2019 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 15 - Small Loan Business
Section 58-15-39 - Duties of division.
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. 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:
(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 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.
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 though [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.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
The 2017 amendment, effective January 1, 2018, revised the duties of the financial institutions division of the regulation and licensing department; deleted former Subsection B, which required the division to provide an annual report to the legislature, and redesignated former Subsection C as Subsection B; in Subsection B, in the introductory language, after "annual report by", deleted "October" and added "July", after "containing data regarding", deleted "only loans exceeding an annual interest rate of one hundred seventy-five percent as disclosed pursuant to 12 C.F.R 226, known as 'Regulation Z', entered into in the preceding calendar year on an aggregate basis. Excluded from the reporting requirements of this subsection are payday loan products or loans or loan products with an annual interest rate of one hundred seventy-five percent or less as disclosed pursuant to 12 C.F.R. 226, known as 'Regulation Z', entered into in the preceding calendar year on an aggregate basis" and added "loans entered into by licensees, which data shall be aggregated for all licensees", and deleted former Paragraphs B(1) through B(11) and added new Paragraphs B(1) through B(5); and added Subsection C.
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, clarified the information about licensees that the division is required to report; and in Subsection C, in the first sentence, after "Section", deleted "1 of this 2011 act" and added "58-15-10.1 NMSA 1978", after "each year containing", deleted "at a minimum", after "data regarding", deleted "all" and added "only", and after "regarding only loans", deleted "other than" and added "exceeding an annual interest rate of one hundred seventy-five percent as disclosed pursuant to 12 C.F.R. 226, known as 'Regulation Z', entered into in the preceding calendar year on an aggregate basis"; and in the second sentence, added "Excluded from the reporting requirements of this subsection are".
The 2011 amendment, effective June 17, 2011, in Subsection B, required the division to publish its annual reports of payday loans on the division's web site and added Subsection C to require the division to prepare annual reports of all loans, except pay day loans and loans with an annual interest rate of one hundred seventy-five percent or less as disclosed pursuant to Regulation Z, that include certain specified information and to publish the annual reports on the division's website.
