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SB 269 SMALL LOAN ACT EXEMPTIONS & LICENSEES

Current Location: STBTC
Referrals: STBTC/SJC

[3] STBTC/SJC-STBTC

SB 269 PDF  |  SB 269 FIR


Scheduled on - Date:  Time:   Location:

2/01/2021 [3] - Sent to location Senate Tax, Business and Transportation (STBTC)
Synopsis:

 Senate Bill 269 (SB 269) exempts loans that do not accrue interest from certain provisions of the New Mexico Small Loan Act of 1955 and clarifies record requirements for an out-of-state licensee.  

Analysis:

 Senate Bill 269 (SB 269) amends sections of the New Mexico Small Loan Act of 1955 by:
•	Providing that an “installment loan” does not mean a loan that is $5,000 or less, and upon which no interest, finance charge or other fee is assessed.  
•	Providing that a person engaged in the business of lending $5,000 or less, without interest, finance charges or other fees, are exempted from Section 58-15-10.2 (requiring each installment loan to be reported to a consumer reporting agency) and Section 58-15-42 (requiring all loan agreements to include the right of rescission)  
•	Providing that if a business licensed under the New Mexico Small Loan Act of 1955 is located in another state, they must provide documents to the Director as requested by the Director of the Financial Institutions Division of the Regulation and Licensing Department. 

Amendments:

Current Law:Current law does not exempt loans under $5,000 and which do not exempt interest from the New Mexico Small Loan Act of 1955.