45th legislature - STATE OF NEW MEXICO - second session, 2002

REQUESTING THE NEW MEXICO LEGISLATIVE COUNCIL TO APPOINT A BANKING AND LOANS COMMITTEE.

WHEREAS, New Mexico consumers have many financial options under state law in the area of consumer loans; and

WHEREAS, these options include securing loans at banks, savings and loan associations, credit unions, mortgage loan institutions, installment loan companies, title loan companies, payday loan companies, pawn shops and others; and

WHEREAS, the legislature has not undertaken an in-depth study of the laws regulating loan entities in many years; and

WHEREAS, areas of concern include interest rate caps, usury, importation of interest rates, loan practices, consumer rights and obligations, loan institutions' rights and obligations and the operations of the financial institutions division of the regulation and licensing department; and

WHEREAS, the topics of banking and lending are important enough and specialized enough to warrant the creation of an interim committee;

NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that the New Mexico legislative council be requested to appoint an interim committee to undertake a study of banking and lending laws and regulations; and

BE IT FURTHER RESOLVED that a copy of this memorial be transmitted to the legislative council service for distribution to the New Mexico legislative council.