New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 18 - LOAN COMPANIES
Part 11 - NEW MEXICO ANNUAL PERCENTAGE RATE CALCULATION
Section 12.18.11.7 - DEFINITIONS
Universal Citation: 12 NM Admin Code 12.18.11.7
Current through Register Vol. 35, No. 18, September 24, 2024
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.
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