Statutes > New Mexico Statutes > Chapter 58 - Financial Institutions and Regulations. > Article 15 - Small Loan Business, 58-15-1 through 58-15-39. > Section 58-15-15.1 - No prepayment penalty on small loans.

Section 58-15-15.1 - No prepayment penalty on small loans.

58-15-15.1. No prepayment penalty on small loans.

No provision in a loan or the evidence of indebtedness of a loan made under the New Mexico Small Loan Act of 1955 [58-15-31 NMSA 1978] requiring a penalty or premium for prepayment of the balance of the indebtedness is enforceable.