In precomputed loan transactions where the borrower and lender execute an extension agreement for the deferral of an installment payment, the lender may make an interest charge on the monthly installment that is deferred at a rate not exceeding that on the original loan for each month or portion of a month that the payment has been deferred.
History: 1978 Comp., § 58-7-3.2, enacted by Laws 1983, ch. 96, § 2.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Section 58-7-2 - Persons to whom act applicable.
Section 58-7-3 - Loans covered by act.
Section 58-7-3.1 - Precomputed loan.
Section 58-7-3.2 - Extension agreement.
Section 58-7-3.4 - Right of rescission.
Section 58-7-5 - Prepayment; precomputed loan transactions.
Section 58-7-6 - Permitted charges; limitation on presentment.
Section 58-7-7 - Restrictions.
Section 58-7-8 - Penalties and forfeitures.
Section 58-7-9 - Construction; definitions.