2019 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 15 - Small Loan Business
Section 58-15-39 - Duties of division. (Effective January 1, 2020.)

A. The division shall:

(1) maintain a list of licensees, which list shall be available to interested persons and the public; and

(2) establish a complaint process whereby an aggrieved consumer or other person may file a complaint against a licensee.

B. The division shall compile from reports filed by licensees pursuant to Section 58-15-10.1 NMSA 1978 an annual report by July 1 of each year containing data regarding loans entered into by licensees, which data shall be aggregated for all licensees and non-identifiable by licensee. Annual reports shall be made available to interested parties and the general public and published on the division's website. Consistent with state law, the report shall include, at a minimum, nonidentifying consumer data from the preceding calendar year, including each of the specific categories of information set forth in Subsection A of Section 58-15-10.1 NMSA 1978.

C. The division shall, in cooperation with the office of the attorney general, develop and implement curriculum for a financial literacy program with elements that shall include a basic understanding of budgets, checking and savings accounts, credit and interest and considerations in deciding how and when to use financial services, including installment loans and refund anticipation loans. The financial literacy program developed pursuant to this subsection may be implemented through the adult basic education division of the higher education department and nonprofit public interest organizations.

History: Laws 2007, ch. 86, § 21; 2011, ch. 105, § 2; 2013, ch. 221, § 2; 2017, ch. 110, § 23; 2019, ch. 201, § 15.

The 2019 amendment, effective January 1, 2020, required the annual report compiled by the financial institutions division from reports filed by licensees reflect non-identifying consumer data from each of the specific categories of information required for licensee reports; in Subsection B, after "all licensees", added "and nonidentifiable by licensee", after "including", added "each of the specific categories of information set forth in Subsection A of Section 58-15-10.1 NMSA 1978", and deleted Paragraphs B(1) through B(5).

Applicability. — Laws 2019, ch. 201, § 17 provided that the provisions of this act apply to loans subject to the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 that are executed on or after January 1, 2020.