Small Loan Companies: Overview
Small loan companies are businesses licensed to make loans of $2,500 or less to New Mexico consumers. These companies are licensed and regulated as per the provisions enacted in the New Mexico Small Loan Act of 1955 §58-15-1 NMSA 1978.
Small loan companies are required to submit an initial and annual license application, along with the appropriate fee, to the Director of the Financial Institutions Division (application is under Links section). Banks, savings and loan and credit unions shall be exempt from the licensing requirements.
Under Forms and Applications on the left is a consumer brochure that contains some terms and definitions to help you better understand your credit transactions.
For 2014, there are 685 small loan companies licensed in New Mexico.
Notice to all Small Loan Licensees
Small Loan Reporting Requirements Form (2014)
In accordance with the provisions of 58-15-10.1 NMSA 1978, this form must be submitted by all Small Loan Licensees who issued a loan with a disclosed annual interest rate (APR) greater than one hundred seventy five percent (175%) as disclosed pursuant to 12 C.F.R. 226, ("Regulation Z") between January 1, 2013 and December 31, 2013.
This form must be completed and received by the Financial Institutions Division no later than March 31, 2014.
Click here for the form.
Regulatory Alert - Unlicensed Repossessors - see the Rules and Laws section for step-by-step instructions on verifying a repossessor's license.