New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS
Part 38 - TIME-SHARE LOANS
Section 12.20.38.7 - DEFINITIONS

Universal Citation: 12 NM Admin Code 12.20.38.7

Current through Register Vol. 35, No. 6, March 26, 2024

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.

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.

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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.