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Can you summarize Article 6, Chapter 58 NMSA?
Financial Institutions and Regulations > Miscellaneous Loans
Short Summary
The provided legal document content pertains to miscellaneous loans in New Mexico. It authorizes financial institutions, including banks, trust companies, building and loan associations, and insurance companies, to sell mortgage loans secured by real estate mortgages to the federal national mortgage association (FNMA) or any successor thereof. These institutions are also authorized to make payments of any capital contributions required by law in the form of subscriptions for stock of FNMA or any successor thereof. The document also addresses the eligibility of minors for loans for educational purposes. According to the New Mexico Statutes Annotated 1978, minors who are sixteen years of age or over can enter into written promissory notes, contracts, or other obligations to receive loans or other aid and assistance for the purpose of furthering their education at an institution of higher learning. These agreements are enforceable against the minor as if they had reached the age of majority at the time of execution. However, prior to making the loan, the person providing the loan must have a certification from the institution of higher learning stating that the minor is regularly enrolled or has been accepted for regular enrollment. The document also includes a provision regarding the enforceability of contracts or commitments to loan money or grant credit made by financial institutions. It states that such contracts or commitments, in an amount greater than twenty-five thousand dollars ($25,000), not primarily for personal, family, or household purposes, shall not be enforceable unless in writing and signed by the party to be charged or that party’s authorized representative. The document also mentions the repeal of certain sections related to loans guaranteed under the Servicemen’s Readjustment Act and minors’ eligibility for such loans. No specific exemptions or penalties are mentioned in the provided legal document content.
Whom does it apply to?
Financial institutions in New Mexico, such as banks, trust companies, building and loan associations, and insurance companies
What does it govern?
Miscellaneous Loans
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Mexico