New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 18 - LOAN COMPANIES
Part 9 - REFUND ANTICIPATION LOANS
Section 12.18.9.9 - PROHIBITED ACTS
Current through Register Vol. 35, No. 18, September 24, 2024
All small loan licensees engaged in the business of making refund anticipation loans shall not:
A. directly or indirectly represent a refund anticipation loan as a refund or tax credit;
B. require a borrower to enter into a loan agreement in order to complete a tax return;
C. engage in a transaction, practice, or course of business that operates a fraud upon a borrower in connection with a refund anticipation loan, including making oral statements contradicting any of the information required to be disclosed pursuant to 12.18.9.7 NMAC - Mandatory Disclosure of Loan Information;
D. take or arrange for a creditor to take possession of or a security interest in any property of the consumer other than the proceeds of the consumer's tax refund or tax credit to secure payment of a refund anticipation loan; and
E. withhold from a consumer, or from a dependent of a consumer, original personal identification documents.
