Section 58-15-21 - What constitutes loan of money; wage purchases.
58-15-21. What constitutes loan of money; wage purchases.
The payment of two thousand five hundred dollars ($2,500) or less in money, credit, goods or things in action, as consideration for any sale or assignment of, or order for, the payment of wages, salary, commission or other compensation for services, whether earned or to be earned, shall, for the purposes of regulation under the New Mexico Small Loan Act of 1955 [58-15-31 NMSA 1978], be deemed a loan of money secured by such sale, assignment or order. The amount by which such compensation so sold, assigned or ordered paid exceeds the amount of such consideration actually paid shall for the purpose of regulation under the New Mexico Small Loan Act of 1955 be deemed interest or charges upon such loan from the date of such payment to the date such compensation is payable. Such transaction shall be governed by and subject to the provisions of the New Mexico Small Loan Act of 1955.