- A. “Truth in Lending Annual Percentage Rate” (“TIL-APR”) means the calculation of an Annual Percentage Rate mandated pursuant to Federal Law (12 CFR Part 1026 – Truth in Lending Act). It is intended to provide a single value for a consumer to compare the cost of credit between one lender and another.
- B. “New Mexico Annual Percentage Rate” (“NM-APR”) means the calculation of an Annual Percentage Rate pursuant to New Mexico law (Section 58-7-7 NMSA 1978 and Section 58-15-17 NMSA 1978), which may include charges that are either excluded or may be excluded under certain conditions in the TIL-APR calculation.
[12.18.11.7 NMAC – N, 03/29/2023]