New Mexico Payday Loans Law

New Mexico Payday Loans Law

New Mexico State Information

Legal Status: Legal

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

These New Mexico payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by New Mexico government without prior notice.