A. If there are insufficient funds to pay a check or other type of debit on the date of presentment by the licensee, a check or debit authorization request shall not be presented to a financial institution by a licensee for payment more than one time per payment due unless the consumer agrees in writing, after a check or other type of debit has been dishonored, to one additional presentment or deposit.
B. A licensee shall not charge a consumer for fees, interest or charges of any kind other than those permitted pursuant to Sections 58-15-16, 58-15-17 and 58-15-20 NMSA 1978.
History: Laws 2017, ch. 110, § 20; 2019, ch. 201, § 14.
The 2019 amendment, effective January 1, 2020, clarified that when there are insufficient funds to pay a check, a licensee may not present a check to a financial institution more than one time per payment due; and in Subsection A, after "more than one time", added "per payment due".
Applicability. — Laws 2019, ch. 201, § 17 provided that the provisions of this act apply to loans subject to the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 that are executed on or after January 1, 2020.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 15 - Small Loan Business
Section 58-15-1 - Objects and purposes of act.
Section 58-15-2 - Definitions.
Section 58-15-3 - Applicability of act; exemptions; evasions; penalty.
Section 58-15-4 - Application, investigation and fee; agent for service of process.
Section 58-15-7 - Place of business; change; residence of borrower.
Section 58-15-8 - Revocation, suspension and reinstatement of licenses.
Section 58-15-9 - Examination of licensee's books and records; witnesses.
Section 58-15-10 - Books and records; annual reports; additional information.
Section 58-15-10.1 - Licensee reporting requirements; penalties.
Section 58-15-10.2 - Reporting of credit required.
Section 58-15-11 - Regulations and orders; certified copies.
Section 58-15-12 - Advertising.
Section 58-15-13 - Licensed offices; other business.
Section 58-15-14.1 - Charges; method of computation.
Section 58-15-15.1 - No prepayment penalty on small loans.
Section 58-15-16 - Loan insurance allowable; financing certain premiums prohibited.
Section 58-15-19 - Loans under other laws.
Section 58-15-20 - Fees and costs.
Section 58-15-21 - What constitutes loan of money; wage purchases.
Section 58-15-22 - [Assignments; validity; amount collectible.]
Section 58-15-23 - Violation of general usury laws.
Section 58-15-24 - Loans made elsewhere.
Section 58-15-26 - Status of preexisting licensees.
Section 58-15-28 - Status of preexisting obligations.
Section 58-15-29 - Director to keep record of fees, expenses and disposition of money.
Section 58-15-30 - Penalties; general.
Section 58-15-31 - Short title.
Section 58-15-39 - Duties of division.
Section 58-15-40 - Financial literacy fund.