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 2013, there are 636 small loan companies licensed in New Mexico.
Regulatory Alert - Unlicensed Repossessors - see the Rules and Laws section for step-by-step instructions on verifying a repossessor's license.