N.M. Admin. Code § 5.7.27.11
Current through Register Vol. 35, No. 23, December 10, 2024
Section 5.7.27.11 - PERMISSIBLE CHARGESA. Application fee: A non-refundable application fee must accompany the NMALF application at the time it is submitted to the lender.B. Fee payable upon origination: The lender will charge the borrower a five percent fee payable upon origination as a condition of making the loan. This fee will be paid out of the loan proceeds.C. Interest: (1) Accrual of Interest: Interest will accrue daily on the unpaid principal balance of the loan beginning on the date the loan is disbursed, and ending on the day the loan is paid in full. Disbursement takes place the day the check is mailed to the borrower.(2) Interest Rate: Interest shall accrue at a fixed or variable rate of interest to be established by the lender from time to time, and as otherwise set forth in the promissory note.D. Late charges: The lender will assess late charges against a borrower when payments are past due. The late charge will be the lesser of five percent of the installment payment, or $5.00. The late charge will be assessed on any payment received ten days or more after the due date.E. Collection and litigation expenses. The lender will assess attorney fees, and other reasonable and necessary costs of collection and litigation against a borrower who defaults.F. Jurisdiction and venue. Borrower will consent to jurisdiction and venue in the state of New Mexico, county of Bernalillo for any litigation involving the NMALF program. The borrower and/or the cosigner waive the right to trial by jury for any litigation involving the NMALF program.N.M. Admin. Code § 5.7.27.11