2006 New Mexico Statutes - Section 58-7-9 — Construction.

58-7-9. Construction.

A.     None of the provisions of the New Mexico Small Loan Act of 1955 [ 58-1-1 NMSA 1978] are amended or repealed by the New Mexico Bank Installment Loan Act of 1959 [ 58-7-1 to 58-7-3, 58-7-5 to 58-7-9 NMSA 1978].   

B.     With the exception of precomputed loan transactions, a lender is not bound by the provisions of the New Mexico Bank Installment Loan Act of 1959 in making loans where the loan is made in accordance with the provisions of Sections 56-8-9 through 56-8-14 NMSA 1978.   

C.     None of the provisions of the New Mexico Bank Installment Loan Act of 1959 apply to the assignment or purchase of retail installment contracts originated under the provisions of Sections 58-19-1 through 58-19-14 NMSA 1978 or originated under the provisions of Sections 56-1-1 through 56-1-15 NMSA 1978.   

D.     In the event of a conflict between a requirement of the New Mexico Bank Installment Loan Act of 1959 and a requirement of the Home Loan Protection Act [ 58-21A-1 NMSA 1978], the requirement of the Home Loan Protection Act shall control.   

E.     As used in the New Mexico Bank Installment Loan Act of 1959 [ 58-7-1 NMSA 1978]:   

(1)     "year" means three hundred sixty-five days; and   

(2)     "month" means one-twelfth of a year.   

F.     The director of the financial institutions division of the regulation and licensing department shall issue and file as required by law interpretive regulations to effectuate the purposes of the New Mexico Bank Installment Loan Act of 1959 [ 58-7-1 NMSA 1978]. In issuing, amending or repealing interpretive regulations, the director shall issue the regulation amendment or repeal of the regulation as a proposed regulation amendment or repeal of a regulation and file it for public inspection in the office of the director of the financial institutions division. Distribution thereof shall be made to interested persons, and their comments shall be invited. After the proposed regulation has been on file for not less than two months, the director may issue it as a final regulation by filing as required by law. Any person who is or may be adversely affected by the adoption, amendment or repeal of a regulation under this section may file an appeal of that action in the district court in Santa Fe county within thirty days after the filing of the adopted regulation, amendment or repeal as required by law.   

G.     Any person, corporation or association complying with the regulations adopted by the director of the financial institutions division of the regulation and licensing department is deemed to have complied with the provisions of the New Mexico Bank Installment Loan Act of 1959 [ 58-7-1 NMSA 1978].   

H.     All loans other than precomputed loan transactions made under the New Mexico Bank Installment Loan Act of 1959 [ 58-7-1 NMSA 1978] shall be clearly identified on the loan documents as being made under that act.