All loan agreements shall include a provision granting the borrower the right to rescind the transaction by returning in cash, or through certified funds, one hundred percent of the amount advanced by the lender under the New Mexico Small Loan Act of 1955 no later than the close of business New Mexico time or, if the loan was made online, no later than midnight New Mexico time on the first day of business conducted by the lender following the date of execution of the loan agreement. If a borrower exercises the right of rescission pursuant to this section, no fee for the rescinded transaction shall be charged to the borrower, and the lender shall not charge or impose on the borrower a fee for exercising the right of rescission pursuant to this section. If a borrower exercises the right of rescission pursuant to this section, any fee collected by the lender shall be returned in full to the borrower.
History: Laws 2019, ch. 201, § 16.
Effective dates. — Laws 2019, ch. 201, § 18 made Laws 2019, ch. 201 effective January 1, 2020.
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.