2017
Crossed Over
Passed
Dead
03/18/2017
03/18/2017
Introduced Session
2017 Regular Session
Bill Summary
AN ACT RELATING TO LENDING; ENACTING NEW SECTIONS OF THE NEW MEXICO BANK INSTALLMENT LOAN ACT OF 1959 AND THE NEW MEXICO SMALL LOAN ACT OF 1955; IMPOSING A CAP ON INTEREST RATES; VOIDING CONTRACTS THAT EXCEED THE INTEREST RATE CAP; REPEALING A SECTION OF THE NEW MEXICO SMALL LOAN ACT OF 1955.
AI Summary
This bill imposes a cap of 36% per year on the maximum lawful rate of interest that can be charged for the extension of credit, with an exception allowing the rate to exceed 36% but not more than 30 percentage points above the United States prime lending rate if the prime rate exceeds 10%. The bill voids any contracts with interest rates exceeding the maximum lawful rate, and repeals a section of the New Mexico Small Loan Act of 1955. The provisions of the bill take effect on July 1, 2017.
Committee Categories
Transportation and Infrastructure
Sponsors (5)
Gail Chasey (D)*,
Javier Martínez (D)*,
Bill Soules (D)*,
Pat Roybal Caballero (D),
Liz Stefanics (D),
Last Action
[LD 1] Referred to Senate Corporations & Transportation (on 01/17/2017)
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=S&legtype=B&legno=15&year=17 |
| BillText | http://www.nmlegis.gov/Sessions/17%20Regular/bills/senate/SB0015.pdf |
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