(last updated 01/02/2018)
New Mexico Payday Loan Laws and Regulations in (NM)
Payday loans and cash advances are legal in New Mexico. The New Mexico Financial Institutions Division has been regulating Payday Loans and Cash Advances since first regulated as . As of 01/01/2015 there were 156 licensed lenders and 685 licensed locations in New Mexico.
The maximum payday loan allowed in New Mexico is $2500. The maximum payday loan as a percentage of income is 25% of gross monthly income. The number of loans that can be open at one time is not specified (total capped at 25% monthly income). The maximum permissible fees allowed in New Mexico is $16 for a 14 day $100 loan, maximum APR of 416% for 14 day $100 loan.. The cooling off or waiting period for obtaining another loan is 10 days. The number of rollovers that are permitted is 0. The minimum loan term is 14 days (can be shorter with written agreement). The maximum loan term is 35 days.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in New Mexico, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the New Mexico Financial Institutions Division.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of New Mexico. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.