Personal loans in New Mexico
Consumer lending in New Mexico is regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division. Below are the sourced rules that affect what a lender can charge you, followed by the cities we cover.
Lending rules in New Mexico
| Payday lending | Prohibited. New Mexico repealed its payday lending statutes in 2017.Source: National Conference of State Legislatures · as of 2023 |
|---|---|
| Small-loan / installment licensing | Consumer lenders must obtain a state license (Yes). Statutory basis: N.M. Stat. Ann. §§ 58-15-1 et seq. Licensing administered through NMLS: No.Source: Conference of State Bank Supervisors · as of 2026 |
| Interest rate cap (usury limit) | Usury limit: 15% without a written contract (N.M. Stat. Ann. § 56-8-3). Finance rates and fees for licensed lenders: 175% per annum. CSBS 50-state survey of consumer finance laws; state-verified usury catalog.Source: Conference of State Bank Supervisors · as of 2026 |
| Consumer lending regulator | Consumer lenders in New Mexico are licensed and supervised by the New Mexico Regulation and Licensing Department, Financial Institutions Division.Source: Conference of State Bank Supervisors · as of 2026 |
| Debt collection rules | Third-party debt collectors must comply with the federal Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. § 1692 et seq.; state consumer-protection and debt-collection enforcement is handled by the New Mexico Office of the Attorney General. The FDCPA expressly authorizes state attorneys general to enforce it (15 U.S.C. § 1692l). Some states also require collection agencies to be licensed.Source: New Mexico Office of the Attorney General · as of 2026 |
| Military lending protections | The federal Military Lending Act (MLA) caps the Military Annual Percentage Rate (MAPR) at 36% for consumer credit extended to active-duty service members, their spouses and certain dependents, and bars mandatory arbitration and prepayment penalties on covered loans. Federal protection that applies nationwide, including in this state.Source: Consumer Financial Protection Bureau · as of 2024 |
| Complaint / licensing lookup | Check whether a lender holds a state license through NMLS Consumer Access (nmlsconsumeraccess.org) or the New Mexico Regulation and Licensing Department, Financial Institutions Division; consumers can file complaints with the New Mexico Regulation and Licensing Department, Financial Institutions Division or the CFPB at consumerfinance.gov/complaint.Source: Nationwide Multistate Licensing System (NMLS) Consumer Access · as of 2026 |
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Cities in New Mexico
AlbuquerqueLas CrucesRio RanchoSanta FeRoswellFarmingtonHobbsClovisSouth ValleyCarlsbadAlamogordoGallupLos LunasSunland ParkDemingChaparralLos AlamosLas VegasArtesiaNorth ValleyPortalesLovingtonEspañolaSilver CityGrantsBernalilloAnthonySocorroCorralesShiprockRuidosoBloomfieldBelenZuni PuebloTaosAztecNorth HobbsEdgewoodRatonTruth or ConsequencesSanta TeresaLos Ranchos de AlbuquerqueWhite RockEldorado at Santa FeTucumcariEl Cerro MissionCrouch MesaLos ChavesRio CommunitiesLee AcresParadise HillsMeadow LakeKirtland AFBHolloman AFBLa CienegaBosque FarmsPlacitasPeraltaChimayoVadoSandia HeightsCannon AFBEuniceCrownpointEl CerroClaytonSanta RosaMilanQuestaTularosaRuidoso DownsUniversity ParkDulceLa MesillaAgua FriaBoles AcresArroyo SecoSan RafaelCenter PointThoreauWest HammondSan YsidroPojoaqueValenciaAngusturaBayardTres ArroyosJalKeeler FarmLordsburgNambeRanchos de TaosJaralesRadium SpringsFlora VistaJemez PuebloNavajoLa PlataSanto Domingo PuebloEl Valle de Arroyo SecoMoriartySan Felipe PuebloSanta ClaraPicacho HillsLittle Walnut VillageMesillaTano RoadLas MaravillasHatchHurleyEstanciaElephant ButteLa LuzUpper FruitlandBerinoBartonWaterflowTaos PuebloHigh RollsThunder MountainLovingOhkay OwingehSpencervilleAtokaSandia KnollsSouth RiverTalpaWhite SandsChurch RockBlack RockFort SumnerCapitanDoña AnaEl RanchoTomeLas CampanasSkyline-GanipaMesitaLa HuertaGamercoIyanbitoCañoncitoAdelinoRock SpringsLoganColumbusCarrizozoRio Rancho EstatesTwin LakesIndian HillsSan PabloPonderosa PineLa PueblaDexterSanta Ana PuebloMountainairLos LucerosChama
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