Section 56-13-3 – Definitions.
As used in the Farm Products Secured Interest Act: A. “buyer in the ordinary course of business” means a person who, in the ordinary course of business, buys farm products from a person engaged in farming operations who is in the business of selling farm products; B. “central filing system” means the system for filing […]
Section 56-13-4 – Implementation of central filing system.
The secretary of state shall design and implement a central filing system for effective financing statements. The secretary of state shall be the system operator. The system shall provide a means for filing effective financing statements or notices of such financing statements on a statewide basis. The system shall include requirements that: A. an effective […]
Section 56-13-5 – Certification of system.
The secretary of state shall apply to the secretary of the United States department of agriculture for certification of the central filing system provided by the Farm Products Secured Interest Act. History: Laws 1987, ch. 177, § 5. ANNOTATIONS Compiler’s notes. — Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, […]
Section 56-12-12 – Record of disposition of pledged property.
Every pawnbroker shall keep a permanent record, fully itemized, of all pledged property disposed of following default by the pledgor. The record shall include the following: A. the number of the pawn transaction; B. the name and address of the pledgor; C. the date of the pawn transaction and the date of the last payment […]
Section 56-12-13 – Pawn service charge.
A. For the first thirty-day period of the pawn transaction, a pawnbroker may charge seven dollars fifty cents ($7.50) or ten percent of the amount loaned, whichever is greater, provided that such charge shall not be made on the refinancing of an existing loan or credit transaction. A loan or extension of credit shall be […]
Section 56-12-14 – Prohibited practices.
A pawnbroker shall not: A. knowingly enter into a pawn transaction with a person under the age of eighteen years or under the influence of alcohol, any narcotic, drug, stimulant or depressant; B. make any agreement requiring the personal liability of a pledgor in connection with the pawn transaction; C. accept any waiver, in writing […]
Section 56-12-15 – General penalties.
Any permitholder who is found guilty of a violation of any provision of the Pawnbrokers Act shall be guilty of a petty misdemeanor. Any permitholder who violates any provision of the Pawnbrokers Act shall be subject to having his permit revoked or suspended by the local government pursuant to the provisions of Section 8 [56-12-8 […]
Section 56-12-16 – Forfeiture.
The violation of any provision of the Pawnbrokers Act in any covered transaction shall be deemed a forfeiture of the entire amount of the pawn service charge contracted for or allowable under the transaction. In the event a pawn service charge in excess of the amounts allowable under the Pawnbrokers Act has been paid in […]
Section 56-13-1 – Short title.
Sections 1 through 14 [56-13-1 to 56-13-14 NMSA 1978] of this act may be cited as the “Farm Products Secured Interest Act”. History: Laws 1987, ch. 177, § 1. ANNOTATIONS Compiler’s notes. — Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, […]
Section 56-12-2 – Definitions.
As used in the Pawnbrokers Act: A. “pawnbroker” means a person engaged in the business of making pawn transactions; B. “pawn service charge” means the sum of all charges, payable directly or indirectly by the pledgor and imposed directly or indirectly by the pawnbroker as an incident to the pawn transaction; C. “pawnshop” means the […]