A licensee or other person subject to the New Mexico Small Loan Act of 1955 shall not advertise, display, distribute or broadcast or cause or permit to be advertised, displayed, distributed or broadcast in any manner whatsoever a false, misleading or deceptive statement or representation with regard to the charges, terms or conditions for loans in the amount or of the value of five thousand dollars ($5,000) or less. The director may require that charges or rates of charge, if stated by a licensee, be stated fully and clearly in such manner as the director deems necessary to prevent misunderstanding by prospective borrowers. The director may permit or require licensees to refer in their advertising to the fact that their business is under state supervision, subject to conditions imposed by the director to prevent erroneous impressions as to the scope or degree of protection provided by the New Mexico Small Loan Act of 1955.
History: 1953 Comp., § 48-17-41, enacted by Laws 1955, ch. 128, § 12; 1973, ch. 18, § 3; 1977, ch. 245, § 69; 2007, ch. 86, § 8; 2017, ch. 110, § 16.
ANNOTATIONSThe 2017 amendment, effective January 1, 2018, raised the loan amount in the provision prohibiting licensees from providing false, misleading or deceptive statements or representations with regard to charges, terms or conditions for loans; and after "or of the value of", deleted "two thousand five hundred dollars ($2,500)" and added "five thousand dollars ($5,000).
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 2007 amendment, effective November 1, 2007, eliminated the former Subsection B requirement that a licensee display a schedule of rates of charges upon all classes of loans.
Severability clause. — Laws 2007, ch. 86, § 23 provided that if any part or application of the act is held invalid, the remainder or its application to other situations or persons shall not be affected.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 58 C.J.S. Money Lenders § 5.