N.M. Admin. Code § 12.18.9.9

Current through Register Vol. 35, No. 21, November 5, 2024

Section 12.18.9.9 - PROHIBITED ACTS

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.

N.M. Admin. Code § 12.18.9.9

Adopted by New Mexico Register, Volume XXIX, Issue 16, August 28, 2018, eff. 9/15/2018