2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-24 - Definitions.

As used in the Residential Home Loan Act:
A. "residence" means a dwelling and the underlying real property designed for occupancy by one to four families, and includes mobile homes and condominiums;
B. "home loan" means:
(1) a loan made to a person, all or a substantial portion of the proceeds of which will be used to purchase, construct, improve, rehabilitate, sell a residence or refinance a loan on a residence and which loan will be secured in whole or in part by a security interest in the residence evidenced by a real estate mortgage;
(2) the principal amount secured by a real estate mortgage on a residence when that real estate mortgage was executed by the mortgagor in connection with his purchase of the property, and the obligation secured represents a part of the deferred purchase price; or
(3) the deferred balance due under a real estate contract made for the purchase or sale of a residence;
C. "director" means the director of the financial institutions division of the commerce and industry department [regulation and licensing department];
D. "person" means any individual or other legal entity;
E. "real estate contract" means a contractual document creating rights and obligations between a seller and buyer of a residence under which the seller agrees to transfer legal title to the residence to the buyer after payment over time of all or part of the purchase price of the residence;
F. "real estate mortgage" means any document creating a security interest in a residence owned by a person to secure the payment of a home loan as defined in Paragraphs (1) and (2) of Subsection B of this section and includes mortgages and deeds of trust;
G. "rate of interest" means the annual interest rate computed on any home loan determined by and calculated over the full contracted term of the home loan and includes in the calculation both the interest on the principal amount of the loan and discount points, premiums, commitment fees and other interest charges made pursuant to a home loan; and
H. "federal national mortgage association auction" means a biweekly auction of the federal national mortgage association for commitments to purchase eligible conventional home loans (free market system auction).
History:
Laws 1980, ch. 64, § 3.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
The commerce and industry department, referred to in the first sentence in Subsection C, was abolished by Laws 1983, ch. 297, § 33. Laws 1983, ch. 297, § 20, created the regulation and licensing department, composed of several divisions, including the financial institutions division. Laws 1983, ch. 297, § 31, provided that all references in law to the financial institutions division of the commerce and industry department shall be construed to be references to the same division within the regulation and licensing department.
See
9-16-4 NMSA 1978 and notes thereto.
"Residence".
— Subsection A contains no requirement that the dwelling be the primary family residence.
Naumburg v. Pattison
, 1985-NMSC-120, 103 N.M. 649, 711 P.2d 1387.
A log cabin designed for single-family use was a "residence" within the meaning of Subsection A, notwithstanding its location in a commercial area, where its owners intended to use, and did in fact use, the property for recreational and not commercial purposes.
Naumburg v. Pattison
, 1985-NMSC-120, 103 N.M. 649, 711 P.2d 1387.