Chapter 58, Article 19 NMSA 1978 may be cited as the “Motor Vehicle Sales Finance Act”. History: 1953 Comp., § 50-15-1, enacted by Laws 1959, ch. 204, § 1; 2001, ch. 123, § 1. ANNOTATIONS The 2001 amendment, effective June 15, 2001, substituted “Chapter 58, Article 19 NMSA 1978” for “This act”.
The holder of a contract, upon request by the buyer, may extend the scheduled due date of all or any part of any installment or defer payment or renew or restate the unpaid time balance of such contract, the amount of the installments and the time schedule therefor and may collect for such extension, deferment, […]
Any transaction in the form of a loan, other than a retail installment contract, is not subject to the provisions of the Motor Vehicle Sales Finance Act, even though all or a portion of the proceeds of such transaction in the form of a loan are applied to the unpaid balance of a retail installment […]
A. Any person who shall willfully violate any provision of the Motor Vehicle Sales Finance Act, or engage in the business of a sales finance company in this state without a license therefor as provided in this act, shall be guilty of a misdemeanor and upon conviction shall be punished by a fine not exceeding […]
Any waiver of the provisions of this act shall be unenforceable and void. History: 1953 Comp., § 50-15-12, enacted by Laws 1959, ch. 204, § 12. ANNOTATIONS Saving clauses. — Laws 1959, ch. 204, § 14, provides that the act does not apply to contracts in effect prior to its effective date. Severability clauses. — […]
Any creditor engaging in transactions subject to the provisions of the Motor Vehicle Sales Finance Act who complies with the provisions of 15 United States Code Sections 1601 through 1665, and the regulations promulgated pursuant thereto, shall be deemed to have complied with applicable disclosure provisions of the Motor Vehicle Sales Finance Act. History: 1953 […]
Any sales finance company may purchase or acquire, or agree to purchase or acquire, from any seller any contract on such terms and conditions as may be agreed upon between them. Filing of the assignment, notice to the buyer of the assignment and any requirement that the holder maintain dominion over the payments or the […]
As used in the Motor Vehicle Sales Finance Act: A. “motor vehicles” means automobiles, recreational vehicles, recreational travel trailers, trailers, motorcycles, trucks, semi-trailers, truck tractors and buses designed and used primarily to transport persons or property on a public highway, farm machinery and all vehicles new or used, with any power other than muscular power […]
A. A person shall not engage in the business of a sales finance company in this state without a license as provided in the Motor Vehicle Sales Finance Act; provided, however, that a state or national bank authorized to do business in this state shall not be required to obtain a license under that act […]
A. Renewal of a license originally granted under the Motor Vehicle Sales Finance Act may be denied or a license may be suspended or revoked by the director on any of the following grounds: (1) material misstatement in application for license; (2) willful failure to comply with any provision of that act relating to retail […]
A. The director has the power to make such investigations as he deems necessary and, to the extent necessary for this purpose, may examine any licensee or any other person and has the power to compel the production of all relevant books, records, accounts and documents. B. Any retail buyer having reason to believe that […]
The director shall have power to issue subpoenas to compel the attendance of witnesses and the production of documents, papers, books, records and other evidence before him in any matter over which he has jurisdiction, control or supervision pursuant to the provisions of the Motor Vehicle Sales Finance Act. The director shall have the power […]
A. A retail installment contract shall be in writing and shall be signed by both the buyer and the seller; it shall be completed as to all essential provisions prior to its signing by the buyer. B. The printed portion of the contract, other than instructions for completion, shall be in at least eight-point type. […]
ANNOTATIONS Repeals. — Laws 1981, ch. 263, § 4, repealed 58-19-8 NMSA 1978, relating to the finance charge limitation, effective July 1, 1981. Compiler’s notes. — Laws 1981, ch. 263, § 6, revived 58-19-8 NMSA 1978, effective July 1, 1983. Laws 1983, ch. 44, § 1, repealed Laws 1981, ch. 263, § 6, effective June […]
Notwithstanding the provisions of any retail installment contract to the contrary, any buyer may pay in full, at any time before maturity, the debt of any retail installment contract and in so paying such debt shall receive a refund credit thereon for such anticipation of payments. The amount of such refund shall represent at least […]
