Current through Register Vol. 35, No. 11, June 11, 2024
Section 12.15.2.8 - RESERVE REQUIREMENTSA. In reviewing the disclosures required by New Mexico Laws 1981, Chapter 263, Section 2A, and in reviewing the requirements for disclosure under the federal Truth in Lending Act, Title 15 U.S.C. Section 1601 et seq. and Regulation Z issued pursuant thereto, the financial institutions division finds that there are some inconsistencies in disclosure requirements between state and federal law. In order to standardize and make the disclosures as uniform as possible, the financial institutions division, pursuant to New Mexico Laws 1981, Chapter 263, Section 2D, which states in pertinent part: "...any form which is in compliance with federal law regarding disclosure of information by creditors to borrowers, such as the federal Truth in Lending Act, shall be deemed to be in compliance with Subsection A of this section." hereby approves any and all disclosure forms currently in use or subsequently adopted by lenders or credit sellers regulated by the financial institutions division provided the forms meet the standards for disclosure set forth in the federal Truth in Lending Act and Regulation Z, as amended from time to time. If a credit sale or a loan is exempt from the federal Truth in Lending Act and Regulation Z, the disclosure of information by a creditor which would otherwise comply with the federal Truth in Lending Act and Regulation Z shall be deemed to comply with the disclosures required by Section 2A of New Mexico Laws 1981, Chapter 263.B. The financial institutions division finds that it is in the public health, peace, safety and welfare for the public and borrowers in the state to have uniform disclosures in order to promote a better understanding and knowledge of the cost of borrowing. Therefore, to avoid inconsistency and to promote uniformity in disclosures the financial institutions division hereby adopts the standards for disclosure of the federal Truth in Lending Act and Regulation Z, as amended from time to time, in accordance with New Mexico Laws 1981, Chapter 263, Section 2D for business, commercial and agricultural loans or credit sales of $50,000.00 or less and henceforth will require all lenders and credit sellers supervised by the financial institutions division to meet the above described disclosure standards. Use of those standards will be deemed to comply with New Mexico Laws 1981, Chapter 263, Section 2D.7/1/81; 8/30/97; Recompiled 10/15/01