There is a newer version of the New Mexico Statutes
2011 New Mexico Statutes
Chapter 58: Financial Institutions and Regulations
Article 7: Installment Loans, 58-7-1 through 58-7-9
Section 58-7-3.2: Extension agreement.
NM Stat § 58-7-3.2 (1996 through 1st Sess 50th Legis) What's This?
58-7-3.2. Extension agreement.
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.
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