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New Mexico Cash Advance Laws & Regulations

In 2007, New Mexico passed regulations that were enacted to help better protect New Mexico consumers who were considering cash advances. Certain regulations are clearly beneficial, such as the loan amount cap being set at 25% of your gross monthly income so as to prevent your falling victim to a debt trap. Additionally, the state has provided for no-cost payment plans to help assist those who cannot repay their payday loan. Finally, anyone who defaults on their loan and enrolls in a repayment plan will be prohibited from borrowing another loan till they have completed their prior repayment. Continue reading for more New Mexico payday loan regulations.

Here are some specific New Mexico regulations, to protect consumers from predatory lending in the payday loan industry:

  • Maximum Payday Loan Term
    35 days
  • Maximum Finance Charges and Fees
    $15.50 per $100 borrowed, plus $0.50 verification fees
  • Maximum Loan Amount
    No more than 25% of the borrower's gross monthly income
  • Number of Rollovers
  • Outstanding Loans Allowed at Once
  • Cool-Off Period
    10 days between loans
  • Payment Plan
    Yes, a no-cost 130 day plan if you cannot afford to repay
  • Collection Fees
    $15 NSF fee
  • Presentment Limit
  • Private Right of Action
    Civil and criminal charges for fraudulent checks
  • Military Protection
  • Penalties
    Arbitration and attorney fees


New Mexico Regulation and Licensing Department