Section 58-15-39 - Duties of division.
58-15-39. Duties of division.
A. The division shall:
(1) maintain a list of licensees, which list shall be available to interested persons and the public; and
(2) establish a complaint process whereby an aggrieved consumer or other person may file a complaint against a licensee.
B. The division shall annually provide a report to the legislature detailing statistics, including data adequate to obtain an accurate understanding of the practices, demographics and legal compliance of all licensees licensed in the state. The division shall compile an annual report by October 1 of each year containing, at a minimum, data regarding all payday loan products entered into in the preceding calendar year on an aggregate basis. Annual reports shall be made available to interested parties and the general public. Consistent with state law, the report shall include, at a minimum, nonidentifying consumer data from the preceding year, including:
(1) the total number and dollar amount of payday loan products entered into in the calendar year ending December 31 of the previous year;
(2) the total number and dollar amount of payday loan products outstanding as of December 31 of the previous year;
(3) the effective annualized percentage rate and the average number of days of a payday loan during the calendar year ending December 31 of the previous year;
(4) the number of payday loan products entered into in the amount of one hundred dollars ($100) or less, the number of payday loan products entered into in the amount of one hundred one dollars ($101) to five hundred dollars ($500), the number of payday loan products entered into in the amount of five hundred one dollars ($501) to one thousand dollars ($1,000), the number of payday loan products entered into in the amount of one thousand one dollars ($1,001) to one thousand five hundred dollars ($1,500), the number of payday loan products in the amount of greater than one thousand five hundred dollars ($1,500) and the percentage of total payday loan products entered into in each of those ranges;
(5) an estimate of the total dollar amount of fees collected for payday loan products;
(6) the total number of payday loan products entered into and the total dollar amount of the net charge-offs or write-offs and of the net recoveries of licensees;
(7) the minimum, maximum and average dollar amounts of payday loan products entered into in the calendar year ending December 31 of the previous year;
(8) the average payday loan product amount, average number of transactions and average aggregate payday loan product amount entered into per consumer each year;
(9) the average number of days a consumer is engaged in a payday loan product each year;
(10) an estimate of the average total fees paid by a payday loan product consumer;
(11) the number of consumers who are eligible for payment plans and the number of consumers who enter into payment plans pursuant to Section 58-15-35 NMSA 1978; and
(12) the number of consumers who are subject to the restrictions of the waiting period pursuant to Section 58-17-36 NMSA 1978.