New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS
Part 35 - REAL ESTATE AND OTHER LOANS
Section 12.20.35.11 - HOME IMPROVEMENT LOANS
Universal Citation: 12 NM Admin Code 12.20.35.11
Current through Register Vol. 35, No. 18, September 24, 2024
An association may invest in loans, with or without security, for residential real property alteration, repair or improvement, or for equipping or furnishing residential real property, with installments payable at least quarterly, the first installment due no later than 120 days from the date the loan is made and the final installment due no later than 20 years and 32 days from such date. Installments shall be substantially equal except to the extent that the loan complies with mortgage provisions authorized under paragraph III (a) [now Subsection A of 12.20.35.10 NMAC] of this regulation.
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