New Mexico Payday Loans Regulations and Laws
New Mexico lawmakers passed regulations in 2007 that assist New Mexico residents who use cash advances and payday loans. These new regulations are helpful to the consumer as they place a cap on the loan amount at 25% of your gross monthly income and allow for a no-cost payment plan which assists those who cannot repay their payday loan within the initial loan term. Lastly, anyone who is enrolled in a payment plan may not apply for additional loans until the repayments are complete on their prior loan. For more information on payday loans within New Mexico, read the regulations listed below.
As of March 2013, there have been no further legislative mandates governing the cash advance / payday loan industry.
The following are specific regulations and laws which protect payday loan / cash advance consumers in the state of New Mexico:
Maximum Payday Loan Term: 35 days.
Maximum Finance Charges and Fees: $15.50 for every $100, and a 50 verification fee.
Maximum Loan Amount: Cannot exceed 25% of borrower's gross monthly income.
Number of Rollovers: None
Outstanding Loans Allowed at Once: N/A
Cool-Off Period: 10 days between loans
Payment Plan: A 130 day payment plan is available for those showing financial hardship.
Collection Fees: $15 NSF Fees
Presentment Limit: One
Private Right of Action: Civil and criminal charges for fraudulent checks
Military Protection: N/A
Penalties: Attorney fees and Arbitration
For more information refer to this site:
New Mexico Regulation and Licensing Department
Financial Institutions Division
2550 Cerrillos Road, 3rd Floor
Santa Fe, NM 87505
(505) 476-4885
(505) 476-4670 Fax
Recent legislation:
H.M. 25- The New Mexico Legislative Council has been asked, through this legislation, to appoint a consumer lending task force to study and report its finding and recommendations on €high cost lending'
S.B. 630 - Passed Senate 3/12/13 - Amended the New Mexico Small Loan Act of 1955. The Amendment provides for discretionary penalties and clarifies licensee information to be reported.
Many residents ofNew Mexico seek the help of short-term loans to provide assistance with covering expenses when a crisis hits. A payday loan is an easy way to obtain the money necessary to cover these expenses. The application for a payday loan can be done entirely online. An Albuquerque resident needs to show photo ID, proof of income and have a checking account.
Particularly if you are able to pay back your cash advance within two weeks or by the time you receive your next paycheck, this is a great option to consider - and PaydayLoansCashAdvance can help you.
Federal and state regulations are in place that governs a payday loan. Terms and interest rates must be disclosed by the Federal Truth in Lending Act. Additionally, New Mexico has anti-predatory laws in effect and lenders must be licensed by the state.
When you apply for a cash advance in Albuquerque, New Mexico, you will supply the lender with your bank account information. This will allow them to deposit the money into your account and set up a direct debit on the day that the money is due to ensure that they receive their money - and so you do not have to remember your due date, other than being sure that your account has sufficient funds in it.
You will be able to borrow up to 25 percent of your gross monthly income. You never want to borrow more than this because you want to make sure you are able to pay back the loan. Additionally, a maximum of $15.50 can be charged in fees for every $100 that you borrow. Lenders will not approve you if you are seeking another loan that would allow you to exceed the 25 percent maximum of your monthly income.
As of March 2013, there have been no further legislative mandates governing the cash advance / payday loan industry.
The following are specific regulations and laws which protect payday loan / cash advance consumers in the state of New Mexico:
Maximum Payday Loan Term: 35 days.
Maximum Finance Charges and Fees: $15.50 for every $100, and a 50 verification fee.
Maximum Loan Amount: Cannot exceed 25% of borrower's gross monthly income.
Number of Rollovers: None
Outstanding Loans Allowed at Once: N/A
Cool-Off Period: 10 days between loans
Payment Plan: A 130 day payment plan is available for those showing financial hardship.
Collection Fees: $15 NSF Fees
Presentment Limit: One
Private Right of Action: Civil and criminal charges for fraudulent checks
Military Protection: N/A
Penalties: Attorney fees and Arbitration
For more information refer to this site:
New Mexico Regulation and Licensing Department
Financial Institutions Division
2550 Cerrillos Road, 3rd Floor
Santa Fe, NM 87505
(505) 476-4885
(505) 476-4670 Fax
Recent legislation:
H.M. 25- The New Mexico Legislative Council has been asked, through this legislation, to appoint a consumer lending task force to study and report its finding and recommendations on €high cost lending'
S.B. 630 - Passed Senate 3/12/13 - Amended the New Mexico Small Loan Act of 1955. The Amendment provides for discretionary penalties and clarifies licensee information to be reported.
Many residents ofNew Mexico seek the help of short-term loans to provide assistance with covering expenses when a crisis hits. A payday loan is an easy way to obtain the money necessary to cover these expenses. The application for a payday loan can be done entirely online. An Albuquerque resident needs to show photo ID, proof of income and have a checking account.
Particularly if you are able to pay back your cash advance within two weeks or by the time you receive your next paycheck, this is a great option to consider - and PaydayLoansCashAdvance can help you.
Federal and state regulations are in place that governs a payday loan. Terms and interest rates must be disclosed by the Federal Truth in Lending Act. Additionally, New Mexico has anti-predatory laws in effect and lenders must be licensed by the state.
When you apply for a cash advance in Albuquerque, New Mexico, you will supply the lender with your bank account information. This will allow them to deposit the money into your account and set up a direct debit on the day that the money is due to ensure that they receive their money - and so you do not have to remember your due date, other than being sure that your account has sufficient funds in it.
You will be able to borrow up to 25 percent of your gross monthly income. You never want to borrow more than this because you want to make sure you are able to pay back the loan. Additionally, a maximum of $15.50 can be charged in fees for every $100 that you borrow. Lenders will not approve you if you are seeking another loan that would allow you to exceed the 25 percent maximum of your monthly income.
