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More information concerning free online payday loan cash
advances in New Mexico including US cities, states and counties.
New Mexico statutes regulating online cash advances are subject
to change from time to time.
New Mexico Payday loan laws. New Mexico Payday loan legislation.
New Mexico has specific payday advance laws. The rate of the
loan is determined by the parties.
Effective November 2007: Payday loan laws prohibit renewals and
rollovers of payday loans, requires automatic 130-day payment
plans for those who cannot repay their payday loan on time,
imposes a 10-day cooling off period before individuals can
request another loan after being in a payment plan, adds new
consumer rights signage in payday loan locations, and requires
that information be provided in Spanish.
Consumers also will not be able to take out payday loans that
exceed 25 percent of their gross monthly income. Richardson, Lt.
Gov. Diane Denish, the Attorney General's Office, as well as
leadership in the state House and Senate, and a number of
consumer advocates pushed for the new rules during the past
three legislative sessions.
To monitor compliance with the new regulations, all payday
lenders operating in New Mexico must subscribe to a central
computer database that tracks payday loan activity. The
applicant's name and identifying information must be entered
into the database before a payday loan can be extended.
For a thorough discussion of the payday loan industry and access
to our payday loan training materials, we recommend you proceed
to Payday and Paycheck Loans.com
If you have an interest in pursuing a payday loan business in
New Mexico, we suggest you also research the Credit Services
Organization as described here. Although our discussion focuses
on the Texas Credit Services Organization Model, you and your
team may determine it is appropriate for a multiplicity of
This Credit Service Organization Model is quite new to the
payday loan industry but, in the opinion of many legal minds,
offers great promise.
Compromise reached on proposed payday lending reformsNew Mexico Business Weekly - 4:02 PM MST Tuesday, February 13,
Gov. Bill Richardson has announced a compromise among his
office, legislators and advocates for strong payday lending
reforms in the effort to get a payday lending regulation bill
through the Legislature.
Richardson appointed a bipartisan task force last year to
examine the issue and make recommendations. Efforts to pass such
legislation have failed in previous sessions.
A bill on payday lending was originally introduced by Rep. Patty
Lundstrom, D-McKinley. It is scheduled to go to the House floor
soon, says Gilbert Gallegos, spokesman for Richardson's office.
When it goes to the floor, a House floor substitute with the
changes will be offered. If it passes the House, the bill will
be sent to the Senate. Gallegos says key provisions of the
compromise include a maximum term for a loan of 35 days and a
minimum of 14 days as well as no renewals or rollovers of the
There would be an automatic 130-day, no-cost payment plan and a
lender could not litigate against a consumer if the lender did
not offer the consumer a no-cost payment plan, or while the
consumer is in a payment plan. Payment plans would be required
to have approximately equal successive payments and the
effective APR would be 42 percent.
Other requirements in the compromise legislation: Each payday
loan agreement shall conspicuously disclose in at least 12-point
type (font size) the consumer's right to enter into a fee-free
payment plan of at least 130 days. Each licensee would have to
provide signage conspicuously notifying the consumers of their
130-day fee-free payment plan rights.
Under the compromise, there would be a cap on all payday loans
of 25 percent of a borrower's gross monthly income. Consumers
would not be allowed to obtain payday loans while in any payment
plan and there would be a 10-day cooling off period after a
consumer completes a payment plan. Lenders would be able to
charge up to $15.50 per $100 borrowed and the nonsufficient
funds fee would be capped at $15 once per check. No waivers of
payment plans would be allowed.
Citation:N.M. Stat. Ann. § 58-15-32 to 38
Loan Terms:Maximum Loan Amount: $2,500Loan Term: 14 to 35 days, can be shorter by written agreementMaximum Finance Rate and Fees: $15.50 per $100; $.50
verification fee per $100Finance Charge for 14-day $100 loan: $16APR for 14-day $100 loan: 417.14%
Debt Limits:Maximum Number of Outstanding Loans at One Time: Total capped at
25% gross monthly incomeRollovers Permitted: NoneCooling-off Period: 10 daysRepayment Plan: Yes, equal installments over 130 day period
Collection Limits:Collection Fees: $15 NSF fee one time per loan Criminal Action: Prohibited
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