A. Validity and payment of assignment. No assignment of or order for payment of any salary, wages, commissions or other compensation for services earned or to be earned, given to secure any loan made by any licensee, shall be valid unless the amount of such loan is paid to the borrower, simultaneously with its execution, nor shall any such assignment or order, or any chattel mortgage or other lien on household furniture then in the possession and use of the borrower, be valid unless it is in writing, signed in person by the borrower, or if the borrower is married unless it is signed in person by both husband and wife, provided that written assent of a spouse shall not be required when husband and wife have been living separate and apart for a period of at least two months prior to the making of such assignment, order, mortgage or lien.
B. Amount collectible under assignment. A valid assignment or order for the payment of future salary, wages, commissions or other compensation for services, may be given as security for a loan made by any licensee or licensees and under such assignment or order, a sum not to exceed ten (10%) percent of the borrower's salary, wages, commissions or other compensation for services shall be collectible from the employer of the borrower by the licensee at the time of each payment to the borrower of such salary, wages, commissions or other compensation for services, from the time that a copy of such assignment, verified by the oath of the licensee or his agent, together with a similarly verified statement of the amount unpaid upon such loan and a printed copy of this section, is served upon the employer. Not more than one such assignment of wages shall be valid hereunder or acceptable by an employer.
History: 1953 Comp., § 48-17-49, enacted by Laws 1955, ch. 128, § 20.
Law reviews. — For symposium, "The Effects of an Equal Rights Amendment on the New Mexico System of Community Property: Problems of Characterization, Management and Control," see 3 N.M. L. Rev. 11 (1973).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 58 C.J.S. Money Lenders §§ 3, 5, 7.
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.