For each installment loan made pursuant to the New Mexico Bank Installment Loan Act of 1959, a lender shall report to a consumer reporting agency the terms of the loan and the borrower's performance pursuant to those terms.
History: Laws 2017, ch. 110, § 9.
Effective dates. — Laws 2017, ch. 110, § 27 made Laws 2017, ch. 110, § 9 effective January 1, 2018.
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.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Section 58-7-2 - Persons to whom act applicable.
Section 58-7-3 - Loans covered by act.
Section 58-7-3.1 - Precomputed loan.
Section 58-7-3.2 - Extension agreement.
Section 58-7-3.4 - Right of rescission.
Section 58-7-5 - Prepayment; precomputed loan transactions.
Section 58-7-6 - Permitted charges; limitation on presentment.
Section 58-7-7 - Restrictions.
Section 58-7-8 - Penalties and forfeitures.
Section 58-7-9 - Construction; definitions.