This form is a Credit Agreement. A bank agrees to extend a line of credit to the borrower and the borrower agrees to execute a promissory note for the loan. The borrower also grants the bank a security interest in the premium finance notes listed in the agreement.
New Mexico Credit Agreement
Category:
State:
Multi-State
Control #:
US-00482
Format:
Word;
Rich Text
Instant download
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FAQ
CALIFORNIA: The legal rate of interest is 10% for consumers; the general usury limit for non-consumers is more than 5% greater than the Federal Reserve Bank of San Francisco's rate.
Once entered, a judgment is enforceable in New Mexico for fourteen years and cannot be renewed.
New Mexico's maximum interest rate is 15% absent a fixed contract rate.
New Mexico Statute The rate of interest, in the absence of a written contract fixing a different rate, shall be not more than fifteen percent annually in the following cases: on money due by contract; on money received to the use of another and retained without the owner's consent expressed or implied; and.
As of January 1, 2023, predatory lending is outlawed in New Mexico and the maximum annual interest rate allowed on small loans is capped at 36%. (Loans of less than $500 may be subject to an additional one-time origination fee of 5%.)
The New Mexico Bank Installment Loan Act of 1959 applies to a loan that is a precomputed loan repayable in installments and that is clearly identified on the loan documents as being made under that act.
There is no federal regulation on the maximum interest rate that your issuer can charge you, though each state has its own approach to limiting interest rates. State usury laws often dictate the highest interest rate that can be charged on loans, but these often don't apply to credit card loans.
On January 1, 2023, House Bill 132 went into effect enacting a 36% annual percentage rate (APR) cap on loans up to $10,000 made under the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act (SLA).
