2006 New Mexico Statutes - Section 58-15-14.1 — Charges; method of computation.

58-15-14.1. Charges; method of computation.

Charges on loans made under the New Mexico Small Loan Act of 1955 [this article] shall not be paid, deducted or received in advance. Such charges shall not be compounded. However, if part or all of the consideration for a loan contract is the unpaid principal balance of a prior loan, then the principal amount payable under the loan contract may include any unpaid charges which have accrued within sixty days on the prior loan. Such charges shall be computed on the basis of the number of days actually elapsed. For the purpose of computing charges, whether at the maximum rate or less, a month shall be any period of thirty consecutive days and the rate of charge for each day shall be one-thirtieth of the monthly rate.