As used in Chapter 56, Article 1 NMSA 1978, unless the context otherwise requires: A. “goods” means all tangible chattels personal when purchased primarily for personal, family or household use and not for commercial or business use, but not including motor vehicles as defined in this section, money, things in action or intangible personal property […]
The attorney general of the state of New Mexico or the district attorney of the district in which the violation occurs may bring an action in the name of the state against any person to restrain and prevent any violation of this act [56-1-1 to 56-1-13 NMSA 1978]. History: 1953 Comp., § 50-16-10, enacted by […]
In the enforcement of this act [56-1-1 to 56-1-13 NMSA 1978], the attorney general of the state of New Mexico or with his consent a district attorney may accept an assurance of discontinuance of any act or practice deemed in violation of this act, from any person engaging in, or who has engaged in, such […]
Any person who violates any order or injunction issued pursuant to this act [56-1-1 to 56-1-13 NMSA 1978] shall forfeit and pay a civil penalty of not more than $1,000. For the purpose of this section, the court issuing any injunction shall retain jurisdiction, and the cause shall be continued, and in such cases the […]
The provisions of this act [56-1-1 to 56-1-13 NMSA 1978] shall not invalidate or make unlawful retail installment contracts or retail charge agreements executed prior to the effective date hereof. History: 1953 Comp., § 50-16-13, enacted by Laws 1965, ch. 258, § 13. ANNOTATIONS Compiler’s notes. — The phrase “effective date hereof” at the end […]
A. Payments made on retail charges agreements, open-end contracts or similar types of add-on retail sales agreements shall be first applied to the purchases earliest in time. The payments shall be credited first to the current interest or carrying charges and then in reduction of the purchase price of merchandise in the order in which […]
Any creditor engaging in transactions subject to the provisions of this act, who complies with 15 United States Code, [§§] 1601 through 1665, and the regulations promulgated pursuant thereto, shall be deemed to have complied with applicable provisions of this act. History: 1953 Comp., § 50-16-15, enacted by Laws 1969, ch. 110, § 1. ANNOTATIONS […]
A retail installment contract for the purchase of a mobile home may provide that the rate of time price differential may be adjusted at stated intervals, in which case the retail installment contract shall be subject to the following provisions: A. adjustments in the rate charged shall be based on changes in a specific index, […]
A. Each retail charge agreement shall be in writing and signed by the buyer. A copy of any such agreement executed on or after the effective date of this act shall be delivered or mailed to the buyer prior to the date on which the first payment is due thereunder. Any acknowledgment by the buyer […]
ANNOTATIONS Repeals. — Laws 1981, ch. 263, § 4, repealed 56-1-3.1 NMSA 1978, as enacted by Laws 1981, ch. 186, § 4, relating to the maximum time price differential in retail charge agreements, effective July 1, 1981. For present provisions, see 56-1-3 NMSA 1978. Compiler’s notes. — Laws 1981, ch. 263, § 6, revived 56-1-3.1 […]
If the cost of insurance is included in the retail installment contract or the retail charge agreement and a separate charge is made to the buyer for the insurance: A. the contract or agreement must state the nature, purpose and amount of the insurance; B. the contract or agreement must state whether the insurance is […]
No retail installment contract or retail charge agreement shall contain any provision by which: A. in the absence of the buyer’s default in the performance of any of his obligations, the holder may accelerate the maturity of any part or all of the amount owing thereunder; B. a power of attorney is given to confess […]
Notwithstanding the provisions of any other law: A. an assignee may purchase or acquire or agree to purchase or acquire any retail installment contract or retail charge agreement or any outstanding balance under either from a seller on such terms and conditions and for such price as may be mutually agreed upon; B. filing of […]
No act or agreement of the retail buyer before or at the time of the making of a retail installment contract, retail charge agreement or purchase thereunder shall constitute a valid waiver of any of the provisions of this act [56-1-1 to 56-1-13 NMSA 1978] or of any remedies granted to the buyer by law. […]
Any person who wilfully [willfully] and intentionally violates any provision of this act [56-1-1 to 56-1-13 NMSA 1978] shall be guilty of a misdemeanor. Violation of any order or injunction issued pursuant to this act shall constitute prima facie proof of a violation of this section. History: 1953 Comp., § 50-16-8, enacted by Laws 1965, […]
Any seller who enters into any contract or agreement which does not comply with the provisions of this act [56-1-1 to 56-1-13 NMSA 1978] or who violates any provision of this act except as a result of an accidental or bona fide error shall be barred from the recovery of any time price differential, official […]
