HOUSE BILL 417

44TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 1999

INTRODUCED BY

Leo C. Watchman Jr.

AN ACT

RELATING TO INTEREST RATES; PROVIDING FOR A MAXIMUM RATE OF INTEREST FOR LOANS OF FIVE HUNDRED DOLLARS OR LESS; ENACTING A NEW SECTION OF THE NMSA 1978.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. A new section of Chapter 56, Article 8 is enacted to read:

"[NEW MATERIAL] INTEREST RATE--MAXIMUM RATE FOR LOANS OF FIVE HUNDRED DOLLARS ($500) OR LESS.--The rate of interest on a loan of five hundred dollars ($500) or less shall not be more than fifteen percent annually."

.126653.1