A. For each installment loan issued pursuant to Paragraph (1) of Subsection F of Section 58-15-2 NMSA 1978 and refund anticipation loan made pursuant to the New Mexico Small Loan Act of 1955, a lender shall report to a consumer reporting agency the terms of the loan and the borrower's performance pursuant to those terms. B. For each installment loan issued pursuant to Paragraph (2) of Subsection F of Section 58-15-2 NMSA 1978, a lender may report to a consumer reporting agency the terms of the loan and the borrower's performance pursuant to those terms. C. Any lender making a report to a consumer reporting agency pursuant to this section shall report both positive and negative performance by the borrower. History: Laws 2017, ch. 110, § 21; 2022, ch. 23, § 9. The 2022 amendment, effective January 1, 2023, provided that a lender shall report to a consumer reporting agency the terms of installment loans that fall under § 58-15-2(F)(2) NMSA 1978 and may report the borrower's performance pursuant to those terms, and if reported, the lender must report both positive and negative performance by the borrower; in Subsection A, after "installment loan", added "issued pursuant to Paragraph (1) of Subsection F of Section 58-15-2 NMSA 1978"; and added Subsections B and C. Applicability. — Laws 2017, ch. 110, § 26 provided that the provisions of Laws 2017, ch. 110 shall apply to loans subject to the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 executed on or after January 1, 2018.
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