N.M. Code R. § 12.18.11.7

Current through Register Vol. 35, No. 11, June 11, 2024

Section 12.18.11.7 - DEFINITIONS

A."Truth in Lending Annual Percentage Rate" ("TIL-APR") means the calculation of an Annual Percentage Rate mandated pursuant to Federal Law ( 12 CFR Part 1026 - Truth in Lending Act). It is intended to provide a single value for a consumer to compare the cost of credit between one lender and another.

B."New Mexico Annual Percentage Rate" ("NM-APR") means the calculation of an Annual Percentage Rate pursuant to New Mexico law (Section 58-7-7 NMSA 1978 and Section 58-15-17 NMSA 1978), which may include charges that are either excluded or may be excluded under certain conditions in the TIL-APR calculation.

N.M. Code R. § 12.18.11.7

Adopted by New Mexico Register, Volume XXXIV, Issue 05, March 14, 2023, eff. 3/29/2023