NM state reference
New Mexico lending rules
New Mexico has 105 Census places covered on Personalloaned, with a combined estimated population of 1,428,968. Personal-loan terms in New Mexico are set by licensed lenders under state law; the sourced rules below apply to every borrower in the state.
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- Usury cap 15% annually absent a written contract fixing a different rate (NMSA 1978, 56-8-3)
- Payday lending Payday-style small loans capped at 36% APR (HB 132 of 2022; effective January 1, 2023; cap rises only if prime rate exceeds 10% for three consecutive months)
- State regulator New Mexico Financial Institutions Division (FID), Regulation and Licensing Department
Sourced rules
Key rules for borrowers in New Mexico
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | 15% annually absent a written contract fixing a different rate (NMSA 1978, 56-8-3) Source says: "The rate of interest, in the absence of a written contract fixing a different rate, shall be not more than fifteen percent annually" |
New Mexico Compilation Commission (NMOneSource, official NMSA) as of 2026-09-16 |
| Payday lending status | Payday-style small loans capped at 36% APR (HB 132 of 2022; effective January 1, 2023; cap rises only if prime rate exceeds 10% for three consecutive months) Source says: "a permitted annual percentage rate greater than thirty-six percent, calculated pursuant to 12 CFR Part 1026" |
New Mexico Legislature as of 2026-09-16 |
| Small-loan / installment lender licensing | Lenders making Bank Installment Loan Act loans (other than federally insured depositories) must be licensed under the Small Loan Act (2022 requirement) Source says: "a new requirement for lenders making loans under the BILA (other than a federally insured depository institution) to be licensed under the SLA" |
New Mexico Legislature (Legislative Finance Committee fiscal impact report) as of 2026-09-16 |
| State lending regulator | New Mexico Financial Institutions Division (FID), Regulation and Licensing Department Source says: "We regulate a variety of financial institutions operating in New Mexico including:" |
New Mexico Regulation and Licensing Department, Financial Institutions Division as of 2026-09-16 |
| Small loan company licensing/regulation | Small loan companies are a regulated institution category of the Financial Institutions Division Source says: "Small Loan Companies" |
New Mexico Regulation and Licensing Department, Financial Institutions Division as of 2026-09-16 |
Cities in New Mexico
We cover 105 Census places in New Mexico. The count and the combined population figures are summed from the US Census Bureau's Vintage 2023 subcounty population estimates (retrieved 2026-09-17).
Common questions