N.M. Code R. § 12.20.35.11 - HOME IMPROVEMENT LOANS

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.

Notes

N.M. Code R. § 12.20.35.11
Recompiled 10/31/03

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