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2019 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 15 - Small Loan Business
Section 58-15-15.1 - No prepayment penalty on small loans.
Universal Citation: NM Stat § 58-15-15.1 (2019)
No provision in a loan or the evidence of indebtedness of a loan made under the New Mexico Small Loan Act of 1955 requiring a penalty or premium for prepayment of the balance of the indebtedness is enforceable.
History: 1978 Comp., § 58-15-15.1, enacted by Laws 1980, ch. 73, § 3.
ANNOTATIONSCompiler's notes. — Laws 1980, ch. 73, § 5, repealed the act as of July 1, 1982, and provided that the law as it existed prior to the 1980 act would be revived on that date. However, Laws 1981, ch. 263, § 5, repealed Laws 1980, ch. 73, § 5, effective July 1, 1981.
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