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 36% per year cap on interest rates for the extension of credit, except for federally insured depository institutions and government-issued bonds. It also voids any contracts with interest rates exceeding the cap, and repeals a section of the New Mexico Small Loan Act of 1955. The bill provides that if the U.S. prime lending rate exceeds 10%, the maximum interest rate may exceed 36% but cannot be more than 30 percentage points above the prime rate.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
[LD 1] Referred to House Business & Industry (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=H&legtype=B&legno=26&year=17 |
| BillText | http://www.nmlegis.gov/Sessions/17%20Regular/bills/house/HB0026.pdf |
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