{"data":{"id":"us-nm/56-8-7","jurisdiction":"us-nm","citation":"56-8-7","heading":"Procuring loans; rate of commission; exceptions.","body":"For negotiating or securing any loan, no person, association of persons or corporation shall charge, collect or receive in excess of the following amounts:\nA. upon any loan not exceeding five hundred dollars ($500), four percent;\nB. 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\nC. 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 [Mortgage Loan Company 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.","path":["Chapter 56 - Commercial Instruments and Transactions","ARTICLE 8 Money, Interest and Usury"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18559/index.do","current_through":"2024-04-26","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"11dcef2c3c250b78280d43ecf040ef253bfff41f6cc5148b1da7b5069b7cb1f0","source_id":"us-nm","stale":false,"prev":"us-nm/56-8-6","next":"us-nm/56-8-8"},"notice":"GroundRules: Original legal text. Not legal advice."}