58-15-37. Pay day loans; verification.

A. Before stepping into an online payday loan contract having a customer, a licensee shall make use of commercially reasonable way of verification to validate that the proposed loan contract is permissible underneath the conditions for the brand new Mexico Small Loan Act of 1955 [58-15-31 NMSA 1978].

B. No later on than November 1, 2007, the manager shall approve this one or higher consumer reporting solution databases are commercially reasonable ways of verification. The menu of customer reporting services that the manager has certified as supplying commercially reasonable ways of verification will be posted in the unit’s internet site and will probably be mailed every single licensee by high grade mail during the target of record as shown in the unit’s certification files. (more…)