This form is a Consumer Loan Application. The form provides sections for: information regarding applicant, marital status, and asset information.
New Mexico Consumer Loan Application - Personal Loan Agreement
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State:
Multi-State
Control #:
US-01706-AZ
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Word;
Rich Text
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FAQ
What should be in a personal loan contract? Names and addresses of the lender and the borrower. Information about the loan co-borrower or cosigner, if it's a joint personal loan. Loan amount and the method for disbursement (lump sum, installments, etc.) Date the loan was provided. Expected repayment date.
Loan agreements typically include covenants, value of collateral involved, guarantees, interest rate terms and the duration over which it must be repaid.
Yes, in New Mexico, taking out a title loan against the value of your vehicle is legal. The industry is governed by specific local regulations to safeguard the interests of the borrower (1).
Payday lending is prohibited in New Mexico. Amount of small cash loans is up to $5,000. The limit came together with a 120-days repayment limit and the requirement for at least 4 repayments. This measure finally and effectively eliminated payday loans in the state.
On January 1, 2023, House Bill 132 went into effect enacting a 36% annual percentage rate (APR) cap on loans up to $10,000 made under the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act (SLA).
A loan agreement should be structured to include information about the borrower and the lender, the loan amount, and repayment terms, including interest charges and a timeline for repaying the loan. It should also spell out penalties for late payments or default and should be clear about expectations between parties.
Chapter 58, Article 21A NMSA 1978 may be cited as the "Home Loan Protection Act". 58-21A-2.
New Mexico (?NM?) interest rate laws are stated in NM Annotated Statutes, Chapter 56 (Commercial Instruments and Transactions), Article eight (Money, Interest and Usury). Under Section 56-8-3, the state legal maximum interest rate is 15 percent per annum in the absence of a written agreement fixing a different rate.
