New Mexico payday loan laws

Legal Status:  Legal

Citation:  N.M. Stat. Ann. §§ 58-15-32 to 38

Loan Terms:

Maximum Loan Amount: $2500
Loan Term: 35 days
Maximum Finance Rate and Fees: $15.50 per $100; $.50 verification fee per $100
Finance Charge for 14-day $100 loan: $16
APR for 14-day $100 loan: 416%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Total loans and fees capped at 25% of gross monthly income
Rollovers Permitted: None
Cooling-off Period: 10 days after completion of a payment plan.
Repayment Plan: Yes, equal installments over 130 day period, no additional fees.

Collection Limits:

Collection Fees: $15 NSF fee one time per loan
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor Santa Fe NM 87505
Phone: (505)476-4885 
Fax: (505) 476-4670

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