Payday loan laws in New Mexico
Status: Legal (N.M. Stat. Ann. §§ 58-15-32 to 38.)
For Lenders
Lending specifications:
- Maximum loan amount: $2500
- Loan tenure: 14-35 days
- Fees and finance charges: $15.50 on each $100; $.50 verification fee on each $100
- Finance charge on a 14-day $100 loan: $16
- APR on 14-day $100 loan: 416%
Collection restrictions:
- Collection fees: $15 NSF fee/ loan
- Criminal procedures: Prohibited
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: Shouldn’t exceed 25% of the consumer's gross monthly income
- Rollovers allowed: None
- Cooling-off phase: 10 days
- Repayment Plan: Available
Complaint cell:
- Regulator: New Mexico Financial Institutions Division
- Address: 2550 Cerrillos Road, 3rd Floor; Santa Fe, NM 87505
- Phone: (505) 476-4885
- Fax: (505) 476-4670
- Regulatory contact: Henry A. Vigil, Consumer Industry Manager
- Website: http://www.rld.state.nm.us/financialinstitutions/
- File complaint: http://www.rld.state.nm.us/financialinstitutions/File_a_Complaint.aspx
Updated on:
