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:

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