Section 56-8-7 - Procuring loans; rate of commission; exceptions.
56-8-7. Procuring loans; rate of commission; exceptions.
For negotiating or securing any loan, no person, association of persons or corporation shall charge, collect or receive in excess of the following amounts:
A. upon any loan not exceeding five hundred dollars ($500), four percent;
B. upon any loan exceeding five hundred dollars ($500) and not exceeding two thousand dollars ($2,000), four percent upon the first five hundred dollars ($500) and three percent upon the remainder; and
C. upon any loan exceeding two thousand dollars ($2,000), four percent upon the first one thousand dollars ($1,000) and two percent upon the remainder; provided that this section shall not apply to any loan in excess of fifty thousand dollars ($50,000) when such loan is made for business, commercial or agricultural purposes, nor to any loan negotiated or secured by a registrant under the Mortgage Loan Company and Loan Broker Act [Chapter 58, Article 21 NMSA 1978]. In such instances, broker's fees shall be negotiable, but shall not exceed six percent of the principal amount of the loan.