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New Mexico (?NM?) interest rate laws are stated in NM Annotated Statutes, Chapter 56 (Commercial Instruments and Transactions), Article eight (Money, Interest and Usury). Under Section 56-8-3, the state legal maximum interest rate is 15 percent per annum in the absence of a written agreement fixing a different rate.
Payday lending is prohibited in New Mexico. Amount of small cash loans is up to $5,000. The limit came together with a 120-days repayment limit and the requirement for at least 4 repayments. This measure finally and effectively eliminated payday loans in the state.
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).
Chapter 58, Article 21A NMSA 1978 may be cited as the "Home Loan Protection Act". 58-21A-2.
The Financial Institutions Division is responsible for supervision and regulation of New Mexico credit unions organized under the Credit Union Act § 58-11-1, et seq., NMSA 1978.
Yes, in New Mexico, taking out a title loan against the value of your vehicle is legal. The industry is governed by specific local regulations to safeguard the interests of the borrower (1).