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.
§ 58-7-3.2 NMSA 1978
Extension agreement
Known as the New Mexico Bank Installment Loan Act
The act spans §§ 58–58 (15 sections).
1978 Comp., § 58-7-3.2, enacted by Laws 1983, ch. 96, § 2.
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.