The acts and dealings of an agent in loaning money shall bind the principal, and in all cases where there is illegal interest contracted for by the transaction of any agent, the principal shall be held thereby to the same effect as though he had acted in person, and when the same person acts as agent for the borrower and lender, he shall be deemed the agent of the lender for the purpose of this act [56-8-9, 56-8-12 to 56-8-14 NMSA 1978].
History: 1953 Comp., § 50-6-17, enacted by Laws 1957, ch. 209, § 3.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 45 Am. Jur. 2d Interest and Usury §§ 223 to 234, 326, 357.
Guardian's liability for interest on ward's funds, 72 A.L.R.2d 757.
91 C.J.S. Usury §§ 43 to 45, 64, 166.
Structure New Mexico Statutes
Chapter 56 - Commercial Instruments and Transactions
Article 8 - Money, Interest and Usury
Section 56-8-1 - [Lawful money; definition; application.]
Section 56-8-2 - [Denominations to be reduced to lawful basis in actions.]
Section 56-8-3 - Interest rate; no written contract.
Section 56-8-4 - Judgments and decrees; basis of computing interest.
Section 56-8-5 - Interest; open accounts.
Section 56-8-6 - Grain purchase contracts; disclosure regarding act of God clause.
Section 56-8-7 - Procuring loans; rate of commission; exceptions.
Section 56-8-8 - [Excessive commission for procuring loan; penalty.]
Section 56-8-9 - Excessive charges prohibited; applicability of maximum rates; definition.
Section 56-8-10 - Farm, ranch and agriculture loans.
Section 56-8-12 - Loans by agent; liability of principal.
Section 56-8-13 - Penalties and forfeitures.
Section 56-8-14 - Criminal penalty.
Section 56-8-15 to 56-8-20 - Repealed.
Section 56-8-21 - Usury; corporations and limited partnerships.
Section 56-8-22 - Short title.
Section 56-8-23 - Purpose of act.
Section 56-8-24 - Definitions.
Section 56-8-25 to 56-8-28 - Repealed.