New Mexico Payday Loan Laws and Regulations

The following rules apply to all lenders operating within the state of New Mexico:

- Maximum Loan Amount: $2500
- Loan Term: 14 to 35 days
- Finance charge per $100: $16 (14 days)
- APR per $100: 416% (14 days)
- Simultaneous Outstanding Loans (maximum): No more than 25% of gross income ceiling
- 10 days cooling off period
- Repayment plan: Installments made during a period of 130 days
- Collection Fee: $15 NSF fee

Rollovers are prohibited in New Mexico. When it comes to finance rates and fees, the ceiling stands at $15.5 for every $100. A verification fee of $0.5 is also charged for every $100 that is borrowed.

New Mexico Consumer Protection

A regulatory body is present for the protection of borrowers within New Mexico. All problems, complaints or queries can be forwarded to the New Mexico Financial Institutions Division.

2550 Cerrillos Road, 3rd Floor P.O. Box 25101
Santa Fe, NM 87505
Phone: (505) 476-4885
Fax: (505) 476-4670
Website: http://www.rld.state.nm.us/financialinstitutions/

You can also contact the regulatory body via their telephone or email address.

Interesting Facts About New Mexico
  1. The state and its occupants have evolved throughout the years. Native Americans occupied the land before Imperial Spain. Mexico came after Spain and it became a U.S. Territory before it was admitted to the Union in January 6, 1912 as the forty-seventh state of the United States of America. Sante Fe is its capital city. It is the highest in the country at a recorded seven thousand feet above sea level.
  2. The world experienced its very first atomic bomb when it was detonated on July 16, 1945 within the vicinity of Alamogordo. This testing eventually led to the actual bombings Hiroshima and Nagasaki in August of the same year. It eventually led to the cessation of World War Two. The site where the atomic explosion was first tested was later named as the Trinity Site.
  3. Research facilities and testing centers are abundant in the state. This has led to having more people with Ph.D.’s than anywhere else in the United States. The government is one of the main employers of the state. One out of every four people either work for the Federal, State or local government.
  4. The famed city of Roswell is located here. It has been consistently linked with UFO sightings and other strange phenomenon that conspiracy theorists believe are influenced by alien activity. It was in 1947 that this city gained infamy due in large part to a UFO crash cover-up by the government. The United States Air Force attributed the crash to a weather balloon that was used for surveillance purposes. UFO believers counter that what crashed was in fact a real alien spacecraft that contained an extra-terrestrial life form. This story has continued to gain notoriety throughout the years as it has been propagated throughout books, magazines, news the movies and other forms of media.
  5. One of the longest rivers in the United States is located here. Its length of one thousand eight hundred ninety-six miles spans the entire state of New Mexico. Almost two thirds of its length forms part of the international border between North America and Mexico. It is ranked fifth in the country in terms of length and is considered one of the world’s most endangered rivers. The state at the same time however has one of the least in number of rivers and lakes.
  6. Up to twenty five percent of New Mexico is made up of lush forests. There are about seven National Forests that have the state as its home. These are the following: Apache-Sitgreaves National Forest, Carson National Forest, Cibola National Forest, Coronado National Forest, Gila National Forest, Lincoln National Forest and Sante Fe National Forest. It is the Gila National Forest that is the largest among the seven. It was established as a protected reserve in 1905 and is about two million seven hundred thousand acres making it the sixth largest forest in America.
  7. The largest Native American reservation in the country is located here. The size of the reservation is about fourteen million acres. It is the Navajo Tribe that lays claim to this part of land. These reservations have some autonomy in terms of self-governance where tribal law may at times supersede state law.
  8. The City of Albuquerque annually holds the largest international hot air balloon festival every October. The skies are filled with so many beautiful colors and designs of the different hot air balloons during the fall season. The hotel industry of the city has a significant spike in its business as balloonists and observers flock here to witness the magnificent spectacle of the huge nine-day event.
  9. New Mexico also has a rich diversity in food due to its Hispanic and European influences. Mexican food here is known to be one of the best in the country. There has been a recent craze however in the all-American cheeseburger. Their version of it is to add green chilies to the already delicious sandwich. Numerous eateries have been competing for the distinction of the best green-chile cheeseburger in the state. This might be attributed to the state being the largest producer of red and green chiles throughout the entire country. It could be a way of marketing its product both nationally and internationally.  

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