58-15-37. Payday advances; verification.
A. A licensee shall use a commercially reasonable method of verification to verify that the proposed loan agreement is permissible under the provisions of the New Mexico Small Loan Act of 1955 [58-15-31 NMSA 1978] before entering into a payday loan agreement with a consumer.
B. No later on than November 1, 2007, the manager shall approve this 1 or higher customer service that is reporting are commercially reasonable techniques of verification. Record of customer reporting services that the manager has certified as supplying commercially reasonable types of verification will probably be published regarding the unit’s site and will probably be mailed every single licensee by high grade mail during the target of record as shown regarding the unit’s certification files. Continue reading →