N.M. Code R. § 12.20.34.7

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

Section 12.20.34.7 - DEFINITIONS

A. "Consumer loan": A secured or unsecured loan to a natural person for personal, family or household purposes; including loans secured by liens on real estate and by chattel liens on personal property; provided the association relies substantially upon other factors such as the general credit standing of the borrower. Included within this definition are educational loans; loans in the nature of overdraft protection; and credit extended in connection with credit cards.

B. "Loans": Obligations and extensions or advances of credit, including an interest in such a loan.

C. "Commercial paper": Any note, draft or bill of exchange which arises out of a current transaction or the proceeds of which have been or are to be used for current transactions, and which has a maturity at the time of issuance not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited.

D. "Corporate debt security": A marketable obligation, evidencing the indebtedness of any corporation in the form of a bond, and/or debenture which is commonly regarded as a debt security and is not speculative in nature. A security is marketable if it may be sold with reasonable promptness at a price which corresponds reasonably to its value as shown on the books of the association.

N.M. Code R. § 12.20.34.7

12/31/80; 9/15/97; Recompiled 10/15/01