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.
Section 59A-58-15 – Records requirements.
A. A provider shall maintain records of the transactions governed by the Service Contract Regulation Act. The records of a provider shall include: (1) a copy of each type of service contract that the provider issues, sells or offers for sale; (2) the name and address of each holder who possesses a service contract under […]
Section 59A-58-16 – Examinations and inspection of books by superintendent.
A. The superintendent may conduct examinations to enforce the provisions of the Service Contract Regulation Act pursuant to Chapter 59A, Article 4 NMSA 1978 at such times as he deems necessary. B. A provider shall, upon the request of the superintendent, make available to the superintendent for inspection any accounts, books and records concerning any […]
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 […]