There is a newer version of the New Mexico Statutes
2011 New Mexico Statutes
Chapter 58: Financial Institutions and Regulations
Article 15: Small Loan Business, 58-15-1 through 58-15-39
Section 58-15-15.1: No prepayment penalty on small loans.
NM Stat § 58-15-15.1 (1996 through 1st Sess 50th Legis) What's This?
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 [58-15-31 NMSA 1978] requiring a penalty or premium for prepayment of the balance of the indebtedness is enforceable.
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