N.M. Stat. § 58-15-21
What constitutes loan of money; wage purchases.
The payment of ten thousand dollars ($10,000) or less in money, credit, goods or
things in action, as consideration for any sale or assignment of or order for the payment
of wages, salary, commission or other compensation for services, whether earned or to
be earned, shall, for the purposes of regulation under the New Mexico Small Loan Act
of 1955, be deemed a loan of money secured by such sale, assignment or order. The
amount by which compensation so sold, assigned or ordered paid exceeds the amount
of consideration actually paid shall for the purpose of regulation under the New Mexico
Small Loan Act of 1955 be deemed interest or charges upon the loan from the date of
payment to the date the compensation is payable. Such transaction shall be governed
by and subject to the provisions of the New Mexico Small Loan Act of 1955.