N.M. Code R. § 12.20.38.7

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

Section 12.20.38.7 - DEFINITIONS

A. "Consumer loan" means a consumer loan as defined in 12 NMAC 20.3.8 [now 12.20.38 NMAC].

B. "Dealer" means any person or group of persons acting in concert who is in the business of selling active time-share notes or contracts.

C. "Developer" means any person or group of persons acting in concert who:

(1) as part of a common promotional plan, offers to dispose of its interest in a unit not previously disposed of; or

(2) reserves or succeeds to any special developer rights in a time-share project.

D. "Independent appraisal" means an appraisal performed by an appraiser other than a dealer or developer and other than an appraiser chosen by or affiliated with a dealer or developer.

E. "Person" means any individual, firm, partnership, corporation, association or any other group or combination acting as a unit.

F. "Purchaser" means any person other than a developer who, by means of a voluntary transfer, acquires a legal or equitable interest in a time-share other than as security for an obligation or a leasehold interest.

G. "Time-share estate" means a right to occupy a time-share unit or units during specified periods of time coupled with the conveyance to each time-share purchaser of a percentage undivided interest in fee simple in such unit or units.

H. "Time-share loan" means a loan secured by a time-share estate.

I. "Time-share property" means one or more time-share units subject to the same time-share instrument, together with any other real estate or rights therein appurtenant to those units.

J. "Time-share project" means real property containing one or more units which is subject to a project instrument consisting of one or more recordable documents applying to the whole of a project and containing restrictions or covenants regulating the use, occupancy or disposition of units in a project, including any amendment to the document but excluding any law, ordinance or governmental regulation.

K. "Unit" means real property, or a portion thereof, designated for separate use.

N.M. Code R. § 12.20.38.7

10/13/83; 8/30/97; Recompiled 10/15/01

Compiler's note: Subsection A of 12.20.38.7 refers to 12 NMAC 20.3.8 NMAC; the reference should be to 12 NMAC 20.3.4 now 12.20.34 NMAC as evidenced by the attachment to the filed rule.