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. 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. History: Laws 1990, ch. 45, § 1; 1999, ch. 213, § 9. ANNOTATIONSThe 1999 amendment, effective June 18, 1999, deleted 'provided, however, that the provisions of this section shall not apply unless the financial institution is able to produce a statement signed by the borrower or recipient of loan monies on credit that he or she is aware of the provisions of this section' from the end of Subsection B.
New Mexico Legal Code