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NEW MEXICO STATUTES AND CODES
Section 58-15-15.1 - No prepayment penalty on small loans.
58-15-15.1. No prepayment penalty on small loans.
No provision in a loan or the evidence of indebtedness of a loan made under the New Mexico Small Loan Act of 1955 [58-15-31 NMSA 1978] requiring a penalty or premium for prepayment of the balance of the indebtedness is enforceable.
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