summary
Introduced
01/21/2017
01/21/2017
In Committee
02/17/2017
02/17/2017
Crossed Over
01/28/2017
01/28/2017
Passed
02/18/2017
02/18/2017
Dead
Signed/Enacted/Adopted
01/29/2017
01/29/2017
Introduced Session
2017 Regular Session
Bill Summary
AN ACT RELATING TO FINANCIAL INSTITUTIONS; LIMITING FEES AND CHARGES FOR CERTAIN INSTALLMENT LOANS; PROVIDING FOR REPORTING TO CREDIT AGENCIES; AMENDING CHAPTER 56, ARTICLE 8 NMSA 1978, THE NEW MEXICO SMALL LOAN ACT OF 1955 AND THE NEW MEXICO BANK INSTALLMENT LOAN ACT OF 1959; REPEALING SECTIONS OF THE NEW MEXICO SMALL LOAN ACT OF 1955; CREATING THE FINANCIAL LITERACY FUND; MAKING AN APPROPRIATION.
AI Summary
This bill limits fees and charges for certain installment loans, requires lenders to report loan terms and borrower performance to credit agencies, amends the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959, repeals certain sections of the New Mexico Small Loan Act of 1955, and creates a Financial Literacy Fund to be used for developing and implementing financial literacy programs.
Committee Categories
Business and Industry, Justice, Transportation and Infrastructure
Sponsors (2)
Last Action
[LD 13] Signed by the Governor - Chapter 110 (on 01/29/2017)
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=347&year=17 |
| BillText | http://www.nmlegis.gov/Sessions/17%20Regular/final/HB0347.pdf |
| BillText | http://www.nmlegis.gov/Sessions/17%20Regular/bills/house/HB0347.pdf |
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