Reporting of credit required.

  1. Law
  2. New Mexico Statutes
  3. Financial Institutions and Regulations
  4. Installment Loans
  5. Reporting of credit required.

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For each installment loan made pursuant to the New Mexico Bank Installment Loan Act of 1959, a lender shall report to a consumer reporting agency the terms of the loan and the borrower's performance pursuant to those terms.

History: Laws 2017, ch. 110, § 9.

ANNOTATIONS

Effective dates. — Laws 2017, ch. 110, § 27 made Laws 2017, ch. 110, § 9 effective January 1, 2018.

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.


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