2019 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 15 - Small Loan Business
Section 58-15-10.1 - Licensee reporting requirements; penalties.

A. Licensees shall file with the director each year a report containing at least the following information for the preceding calendar year in an aggregated, nonidentifying consumer manner:

(1) as of December 31 of each calendar year, aggregated for loans of one thousand dollars ($1,000) or less, for loans more than one thousand dollars ($1,000) but not more than three thousand dollars ($3,000) and for loans more than three thousand dollars ($3,000) but not more than five thousand dollars ($5,000):

(a) the total number of outstanding loans;

(b) the dollar value of outstanding loans net of unearned charges;

(c) the total number of loans that are more than sixty days delinquent; and

(d) the dollar value of loans that are more than sixty days delinquent net of unearned charges;

(2) for the calendar year ending December 31, the total aggregate number of customers of licensees and of secured and unsecured loans made by licensees and the total dollar value of those loans net of unearned charges;

(3) the total amount of finance charges collected during the calendar year ending December 31;

(4) the total number of vehicles repossessed during the calendar year ending December 31; and

(5) the total bad debt expense incurred during the calendar year ending December 31.

B. The report required pursuant to Subsection A of this section shall be submitted to the director on or before the fifteenth day of April each year.

C. The report required pursuant to Subsection A of this section shall be accompanied by a sworn statement by the licensee under penalty of perjury that the report is complete and accurate.

D. A licensee that fails to timely submit a complete and accurate report as required pursuant to Subsection A of this section may:

(1) be fined an amount not to exceed one thousand five hundred dollars ($1,500) per day for each day after the fifteenth day of April, a complete and accurate report is not filed; and

(2) have a license required pursuant to the New Mexico Small Loan Act of 1955 suspended pursuant to Section 58-15-8 NMSA 1978, if a complete and accurate report has not been filed by the fifteenth day of April.

History: Laws 2011, ch. 105, § 1; 2013, ch. 221, § 1; 2017, ch. 110, § 15.

The 2017 amendment, effective January 1, 2018, revised the information required to be in a licensee's annual report under the New Mexico Small Loan Act of 1955, changed the date by when the report must be filed with the director of the financial institutions division of the regulation and licensing department, and changed the date when penalties may begin to accrue for failing to timely submit an annual report; in Subsection A, deleted former Paragraphs A(1) through A(14), which related to information that was required to be in a licensee's annual report, and added new Paragraphs A(1) through A(5); in Subsection B, after "before the", deleted "thirty-first day of March" and added "fifteenth day of April"; in Subsection D, Paragraph D(1), after "day after the", deleted "thirty-first day of March" and added "fifteenth day of April", and in Paragraph D(2), after "been filed by the", deleted "thirty-first day of March" and added "fifteenth day of April"; and deleted former Subsection E.

Applicability. — Laws 2017, ch. 110, § 26 provided that the provisions of Laws 2017, ch. 110 shall apply to loans subject to the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 executed on or after January 1, 2018.

The 2013 amendment, effective June 14, 2013, provided for discretionary penalties; and in Subsection D, in the introductory sentence; after "of this section", deleted "shall" and added "may".