2006 New Mexico Statutes - Section 58-15-12 — Advertising; schedule of charges.

58-15-12. Advertising; schedule of charges.

A.     No licensee or other person subject to the New Mexico Small Loan Act of 1955 [this article] shall advertise, display, distribute or broadcast or cause or permit to be advertised, displayed, distributed or broadcast, in any manner whatsoever, any false, misleading or deceptive statement or representation with regard to the charges, terms or conditions for loans in the amount or of the value of two thousand five hundred dollars ($2,500) or less. The director may require that charges or rates of charge, if stated by a licensee, be stated fully and clearly in such manner as he may deem necessary to prevent misunderstanding thereof by prospective borrowers. The director may permit or require licensees to refer in their advertising to the fact that their business is under state supervision, subject to conditions imposed by him to prevent any erroneous impressions as to the scope or degree of protection provided by the New Mexico Small Loan Act of 1955.   

B.     Each licensee shall display in each licensed place of business in a place where it will be readily visible by borrowers, a full and accurate schedule of the rates of charges upon all classes of loans currently to be made by him, stated on a percent per annum basis and also on a percent per month basis.   

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