Section 58-7-3 - Loans covered by actA. The New Mexico Bank Installment Loan Act of 1959 applies to a loan that is a precomputed loan repayable in installments and that is clearly identified on the loan documents as being made under that act.B. A loan in an amount equal to ten thousand dollars ($10,000) or less shall be made only pursuant to the New Mexico Bank Installment Loan Act of 1959 or the New Mexico Small Loan Act of 1955 [Chapter 58, Article 15 NMSA 1978]. A loan made pursuant to the New Mexico Bank Installment Loan Act of 1959 shall be identified in the loan documents as being made pursuant to that act.C. The provisions of Subsection B of this section shall not apply to a federally insured depository institution.1978 Comp., § 58-7-3, enacted by Laws 1995, ch. 190, § 15; 2017, ch. 110, § 3.Amended by 2022, c. 23,s. 1, eff. 1/1/2023.Amended by 2019, c. 201,s. 1, eff. 1/1/2020.