New Mexico Statutes 58-6-5. Credit agreements; requirements
Current as of: 2023 | Check for updates
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A. As used in this section, “financial institution” means a bank, savings and loan association or credit union authorized to transact business in the state.
Terms Used In New Mexico Statutes 58-6-5
- Contract: A legal written agreement that becomes binding when signed.
B. A contract, promise or commitment to loan money or to grant, extend or renew credit or any modification thereof, in an amount greater than twenty-five thousand dollars ($25,000), not primarily for personal, family or household purposes, made by a financial institution shall not be enforceable unless in writing and signed by the party to be charged or that party’s authorized representative.