N.M. Admin. Code § 12.18.10.7

Current through Register Vol. 35, No. 23, December 10, 2024

Section 12.18.10.7 - DEFINITIONS

A."Business of lending" means any person or business entity engaged in the origination of any extension of credit in the amount e amount of $10,000 or less, or the acceptance of a credit application containing a consumer's personal information beyond the below listed items:

(1) consumer's name;

(2) consumer's home address;

(3) consumer's phone number or electronic mail address;

(4) purpose of the potential loan; and

(5) loan amount requested.

B."Marketing site" means any website, social media page, or mobile application utilized only for marketing, advertising, or referring a consumer to complete a credit application and which is not utilized by a small loan business for the business of lending.

C."Business site" means any website, social media page, or mobile application which a small loan business utilizes to engage in the business of lending through such site.

N.M. Admin. Code § 12.18.10.7

Adopted by New Mexico Register, Volume XXIX, Issue 16, August 28, 2018, eff. 9/15/2018, Amended by New Mexico Register, Volume XXXIV, Issue 05, March 14, 2023, eff. 3/29/2023