New Mexico PDL
Date: Wed, 04/24/2013 - 17:30
New Mexico Payday Loan Laws
New Mexico Payday Loan Laws
State Legal Status Lending of payday loan is considered legal (-low cost) in the State of New Mexico. However, Online lenders must be licensed in New Mexico. So if they are not licensed to lend in NM then they are not legal.
Loan Specifications
Maximun Amount of Loan - $2500
Term of Loan - 14-35 days. But this period can be a shorter one in case of written agreement.
Maximum Rate of Finance and Fees- $15.50 per $100; verification fee of $.50 per $100
Finance Charge on $100 loan for a 14 day period - $16
APR for $100 loan for a 14 day period - 417.14%
Debt Limits
Maximum Number of outstanding loans permitted at a time - Total capped at 25% pf monthly gross income
Permissible number of Rollovers - None
Cooling-off Period -10 days
Repayment Plan - Yes repayment can be done in equal installments over a period of 130 days.
Limits of Collection
Collection Fees - One time NSF fee of $15 per loan
Criminal Action - Prohibited
File your Complaint and get Information
Regulator - New Mexico Financial Institutions Division You can check here to see if licensed http://www.rld.state.nm.us/Look_Up_a_License.aspx-
Address - 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Who are you lenders? How much orginaly borrowed? How much repaid to date?
Look for the licenses
Look for the licenses yourself in the state DoC database or you can simply call them and ask. You can also list the names of your lenders here and maybe we can help you with more information.
