In a precomputed loan transaction, the interest charge shall be calculated on the assumption that all scheduled payments will be made when due, and the effect of prepayment is governed by the provisions of rebate upon prepayment in Section 58-7-5 NMSA 1978.
§ 58-7-3.1 NMSA 1978
Precomputed loan
Known as the New Mexico Bank Installment Loan Act
The act spans §§ 58–58 (15 sections).
1978 Comp., § 58-7-3.1, enacted by Laws 1983, ch. 96, § 1; 2017, ch. 110, § 4.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.