0001|                            HOUSE BILL 653
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                         LEO C. WATCHMAN JR.
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO MONEY; PROVIDING FOR A MAXIMUM RATE OF INTEREST FOR
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0012|     LOANS OF FIVE HUNDRED DOLLARS OR LESS; ENACTING A NEW SECTION
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0013|     OF THE NMSA 1978.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  A new section of Chapter 56, Article 8 is
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0017|     enacted to read:
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0018|          "[<u>NEW MATERIAL</u>]  INTEREST RATE--MAXIMUM RATE FOR LOANS
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0019|     OF FIVE HUNDRED DOLLARS ($500) OR LESS.--The rate of interest
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0020|     on a loan of five hundred dollars ($500) or less shall not be
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0021|     more than fifteen percent annually."
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0022|     .115565.1
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