Chapter 58 — Chapter 58

The violation by a licensee or by an officer, manager, director, trustee, executive or employee directly engaged in operating a small loan office under the provisions of the New Mexico Small Loan Act of 1955 of any usury statute of this state within an office, room or place of bu…

No loan made outside this state to a resident of New Mexico in the amount or of the value of ten thousand dollars ($10,000) or less for which a greater rate of interest, consideration, charge or compensation to the lender than is permitted by the general laws of New Mexico in for…

Any licensee or any person aggrieved by any act or order of the director pursuant to the New Mexico Small Loan Act of 1995 may file and appeal in the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978. History: 1953 Comp., § 48-17-52, enacted by Laws 1955, ch…

Notwithstanding the repeal thereof by the New Mexico Small Loan Act of 1955, any licensee having a license under Chapter 174, New Mexico Session Laws of 1947, which is valid and in force and against which no revocation or suspension proceedings are pending on the date of the pass…

This act, or any part thereof, may be modified, amended or repealed so as to effect a cancellation or alteration of any license or right of a license hereunder; provided, that such cancellation or alteration shall not impair or affect the obligation of any preexisting lawful cont…

Nothing herein contained shall be so construed as to impair or affect the obligation of any contract of loan between any licensee, under Chapter 174, New Mexico Session Laws of 1947 (Article 17, Chapter 48, New Mexico Statutes Annotated 1953), and any borrower, which was lawfully…

of money. The director shall keep a detailed record of all fees, expenses and costs collected by him and a detailed record of all expenses and disbursements of his office in the administration of laws regulating the small loan business. He shall, at the end of each month, turn ov…

A. A person shall not engage in the business of lending in amounts of ten thousand dollars ($10,000) or less for a loan without first having obtained a license from the director. Nothing contained in this subsection shall restrict or prohibit a licensee under the New Mexico Small…

Any person, copartnership, trust, association or corporation and the several members, beneficiaries, officers, directors, agents and employees thereof who violate or participate in the violation of any provision of the New Mexico Small Loan Act of 1955 are guilty of a misdemeanor…

Chapter 58, Article 15 NMSA 1978 may be cited as the "New Mexico Small Loan Act of 1955". History: 1953 Comp., § 48-17-58, enacted by Laws 1955, ch. 128, § 29; 1987, ch. 292, § 4.

History: Laws 2007, ch. 86, § 14; repealed by Laws 2017, ch. 110, § 25.

History: Laws 2007, ch. 86, § 15; repealed by Laws 2017, ch. 110, § 25.

History: Laws 2007, ch. 86, § 16; repealed by Laws 2017, ch. 110, § 25.

History: Laws 2007, ch. 86, § 17; repealed by Laws 2017, ch. 110, § 25.

History: Laws 2007, ch. 86, § 18; repealed by Laws 2017, ch. 110, § 25.

History: Laws 2007, ch. 86, § 19; repealed by Laws 2017, ch. 110, § 25.

History: Laws 2007, ch. 86, § 20; repealed by Laws 2017, ch. 110, § 25.

A. The division shall: (1) maintain a list of licensees, which list shall be available to interested persons and the public; and (2) establish a complaint process whereby an aggrieved consumer or other person may file a complaint against a licensee. B. The division shall compile …

process. A. Application for a license and any annual license renewal shall be in writing under oath and in the form prescribed by the director, shall give the exact location where the business is to be conducted and shall contain such other relevant information as the director ma…

The "financial literacy fund" is created in the state treasury. The fund shall consist of appropriations, gifts, grants, donations and bequests made to the fund and fees received pursuant to Subsection L of Section 58-15-5 NMSA 1978. Income from the fund shall be credited to the …

The state has exclusive jurisdiction and authority regarding the terms and conditions of permitted installment loans and refund anticipation loans, and counties, municipalities and other political subdivisions of the state are preempted from any regulation of terms and conditions…

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 …

issuance of renewal license; denial of renewal license; fitness and character of applicant; license fees; licensee bound by act. A. Upon the filing of an application, whether it is an original or a renewal, the director shall investigate the facts concerning the application and t…

granted by license; effective date of license; minimum assets. A. Each license shall state the address at which the business is to be conducted and shall state fully the name of the licensee if an individual, and if a corporation the name, date and place of incorporation, and if …

A. Not more than one place of business shall be maintained under the same license, but the director may issue additional licenses to the same licensee upon compliance with all the provisions of the New Mexico Small Loan Act of 1955 governing issuance of a single license, provided…

A. The director shall revoke no license issued hereunder unless he shall first serve upon the licensee a written notice which states in general the grounds therefor, together with the time and place of hearing, which shall be held not less than fifteen days after the mailing of s…

A. At least once each year, the director or the director's authorized representative shall make an examination of the place of business of each licensee and the loans, transactions, books, papers and records of the licensee insofar as they pertain to the business licensed under t…

Chapter 58, Article 16 NMSA 1978 may be cited as the "Remote Financial Service Unit Act". History: 1953 Comp., § 48-25-1, enacted by Laws 1977, ch. 359, § 1; 1978 Comp., § 58-16-1; repealed and reenacted by Laws 1990, ch. 123, § 1; 1996, ch. 2, § 28.

Any financial institution desiring to utilize an off-premises ATM shall give the director written notice of its intention to do so in a form required by the director. The notice shall be delivered to the director not less than thirty days prior to the implementation of the off-pr…

ANNOTATIONS Repeals. — Laws 1990, ch. 123, § 18 repealed 58-16-10.1 NMSA 1978, as enacted by Laws 1985, ch. 231, § 6, relating to accessibility and advertising, effective May 16, 1990. For provisions of former section, see the 1989 NMSA 1978 on NMOneSource.com.

A. Notwithstanding any provision to the contrary in the Remote Financial Service Unit Act, no ATM shall be owned or leased by a person other than an in-state financial institution. B. Notwithstanding any provision to the contrary in the Remote Financial Service Unit Act, no POS t…

A. Two or more financial institutions, separately or in combination with any other person, may establish one or more networks through which the financial institutions are interconnected for on-line data interchange. B. Membership or participation by any financial institution in o…

A. Every merchant having a POS terminal on its premises and every financial institution contracting for use of or operating a remote financial service unit shall adopt and maintain safeguards to insure the safety of funds of any third party in situations where deposits are accept…

A. No card that will actuate a remote financial service unit shall be issued except in response to a request or application therefor. The prohibition does not apply to the issuance of a card in renewal of or in substitution for a card or as an adjunct to an established account. B…

A. A financial institution may charge a reasonable foreign transaction fee for use of an automated teller machine if the fee is disclosed: (1) on a sign posted on the automated teller machine or in clear view of the customer while viewing the machine; or (2) electronically during…

A. A cardholder who is authorized to engage in transactions through or by means of remote financial service units may bring a civil action against a person violating the Remote Financial Service Unit Act for an amount equal to the sum of any actual damages sustained by the cardho…

A. Any person who knowingly and willfully violates any of the provisions of Section 14 [58-16-14 NMSA 1978] of the Remote Financial Service Unit Act may be found guilty of a petty misdemeanor. B. Any person who makes an unauthorized withdrawal from the account of another person w…

Single subscriber terminals shall be exempted from: A. ownership limitations otherwise imposed on off-premises ATMs; B. restricted geographic location; C. consideration as a financial institution branch office; and D. requirements for notice to the director. History: 1978 Comp., …

ANNOTATIONS Repeals. — Laws 1990, ch. 123, § 18 repealed 58-16-18 NMSA 1978, as enacted by Laws 1983, ch. 33, § 7, relating to exemption of single subscriber terminals, effective May 16, 1990. For provisions of former section, see the 1989 NMSA 1978 on NMOneSource.com. For presen…

The purposes of the Remote Financial Service Unit Act are: A. to provide greater convenience for the consumer by authorizing financial institutions and merchants to offer certain financial services in convenient ways and locations; B. to enable the use of remote financial service…

A. As used in the Remote Financial Service Unit Act: (1) "account" means an account maintained by a cardholder or merchant with a financial institution or with a state agency, which term shall include demand deposit, checking, negotiable order of withdrawal (NOW) share, share dra…

A. Nothing in the Remote Financial Service Unit Act shall be construed as authority for any person to provide financial services in a manner not otherwise permitted or restricted by applicable law nor as authority to enlarge upon the financial services that financial institutions…

A. Subject to the provisions of Subsection B of this section, a POS terminal may be used to perform internal business functions in addition to all functions defined as POS transactions. B. In conjunction with the performance of any POS transaction, the transfer or deposit of fund…

A. An ATM may only be used to initiate and complete one or more ATM transactions. B. Any lobby or teller-line ATM and any on-premises ATM, including the associated structures, shall be owned or leased by one in-state financial institution. C. An off-premises ATM, excluding the as…

office. A POS terminal installed and operated pursuant to the Remote Financial Service Unit Act is not a branch office of a financial institution and shall not be construed to be a branch office of a financial institution under New Mexico law. If any court of competent jurisdicti…

premises automated teller machines not considered financial institutions. No lobby or teller-line ATM or on-premises ATM shall be construed for any purpose to be a branch office of a financial institution under New Mexico law. History: 1953 Comp., § 48-25-8, enacted by Laws 1977,…

office. A. An off-premises ATM is a branch office of a financial institution. Subject to the limitations contained in the Remote Financial Service Unit Act [this article], in-state financial institutions are authorized to install one or more off-premises ATMs. Before installing o…

It is declared to be necessary in the public interest that cemeteries advertising or selling "endowed care or perpetual care" in connection with the sale of cemetery lots or burial spaces be subject to sufficient regulation by the state to ensure the establishment of sound busine…

A. After the initial registration a cemetery authority shall register with the director by filing an annual registration statement, upon forms furnished by the director, which shall show as of the end of the preceding calendar year: (1) the amount of the principal of the care fun…

If a cemetery authority is duly organized and desires to accept care funds authorized by the Endowed Care Cemetery Act, it shall make an initial deposit to the care fund of twenty-five thousand dollars ($25,000). In lieu of the initial deposit, the cemetery authority may furnish …