Statutes > New Mexico Statutes > Chapter 58 - Financial Institutions and Regulations. > Article 15 - Small Loan Business, 58-15-1 through 58-15-39. > Section 58-15-36 - Payday loans; waiting period.

Section 58-15-36 - Payday loans; waiting period.

58-15-36. Payday loans; waiting period.

A licensee shall not make a payday loan to a consumer who has entered into a payment plan pursuant to Section 58-15-35 NMSA 1978 until at least ten calendar days have passed since the consumer completed all payment obligations pursuant to all of the consumer's outstanding payday loan products, including that payment plan.