A. Licensees shall file with the director each year reports containing at least the following information for the preceding calendar year ending December 31 in an aggregated, nonidentifying consumer manner as specified below:
(1) a description of each loan product offered by the licensee, including:
(a) whether the loan product was secured or unsecured;
(b) whether the loan product was made pursuant to the New Mexico Small Loan Act of 1955 or the New Mexico Bank Installment Loan Act of 1959;
(c) the total dollar amount of principal loaned for that product;
(d) the percentage of the total dollar amount of all principal for that product that was repaid; and
(e) the total number of individual borrowers who took out this type of loan product;
(2) the total number of loan transactions entered into for each loan product in the following amounts:
(a) five hundred dollars ($500) or less;
(b) five hundred one dollars ($501) to one thousand dollars ($1,000);
(c) one thousand one dollars ($1,001) to three thousand dollars ($3,000); and
(d) three thousand one dollars ($3,001) to five thousand dollars ($5,000);
(3) for each loan product, the number of loans made and the total dollar amount of interest and fees charged on the contracts for loans made within the following categories of annual percentage rate calculated pursuant to 12 CFR Part 1026, known as "Regulation Z":
(a) less than or equal to thirty-six percent;
(b) more than thirty-six percent through one hundred percent;
(c) more than one hundred percent through one hundred fifty percent; and
(d) more than one hundred fifty percent through one hundred seventy-five percent;
(4) for each loan product, the following aggregate amounts of fees and interest:
(a) a list of each fee charged by the lender and a description of each fee product or type, including fees charged for loan origination and credit insurance;
(b) the total dollar amount of each fee product charged by the lender and paid by the borrower; and
(c) the total dollar amount of interest charged by the lender and paid by the borrower;
(5) for each loan product:
(a) the number of loans for which the original term of the loan was: 1) less than one hundred twenty days; 2) between one hundred twenty days and three hundred sixty-five days; 3) between three hundred sixty-five days and seven hundred thirty-one days; 4) between seven hundred thirty-one days and five years; and 5) longer than five years;
(b) for each item set forth in Subparagraph (a) of this paragraph, the average actual repayment time for the given loan product and loan term; and
(c) for each item set forth in Subparagraph (a) of this paragraph, the number of loans for which payments were due: 1) every two weeks; 2) every four weeks; and 3) monthly;
(6) the number of borrowers who took out one or two loans with the lender in the previous calendar year, and the percentage of all borrowers who took out one or two loans with the lender in the previous calendar year;
(7) the number of borrowers who took out three or more loans with the lender in the previous calendar year, and the percentage of all borrowers who took out three or more loans with the lender in the previous calendar year;
(8) for each loan product, the number of loans that have been repaid in full without an extension, renewal, refinance, rollover or new loan within thirty days of repaying that loan, and for each loan product, the percentage of all borrowers who have repaid their loans in full without an extension, renewal, refinance, rollover or new loan within thirty days of repaying that loan;
(9) for each loan product, the number of borrowers who extended, renewed, refinanced or rolled over their loans prior to or at the same time as paying their loan balance in full, or took out a new loan within thirty days of repaying that loan, and for each loan product, the percentage of all borrowers who extended, renewed, refinanced or rolled over their loans prior to or at the same time as paying the loan balance in full, or took out a new loan within thirty days of repaying that loan;
(10) for each loan product, the total number of loans for which a late payment fee was charged and the percentage of the total loans for which a late payment fee was charged;
(11) for each loan product, the total number of loans for which a late payment fee was charged more than once over the term of the contract, and the percentage of the total loans for which a late payment fee was charged more than once over the term of the contract;
(12) for each loan product, the number of loans for which a borrower has defaulted on a loan, and for each loan product, the percentage of total loans of that product for which the borrower has defaulted on a loan;
(13) for each loan product, the dollar amount of loan principal and accrued interest that was charged-off or written-off, and the number of borrowers for which the lender charged-off or wrote-off loan principal and accrued interest;
(14) the number of loans and percentage of all borrowers the lender filed action against for default;
(15) the total number of loans secured by a motor vehicle and the number of those loans for which the motor vehicle was repossessed;
(16) the total number of loans secured by non-motor vehicle personal property and the number of those loans for which the non-motor vehicle personal property was repossessed;
(17) the total number and percentage of borrowers of all loan products whose sources of income, as provided by borrowers in the loan origination process, included a means-tested public benefit as defined by 8 U.S.C. Section 1613(c);
(18) the total number and percentage of borrowers of all loan products who are aged sixty-five or older;
(19) the total number of loans of all loan products that were made to borrowers in each county in New Mexico; and
(20) the percentage of all borrowers who took out a refund anticipation loan who were eligible for a federal earned income tax credit.
B. The reports required pursuant to Subsection A of this section shall be submitted to the director on or before the fifteenth day of April each year.
C. The reports required pursuant to Subsection A of this section shall be accompanied by a sworn statement by the licensee under penalty of perjury that the report is complete and accurate.
D. A licensee that fails to timely submit complete and accurate reports as required pursuant to Subsection A of this section on or before the fifteenth day of April may:
(1) be fined an amount not to exceed one thousand five hundred dollars ($1,500) per day for each day after the fifteenth day of April, a complete and accurate report is not filed; and
(2) have a license required pursuant to the New Mexico Small Loan Act of 1955 suspended pursuant to Section 58-15-8 NMSA 1978.
History: Laws 2011, ch. 105, § 1; 2013, ch. 221, § 1; 2017, ch. 110, § 15; 2019, ch. 201, § 10.
ANNOTATIONSThe 2019 amendment, effective January 1, 2020, expanded lender reporting requirements; in Subsection A, after "each year", deleted "a report" and added "reports", after "calendar year", added "ending December 31", and after "consumer manner", added "as specified below", deleted former Paragraphs A(1) through A(5) and added new Paragraphs A(1) through A(20); and in Subsection D, after "this section", added "on or before the fifteenth day of April", and in Paragraph D(2), after "NMSA 1978" deleted "if a complete and accurate report has not been filed by the fifteenth day of April".
Applicability. — Laws 2019, ch. 201, § 17 provided that the provisions of this act apply to loans subject to the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 that are executed on or after January 1, 2020.
The 2017 amendment, effective January 1, 2018, revised the information required to be in a licensee's annual report under the New Mexico Small Loan Act of 1955, changed the date by when the report must be filed with the director of the financial institutions division of the regulation and licensing department, and changed the date when penalties may begin to accrue for failing to timely submit an annual report; in Subsection A, deleted former Paragraphs A(1) through A(14), which related to information that was required to be in a licensee's annual report, and added new Paragraphs A(1) through A(5); in Subsection B, after "before the", deleted "thirty-first day of March" and added "fifteenth day of April"; in Subsection D, Paragraph D(1), after "day after the", deleted "thirty-first day of March" and added "fifteenth day of April", and in Paragraph D(2), after "been filed by the", deleted "thirty-first day of March" and added "fifteenth day of April"; and deleted former Subsection E.
Applicability. — Laws 2017, ch. 110, § 26 provided that the provisions of Laws 2017, ch. 110 shall apply to loans subject to the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 executed on or after January 1, 2018.
The 2013 amendment, effective June 14, 2013, provided for discretionary penalties; and in Subsection D, in the introductory sentence; after "of this section", deleted "shall" and added "may".