2006 New Mexico Statutes - Section 58-15-15.1 — No prepayment penalty on small loans.

58-15-15.1. No prepayment penalty on small loans.

No provision in a loan or the evidence of indebtedness of a loan made under the New Mexico Small Loan Act of 1955 [this article] requiring a penalty or premium for prepayment of the balance of the indebtedness is enforceable.   

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