Small Loan Companies: FAQs
Q: How do I verify that a small loan company is licensed in New Mexico?
To verify if a small loan company is licensed to operate in New Mexico use the licensee search function on our website. For detailed instructions on how to use the licensee search, click here.
Q: What are the requirements to start a small loan company in New Mexico?
In order to be licensed as a Small Loan Company you must complete a Small Loan license application and submit the completed application to the Director of the Financial Institutions Division. Click here for a Small Loan Application. The application details all the requirements necessary for a person to apply for a Small Loan License.
Q: What is required for an address change for a Small Loan License?
It is a requirement to send a letter requesting permission from the Financial Institutions Division along with a fee in the amount of $25.
Q: Is my company required to submit an annual report if no loans were originated or made in the prior calendar year?
Yes, any licensee that did not originate a single loan in the amount of $5,000 or less within the prior calendar year is required to submit a letter on company letterhead to the Director of Financial Institutions Division and a completed SIGNATURE OF CERTIFICATION form certifying that no loans were made in prior calendar year in the amount of $5,000 or less.
Q: What is required if I wish to surrender my license?
To surrender a Small Loan Company license, a licensee must submit a letter on company letterhead to the Director of the Financial Institutions Division along with a copy of the surrendered license. The letter must provide detailed information as to the reason for license surrender and the collection of any outstanding accounts.