N.M. Code R. § 12.18.11.7 - DEFINITIONS
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.
Notes
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