A credit card account between a domestic bank or consumer credit bank and a borrower, wherever the borrower's place of residence, shall be governed solely by the laws of New Mexico and federal law, where applicable. Unless otherwise expressly agreed in writing by the parties, a credit card account between a consumer credit bank and a borrower shall be governed by the provisions of Sections 56-8-1 through 56-8-30 NMSA 1978. A domestic bank or consumer credit bank may, as provided in the written agreement governing the credit card account, modify the terms or conditions of the credit card account upon prior written notice of the modification as specified by credit card account agreement or by the federal Truth in Lending Act.
History: Laws 1993, ch. 11, § 5; 1995, ch. 33, § 3.
Cross references. — For the federal Truth in Lending Act, see 15 U.S.C. § 1601 et seq.
The 1995 amendment, effective June 16, 1995, added the language beginning "a credit card account" at the end of the second sentence.
Am. Jur. 2d, A.L.R. and C.J.S. references. — What constitutes Truth in Lending Act violation which "was not intentional and resulted from bona fide error not withstanding maintenance of procedures reasonably adapted to avoid any such error" within meaning of § 130(c) of Act (15 USCA § 1640(c)), 153 A.L.R. Fed. 193.
Structure 2021 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 1A - Consumer Credit Banks
Section 58-1A-1 - Short title.
Section 58-1A-2 - Definitions.
Section 58-1A-3 - Organization of consumer credit bank.
Section 58-1A-4 - Domestic banks; exemption.
Section 58-1A-5 - Credit card account; terms and conditions.
Section 58-1A-6 - Regulation of consumer credit banks.