Statutes > New Mexico Statutes > Chapter 58 - Financial Institutions and Regulations. > Article 15 - Small Loan Business, 58-15-1 through 58-15-39. > Section 58-15-28 - Status of preexisting obligations.

Section 58-15-28 - Status of preexisting obligations.

58-15-28. Status of preexisting obligations.

Nothing herein contained shall be so construed as to impair or affect the obligation of any contract of loan between any licensee, under Chapter 174, New Mexico Session Laws of 1947 (Article 17, Chapter 48, New Mexico Statutes Annotated 1953), and any borrower, which was lawfully entered into prior to the effective date of this act.