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HB 99 SMALL LOAN ACT MAX ANNUAL PERCENTAGE RATE

Current Location: HJC
Referrals: HCPAC/HJC

HPREF [1] HCPAC/HJC-HCPAC [2] DP-HJC

HB 99 PDF  |  HB 99 FIR


Scheduled on - Date:  Time:   Location:

1/19/2021 [1]HPREF - Sent to location House Consumer and Public Affairs (HCPAC)
1/15/2021 [99] - Sent to location House Prefiled Legislation (HPREF)
Synopsis:

 House Bill 99 (HB 99) amends Financial and Institution Regulations to lower the maximum annual percentage rate for loans pursuant to the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act of 1955.

Analysis:

 House Bill 99 (HB 99) amends Financial and Institution Regulations to lower the maximum annual percentage rate for loans pursuant to the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act of 1955.
 
SECTION 1. Amends Financial Institutions and Regulations Section 58-7-7 NMSA 1978 (being Laws 1959, Chapter 327, Section 8, as amended) to add a restriction to interest rates on installment loans. 
Subsection D provides that no loan shall have an annual percentage rate greater than 36 percent, calculated pursuant to 12 CFR Part 1026, known as "Regulation Z”. This annual percentage rate is lower than the previous rate of 175 percent.

SECTION 2. Amends Section 58-15-17 NMSA 1978 (being Laws 1955, Chapter 128, Section 15, as amended) to add a restriction to interest rates on installment loans.
Subsection J provides that no loan shall have an annual percentage rate greater than 36 percent, calculated pursuant to 12 CFR Part 1026, known as "Regulation Z”. This annual percentage rate is lower than the previous rate of 175 percent.

Amendments:

Current Law: