Payday Loan in New Mexico. Current State Laws.

State: New Mexico
Statutory Citation: 58-15-1 et seq.
Maximum Loan Amount: No licensee shall make a payday loan to a consumer if the total principal amount of the loan and fees, when combined with the principal amount and fees of all of the consumer's other outstanding payday loan products, exceeds 25 percent of the consumer's gross monthly income.
Finance Charges: Upon the execution of a new payday loan, the licensee may impose an administrative fee of not more than $15.50 per $100 of principal, which fee is fully earned and nonrefundable at the time a payday loan agreement is executed and payable in full at the end of the term of the payday loan or upon prepayment of the payday loan unless a payday loan is rescinded; upon the execution of a new payday loan agreement, the licensee may impose an additional administrative fee of not more than $.50 per executed new payday loan agreement as necessary to cover the cost to the licensee of verification pursuant to §58-15-37, which fee is fully earned and nonrefundable at the time a payday loan agreement is executed and payable in full at the end of the term of the payday loan or upon prepayment of the payday loan unless a payday loan is rescinded; a licensee shall not charge a consumer interest on the outstanding principal owed on a payday loan product; and if there are insufficient funds to pay a check or other type of debit on the date of presentment by the licensee, a licensee may charge a consumer a fee not to exceed $15. Only one fee may be collected by a licensee on a check or debit authorization. A check or debit authorization request shall not be presented to a financial institution by a licensee for payment more than one time unless the consumer agrees in writing, after a check or other type of debit has been dishonored, to one additional presentment or deposit.