New Mexico Amended Loan Agreement
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How to fill out Amended Loan Agreement?
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FAQ
A loan amendment is a legally bound modification to the terms and conditions of an already-existing loan agreement. If a lender or a borrower needs changes made to the original loan agreement, they will use a loan amendment to outline the terms and conditions of those modifications.
As of January 1, 2023, predatory lending is outlawed in New Mexico and the maximum annual interest rate allowed on small loans is capped at 36%. (Loans of less than $500 may be subject to an additional one-time origination fee of 5%.)
The New Mexico Bank Installment Loan Act of 1959 applies to a loan that is a precomputed loan repayable in installments and that is clearly identified on the loan documents as being made under that act.
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).
What Is an Installment Loan? An installment loan provides a borrower with a fixed amount of money that must be repaid with regularly scheduled payments. Each payment on an installment debt includes the repayment of a portion of the principal amount borrowed and the payment of interest on the debt.