N.M. Code R. § 12.20.38.7 - DEFINITIONS
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.
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