NM

New Mexico State Information

Legal Status: Effectively Prohibited (No short term loans allowed, except refund anticipation loans)

Citation:
N.M. Stat. Ann. ยง 58-15-1 et seq.

Loan Terms:
Maximum Loan Amount: $5000
Loan Term:120 Days, and loans must have 4 substantially equal payments
Maximum Finance Rate and Fees: 175% APR
Finance Charge for 14-day $100 loan: N/A
APR for 14-day $100 loan: N/A

Debt Limits:
Maximum Number of Outstanding Loans at One Time:
Rollovers Permitted: All rollovers become new loans with their own disclosures.
Cooling-off Period: 10 days after completion of a payment plan.
Repayment Plan: The default repayment plan requires 4 equal installments.

Collection Limits:
Collection Fees: Maximum delinquency Fees of $10 per loan
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor Santa Fe NM 87505
Phone: (505)476-4885
Fax: (505) 476-4670
Regulator Website



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