Section 58-15-18 - Lenders' exchange.
58-15-18. Lenders' exchange.
In order to preclude the burdening of a small loan borrower or borrowers with multiple loans, in any municipality in this state where more than two licenses shall at any time be in effect, the director may by a proper regulation and order require that the licensees therein shall form and maintain membership in a lenders' exchange through which said licensees may be kept fully informed as to outstanding loans in force under the New Mexico Small Loan Act of 1955 [58-15-31 NMSA 1978] to any one borrower in other licensed offices in such municipality.
The director's regulation and order affecting licensees in such municipalities may provide that where one loan to the same borrower or borrowers is in effect in one licensed office, a second loan shall not intentionally or without due care be made by a licensee in such municipality under the New Mexico Small Loan Act of 1955, until the outstanding loan has been paid or otherwise discharged, out of the proceeds of the second loan.