Section 59A-58-17 – Civil penalty for violation.
A person who violates any provision of the Service Contract Regulation Act or an order or rule of the superintendent issued or adopted pursuant thereto may be assessed a civil penalty by the superintendent of not more than five thousand dollars ($5,000) for each act or violation, not to exceed an aggregate amount of one […]
Section 59A-58-18 – Rulemaking.
The superintendent may adopt rules necessary to carry out the provisions of the Service Contract Regulation Act. History: Laws 2001, ch. 206, § 18. ANNOTATIONS Effective dates. — Laws 2001, ch. 206, § 20 made Laws 2001, ch. 206, § 18 effective July 1, 2002.
Section 59A-58-8 – Transactions not subject to New Mexico Insurance Code; exceptions.
A. Except as otherwise provided in the Service Contract Regulation Act, the marketing, issuance, sale, offering for sale, making, proposing to make and administration of service contracts are not subject to the provisions of the New Mexico Insurance Code [Chapter 59A NMSA 1978], except, when applicable, the provisions of Chapter 59A, Article 16 NMSA 1978. […]
Section 59A-58-9 – Right of holder to return service contract for refund.
A. A service contract is void and a provider shall refund to the holder the purchase price of the service contract if the holder has not made a claim under the service contract and the holder returns the service contract to the provider: (1) within twenty days after the date the provider mails a copy […]
Section 59A-58-10 – Information required in service contract.
A. A service contract shall: (1) be written in language that is understandable and printed in a typeface that is easy to read; (2) include the amount, if applicable, of any deductible that the holder is required to pay; (3) include the name, address and telephone number of the provider and, if applicable: (a) the […]
Section 59A-58-10.1 – Automatic renewal; notice.
A. A provider shall not include an automatic renewal provision within a service contract offered in this state unless the provider discloses the terms of the automatic renewal provision in a clear and conspicuous manner, or in the case of an offer conveyed by voice, in temporal proximity, to the request for consent to the […]
Section 59A-58-11 – Receipt for and copy of service contract required.
A. A provider shall provide a receipt for, or other written evidence of, the purchase of a service contract. B. The provider shall furnish a copy of the service contract to the holder within a reasonable time after the contract is purchased. History: Laws 2001, ch. 206, § 11. ANNOTATIONS Effective dates. — Laws 2001, […]
Section 59A-58-12 – Cancellation of service contract.
A. No service contract that has been in effect for at least seventy days may be canceled by the provider before the expiration of the agreed term or one year after the effective date of the service contract, whichever occurs first, except on any of the following grounds: (1) failure by the holder to pay […]
Section 59A-58-13 – Business name restrictions.
A. Except as otherwise provided in this section, a provider shall not include in the name of his business: (1) the words “insurance”, “casualty”, “surety”, “mutual” or any other word or term that implies that he is engaged in the business of transacting insurance or is a surety company; or (2) a name that is […]
Section 59A-58-14 – Prohibition of requiring purchase of service contract as a condition of loan approval or purchase of property.
No person may require the purchase of a service contract as a condition for the approval of a loan or the purchasing of property. History: Laws 2001, ch. 206, § 14. ANNOTATIONS Effective dates. — Laws 2001, ch. 206, § 20 made Laws 2001, ch. 206, § 14 effective July 1, 2002.