This act [56-12-1 through 56-12-16] may be cited as the “Pawnbrokers Act.” History: Laws 1985, ch. 228, § 1. ANNOTATIONS Applicability. — The Pawnbrokers Act only applies to those pawns arising after the effective date of the act. Wing Pawn Shop v. Taxation & Rev. Dep’t, 1991-NMCA-024, 111 N.M. 735, 809 P.2d 649).
A. Every pawnbroker shall at the time of each pawn transaction deliver to the person pawning any good, a ticket signed by the pawnbroker containing the substance of the entry required to be made in his report pursuant to Section 9 [56-12-9 NMSA 1978] of the Pawnbrokers Act. B. The holder of such ticket shall […]
A. Except as otherwise specified in this section, upon default by the pledgor, the pawnbroker shall comply with the requirements of Chapter 55, Article 9 NMSA 1978 in the disposition of the pledged goods. B. If there is a conflict between a specific provision of the Pawnbrokers Act and a more general provision of Chapter […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
The purpose of the Pawnbrokers Act is to: A. prevent frauds, unfair practices, discriminations against, impositions on or abuses of the citizens of New Mexico; B. exercise the police power of the state to insure a sound system of making pawn transactions and acquiring and disposing of tangible personal property by and through pawnshops and […]
A. In addition to any occupational or other license required by the local government, every pawnbroker shall obtain a pawnbroker permit from his local government, and that permit shall be conspicuously displayed in the pawnbroker’s place of business. Said permit will expire on July 1 of each year and must be renewed by that date. […]
A. The local government shall adopt such rules and regulations as necessary for the equitable administration of the Pawnbrokers Act. B. Nothing in the Pawnbrokers Act shall be construed to prohibit a local government from enacting additional requirements governing pawnbrokers, not inconsistent with that act. History: Laws 1985, ch. 228, § 5.
No person shall engage in business as a pawnbroker without having executed and delivered a bond to his local government in the sum of five thousand dollars ($5,000). The bond shall be in a form approved by the local government and shall be conditioned upon the conduct of the pawnbroker’s business according to the provisions […]
A. Each application for an original or a renewal permit shall be submitted in writing to the local government and contain such information as is required by the local government and be accompanied by the applicable permit fee amount. B. Each application shall be accompanied by the name, social security number or individual taxpayer identification […]
A. The local government authority may institute proceedings for the suspension or revocation of any permit issued pursuant to the Pawnbrokers Act upon the filing of a written complaint by the local law enforcement agency, the designated representative of that local law enforcement agency or the attorney general, charging the permit holder or an employee […]
A. Every pawnbroker shall each day accurately complete a report of all used property of every kind received or purchased in a pawn transaction during the preceding business day on a form approved by the local law enforcement agency. Either a driver’s license or other photo identification card shall be required of each person entering […]
