Chapter 59A, Article 58 NMSA 1978 may be cited as the “Service Contract Regulation Act”. History: Laws 2001, ch. 206, § 1; 2017, ch. 125, § 1. ANNOTATIONS The 2017 amendment, effective June 16, 2017, changed “Sections 1 through 19 of this act” to “Chapter 59A, Article 58 NMSA 1978”.
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 […]
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 […]
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, […]
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 […]
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 […]
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.
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 […]
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 […]
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 […]
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.
As used in the Service Contract Regulation Act: A. “administrator” means a person who is responsible for administering a service contract that is issued, sold or offered for sale by a provider or sold by a seller; B. “automatic renewal provision” means a provision within a service contract that acts to automatically renew the service […]
The provisions of the Service Contract Regulation Act do not apply to: A. a warranty; B. a maintenance agreement; C. a service contract provided by a public utility on its transmission device if the service contract is regulated by the public regulation commission; D. a service contract sold or offered for sale to a person […]
A provider shall not issue, sell or offer for sale service contracts in this state unless the provider has been registered with the superintendent pursuant to the provisions of the Service Contract Regulation Act. However, an administrator or seller of a service contract is not required to be registered. The provisions of this section shall […]
A. A provider who wishes to issue, sell or offer for sale service contracts in this state must submit to the superintendent: (1) a registration application on a form prescribed by the superintendent; (2) proof that the provider has complied with the requirements for security pursuant to Section 59A-58-6 NMSA 1978; (3) the name, address […]
A. To ensure the faithful performance of a provider’s obligations to the provider’s service contract holders, a provider shall comply with the requirements of one of the following: (1) maintain a deposit with the superintendent as provided in this paragraph: (a) a provider of a service contract shall deposit fifty thousand dollars ($50,000) unless the […]
The premium tax imposed pursuant to Chapter 59A, Article 6 NMSA 1978 does not apply to any business transacted pursuant to the provisions of the Service Contract Regulation Act. History: Laws 2001, ch. 206, § 7. ANNOTATIONS Cross references. — For exemption of the Service Contract Regulation Act, see 59A-58-7 NMSA 1978. Effective dates. — […]
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. […]
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 […]
