New Mexico Consumer Loan Agreement
Description
How to fill out Consumer Loan Agreement?
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FAQ
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.
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).
It's important to note that Texas law limits the amount of a title loan to the lesser of 70% of the vehicle's value or 3% of the borrower's gross annual income. In addition, the interest rate on title loans in Texas is capped at 10% per month, which can add up quickly over the repayment period.
Licensing: Every lender offering title loans in New Mexico must be licensed under the New Mexico Regulation and Licensing Department (4). 4. Repossession Laws: In the case of a loan default, New Mexico law allows the lender to repossess and sell the vehicle (5).
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%.)
