New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 18 - LOAN COMPANIES
Part 10 - ELECTRONIC MEDIA REQUIREMENTS
Section 12.18.10.7 - DEFINITIONS

Universal Citation: 12 NM Admin Code 12.18.10.7

Current through Register Vol. 35, No. 18, September 24, 2024

A. "Business of lending" means any person or business entity engaged in the origination of any extension of credit in the amount e amount of $10,000 or less, or the acceptance of a credit application containing a consumer's personal information beyond the below listed items:

(1) consumer's name;

(2) consumer's home address;

(3) consumer's phone number or electronic mail address;

(4) purpose of the potential loan; and

(5) loan amount requested.

B. "Marketing site" means any website, social media page, or mobile application utilized only for marketing, advertising, or referring a consumer to complete a credit application and which is not utilized by a small loan business for the business of lending.

C. "Business site" means any website, social media page, or mobile application which a small loan business utilizes to engage in the business of lending through such site.

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