New Mexico Statutes 58-31-7. Authority loans; terms
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If the authority borrows money from a financial institution or other entity:
Terms Used In New Mexico Statutes 58-31-7
- Appraisal: A determination of property value.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Personal property: All property that is not real property.
A. the interest, principal payments or any part thereof shall be payable at intervals as may be determined by the authority;
B. the loan shall mature at any time not exceeding thirty years from the date of origination;
C. the principal amount of the loan shall not exceed fair market value of the real or personal property to be acquired with the proceeds of the loan as evidenced by a certified appraisal in accordance with the Real Estate Appraisers Act [N.M. Stat. Ann. Chapter 61, Article 30]; and
D. the loan shall be subject to approval of the state board of finance.