1. A. If there are insufficient funds to pay a check or other type of debit on the date of presentment by the licensee, a check or debit authorization request shall not be presented to a financial institution by a licensee for payment more than one time per payment due unless the consumer agrees in writing, after a check or other type of debit has been dishonored, to one additional presentment or deposit.
2. B. A licensee shall not charge a consumer for fees, interest or charges of any kind other than those permitted pursuant to Sections 58-15-16, 58-15-17 and 58-15-20 NMSA 1978.

History: Laws 2017, ch. 110, § 20; 2019, ch. 201, § 14.

ANNOTATIONS

The 2019 amendment, effective January 1, 2020, clarified that when there are insufficient funds to pay a check, a licensee may not present a check to a financial institution more than one time per payment due; and in Subsection A, after "more than one time", added "per payment due".

Applicability. — Laws 2019, ch. 201, § 17 provided that the provisions of this act apply to loans subject to the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 that are executed on or after January 1, 2020.