N.M. Admin. Code § 16.61.25.7

Current through Register Vol. 35, No. 19, October 8, 2024

Section 16.61.25.7 - DEFINITIONS

A. "Commission" means the New Mexico real estate commission.

B. "Developer" means any person creating or engaged in the business of selling ten or more of its own time shares and includes any person who controls, is controlled by or is in common control with the developer and who is engaged in creating or selling time shares for the developer;

C. "Exchange company" means any person operating an exchange program;

D. "Purchaser" means any person, other than a developer or lender, who owns or acquires an interest or proposes to acquire an interest in a time share;

E. "Time share salesperson" means a person, other than a person who has at least a fifteen (15) percent interest in the developer, who sells or offers to sell on behalf of a developer a time share to a purchaser; and

[Refer to 16.61.1.7 NMAC]

N.M. Admin. Code § 16.61.25.7

8-15-97, A, 2-14-2000; 16.61.25.7 NMAC - Rn & A, 16 NMAC 61.25.7, 1-1-2002