Statutes > New Mexico Statutes > Chapter 58 - Financial Institutions and Regulations. > Article 7 - Installment Loans, 58-7-1 through 58-7-9. > Section 58-7-7 - Restrictions.

Section 58-7-7 - Restrictions.

58-7-7. Restrictions.

No lender shall make a loan under the New Mexico Bank Installment Loan Act of 1959 [58-7-1 NMSA 1978] to a borrower who is also indebted to such lender under the New Mexico Small Loan Act of 1955 [Chapter 58, Article 15 NMSA 1978] unless the loan made under the Small Loan Act of 1955 is paid and released at the time the loan is made.