The payment of five thousand dollars ($5,000) or less in money, credit, goods or things in action, as consideration for any sale or assignment of or order for the payment of wages, salary, commission or other compensation for services, whether earned or to be earned, shall, for the purposes of regulation under the New Mexico Small Loan Act of 1955, be deemed a loan of money secured by such sale, assignment or order. The amount by which compensation so sold, assigned or ordered paid exceeds the amount of consideration actually paid shall for the purpose of regulation under the New Mexico Small Loan Act of 1955 be deemed interest or charges upon the loan from the date of payment to the date the compensation is payable. Such transaction shall be governed by and subject to the provisions of the New Mexico Small Loan Act of 1955.
History: 1953 Comp., § 48-17-48, enacted by Laws 1955, ch. 128, § 19; 1973, ch. 18, § 5; 2017, ch. 110, § 18.
The 2017 amendment, effective January 1, 2018, changed the loan amount in the definition of what constitutes a "loan of money" for the purpose of regulation under the New Mexico Small Loan Act of 1955; and after "The payment of", deleted "two thousand five hundred dollars ($2,500)" and added "five thousand dollars ($5,000)".
Applicability. — Laws 2017, ch. 110, § 26 provided that the provisions of Laws 2017, ch. 110 shall apply to loans subject to the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 executed on or after January 1, 2018.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 53A Am. Jur. 2d Money Lenders and Pawnbrokers §§ 2, 3.
58 C.J.S. Money Lenders § 1.
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.