New Mexico Administrative Code

All credit unions chartered by the state of New Mexico.

Section 58-11-3(C) NMSA 1978.

Permanent beginning on the effective date.

October 31, 1997, unless a later date is cited at the end of a section or paragraph.

The objective of this part is to establish a definition of record retention pursuant to Subsection B of Section 58-11-6 NMSA 1978.

"Record retention" means the off-site preservation of vital records.

The issuing agency is responsible for ensuring that the requirements set forth in this part have been complied with.

State chartered credit unions, insured pursuant to Title II of the Federal Credit Union Act and Part 741.215 of NCUA Rules and Regulations, must maintain a records preservation program as prescribed by NCUA Rules and Regulations Part 749.

Financial Institutions Division of the Regulation and Licensing Department.

All licensees conducting business in the state of New Mexico.

Section 58-15-11 NMSA 1978.

Permanent

September 15, 2018, unless a later date is cited at the end of a section.

The objective of this part is to establish required content to be included on electronic marketing and business sites utilized by small loan lenders.

A. "Business of lending" means any person or business entity engaged in the origination of any extension of credit in the amount e amount of $10,000 or less, or the acceptance of a credit application containing a consumer's personal information beyond the below listed items: (1) …

A. Small loan businesses operating one or more marketing site(s) shall be responsible for providing all mandatory disclosures and consumer information as required by Subsection C of 12.18.3.8 NMAC and Subsection A of 12.18.4.8 NMAC to consumers. The required disclosures and consu…

A. Small loan businesses operating one or more business site(s) shall obtain a separate license for each site pursuant to Subsection A of Section 58-15-3 NMSA 1978. B. Small loan businesses shall make the most current small loan license certificate easily accessible and available…

Financial Institutions Division of the Regulation and Licensing Department.

Small loan licensees conducting business in New Mexico.

Section 58-15-11 NMSA 1978.

Permanent.

March 29, 2023, unless a later date is cited at the end of a section.

The objective of this part is to establish regulations governing the conduct of small loan licensees.

A. "Truth in Lending Annual Percentage Rate" ("TIL-APR") means the calculation of an Annual Percentage Rate mandated pursuant to Federal Law ( 12 CFR Part 1026 - Truth in Lending Act). It is intended to provide a single value for a consumer to compare the cost of credit between o…

A. The following charges, based solely on a borrower's individual behavior after the extension of credit, cannot reasonably be predicted and are therefore excluded from the calculation of the NM-APR: (1) Actual expenditures, including reasonable attorney fees, for legal process o…

(Reserved.)

(Reserved.)

(Reserved.)

(Reserved.)

(Reserved.)

(Reserved.)

(Reserved.)

(Reserved.)

Financial Institutions Division of the Regulation and Licensing Department.

Loan companies conducting Small Loan Business in the State of New Mexico.

Section 58-15-11 NMSA 1978.

Permanent.

October 1, 2001 unless a later date is cited at the end of a Section.

The objective of this part is to require a mandatory informational brochure to be readily available for all small loan consumers.

Reserved.

A. All small loan companies licensed by the state of New Mexico must have an informational brochure readily available to all small loan consumers. B. The brochure rack containing the brochure must be placed by the main door entrance. The brochure rack must always be stocked with …

Financial Institutions Division of the Regulation and Licensing Department.

Loan companies conducting business in New Mexico.

Section 58-15-11 NMSA 1978.

Permanent.

October 1, 2001 unless a later date is cited at the end of a Section.

The objective of this part is to require prominent signage disclosing the loan rates and fees to obtain a loan and to assist consumers in the loan decision process.

"Annual Percentage Rate" or "APR" means the measure of the cost of credit, expressed as a yearly rate.

A. All small loan companies must display in each licensed place of business a prominent sign, readily visible to borrowers, disclosing the annual percentage rate and fees. The prominent sign in a reduced form, with font, no smaller than 10-point, must be displayed at every workst…

(Reserved.)