New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 2 - CONSUMER PROTECTION
Part 4 - REQUIREMENTS FOR THE ADVERTISING AND SALE OF MOTOR VEHICLES
Section 12.2.4.18 - CREDIT ADVERTISING
Universal Citation: 12 NM Admin Code 12.2.4.18
Current through Register Vol. 35, No. 18, September 24, 2024
A. The Truth in Lending Act and accompanying regulations govern credit advertising. The following are triggering terms that require certain disclosures to be made in the advertisement:
(1) the amount or
percentage of any down payment (expressed as either a percentage or dollar
amount);
(2) the number of
payments;
(3) the amount of any
payment (expressed either as a percentage or dollar amount);
(4) the amount of any finance charge;
and
(5) the period of repayment
(the total time required to repay).
B. If any one of the triggering terms appear, it is an unfair or deceptive trade practice to fail to clearly and conspicuously disclose in the advertisement:
(1) the amount or percentage of the down
payment;
(2) the terms of
repayment; and
(3) the annual
percentage rate. If the annual percentage rate may be increased after
consummation of the credit transaction, such as an adjustable rate loan, that
fact must be disclosed.
C. If an advertisement mentions the amount of any payment, expressed as a dollar amount, that payment must be based on a sales price no less than the price required to be used under Section 21 [now 12.2.4.21 NMAC].
Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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