Small Loan Companies: FAQs
Q: What are the requirements to start a small loan company in New Mexico?
In order to be licensed as a Small Loan Company you must complete a Small Loan license application and submit the completed application to the Director of the Financial Institutions Division. Click here for a Small Loan Application. The application details all the requirements necessary for a person to apply for a Small Loan License.
Q: Does the Financial Institutions Division publish a report on Installment Loan Products with an Annual Percentage Rate (APR) greater than 175%?
Yes, see the Annual Reports link on the left.
Q: What is required for an address change for a Small Loan License?
It is a requirement to send a letter requesting permission from the Financial Institutions Division along with a fee in the amount of $25.
Q: What is required if I wish to surrender my license?
To surrender a Small Loan Company license, a licensee must submit a letter on company letterhead to the Director of the Financial Institutions Division along with a copy of the surrendered license. The letter must provide detailed information as to the reason for license surrender and the collection of any outstanding accounts.