Statutes > New Mexico Statutes > Chapter 58 - Financial Institutions and Regulations. > Article 7 - Installment Loans, 58-7-1 through 58-7-9. > Section 58-7-3.1 - Precomputed loan.

Section 58-7-3.1 - Precomputed loan.

58-7-3.1. Precomputed loan.

If the loan is a precomputed loan transaction, the interest charge may be calculated on the assumption that all scheduled payments will be made when due, and the effect of prepayment is governed by the provisions of rebate upon prepayment in Section 58-7-5 NMSA 1978.