A. Any person willfully violating any of the provisions of the New Mexico Bank Installment Loan Act of 1959 is guilty of a misdemeanor and upon conviction shall be fined not less than one hundred dollars ($100) or more than five thousand dollars ($5,000) or imprisoned for not more than six months or both, in the discretion of the court. A contract or loan in the making or collection of which an act is done that violates Section 58-7-6 or 58-7-7 N.M. Stat. Ann. is void and the lender has no right to collect, receive or retain any interest or charges whatsoever. A lender may not collect the principal of a loan if the lender has violated Subsection A of Section 58-15-3 N.M. Stat. Ann., or knowingly violated the provisions of Section 58-7-6 or 58-7-7 N.M. Stat. Ann..

B. The taking, receiving or reserving of a rate of charge, discount or advantage greater than allowed by the New Mexico Bank Installment Loan Act of 1959, when knowingly done, is deemed a forfeiture of the entire amount of the rate of charge or advantage that the note, bill or other evidence of debt carries with it or that has been agreed to be paid on it. In case the greater rate of charge has been paid, the person by whom it has been paid or the person’s legal representatives may recover by civil action twice the amount of the rate of charge paid from the person taking or receiving it, provided that the action is commenced within two years from the time the transaction occurred.

C. A violation of a provision of the New Mexico Bank Installment Loan Act of 1959 that constitutes either an unfair or deceptive trade practice or an unconscionable trade practice pursuant to Section 57-12-2 N.M. Stat. Ann. is actionable pursuant to the Unfair Practices Act.