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Article 1 - Retail Installment Sales
Section 56-1-1 - Definitions. - As used in Chapter 56, Article 1 NMSA 1978, unless...
Section 56-1-2 - Retail installment contracts; consolidation; first bought, first paid. - A. Each retail installment contract shall be in writing, dated,...
Section 56-1-2.1 - Repealed. - Repeals. — Laws 1981, ch. 263, § 4, repealed 56-1-2.1...
Section 56-1-3 - Retail charge agreements. - A. Each retail charge agreement shall be in writing and...
Section 56-1-3.1 - Repealed. - Repeals. — Laws 1981, ch. 263, § 4, repealed 56-1-3.1...
Section 56-1-4 - Insurance. - If the cost of insurance is included in the retail...
Section 56-1-5 - Prohibited provisions. - No retail installment contract or retail charge agreement shall contain...
Section 56-1-6 - Assignment. - Notwithstanding the provisions of any other law: A. an assignee...
Section 56-1-7 - [Waiver.] - No act or agreement of the retail buyer before or...
Section 56-1-8 - Penalty for violation of act. - Any person who wilfully [willfully] and intentionally violates any provision...
Section 56-1-9 - Violation; bar to recovery. - Any seller who enters into any contract or agreement which...
Section 56-1-10 - Injunction to prevent violation. - The attorney general of the state of New Mexico or...
Section 56-1-11 - Consent to discontinuance. - In the enforcement of this act [56-1-1 to 56-1-13 NMSA...
Section 56-1-12 - Violation of injunction; penalty. - Any person who violates any order or injunction issued pursuant...
Section 56-1-13 - Contracts executed prior to act. - The provisions of this act [56-1-1 to 56-1-13 NMSA 1978]...
Section 56-1-14 - Open-end retail charge agreements; application of payments; prohibition against repossession of merchandise under agreement when paid for. - A. Payments made on retail charges agreements, open-end contracts or...
Section 56-1-15 - Creditor compliance with federal regulations deemed compliance with this act. - Any creditor engaging in transactions subject to the provisions of...
Section 56-1-16 - Variable rates. - A retail installment contract for the purchase of a mobile...
Article 2 - Debt Adjusters
Section 56-2-1 - Definitions. - As used in this act [56-2-1 to 56-2-4 NMSA 1978]:...
Section 56-2-2 - Prohibition; penalty. - Any person who shall hereafter act or offer to act...
Section 56-2-3 - Injunction. - Courts of record shall have power, in an action brought...
Section 56-2-4 - Exemptions. - The following persons shall not be deemed debt adjusters for...
Article 3 - Credit Bureaus
Section 56-3-1 - Definitions. - As used in this act [56-3-1 to 56-3-6 NMSA 1978]:...
Section 56-3-2 - Availability of information to the public; liability. - A. Any credit bureau conducting business in the state shall...
Section 56-3-3 - Information to non credit-granting governmental agencies. - A. A credit bureau may supply identifying information such as...
Section 56-3-4 - Information to businesses, professions and individuals. - A. In dealing with businesses, professions and individuals, a credit...
Section 56-3-5 - Personnel reporting; safeguards. - A credit bureau which furnishes personnel-reporting service shall adopt rigid...
Section 56-3-6 - Report information; limitations. - A. A credit bureau may report the following matters for...
Section 56-3-7 - Civil liability for noncompliance. - A. Any credit bureau or user of information that willfully...
Section 56-3-8 - Penalty. - It is a fourth-degree felony for: A. any person to...
Article 3A - Credit Report Security Act
Section 56-3A-1 - Short title. - Chapter 56, Article 3A NMSA 1978 may be cited as...
Section 56-3A-2 - Definitions. - As used in the Fair Credit Reporting and Identity Security...
Section 56-3A-3 - Security freeze. - A. A consumer may elect to place a security freeze...
Section 56-3A-3.1 - Declaration of removal; procedures. - A. A consumer may file a declaration of removal with...
Section 56-3A-4 - Notice of rights. - At any time that a consumer reporting agency is required...
Section 56-3A-5 - Violations; civil liability. - If a consumer reporting agency violates the provisions of the...
Section 56-3A-6 - Severability. - If any part or application of the Fair Credit Reporting...
Article 4 - Credit Cards
Section 56-4-1 - Short title. - This act [56-4-1 to 56-4-4 NMSA 1978] may be cited...
Section 56-4-2 - Definitions. - As used in the Credit Card Act: A. "adequate notice"...
Section 56-4-3 - Issuance of credit cards. - No credit card shall be issued except in response to...
Section 56-4-3.1 - Prohibited disclosure of credit card number. - A person who accepts a credit card from a cardholder...
Section 56-4-4 - Liability of cardholder. - A. A cardholder is liable for the unauthorized use of...
Article 5 - Miscellaneous Provisions Relating to Commercial Instruments
Section 56-5-1 - Assignability; rights of assignee. - Except as provided in the Uniform Commercial Code [Chapter 55...
Section 56-5-2 - Assignment without recourse. - Except as provided in the Uniform Commercial Code [Chapter 55,...
Section 56-5-3 - Contracts not specifying time of performance; demand necessary. - Except as provided in the Uniform Commercial Code [Chapter 55,...
Section 56-5-4 - [False certificate as to protest by notary public; penalty.] - Any notary public, who shall willfully issue a false certificate...
Section 56-5-5 - [Bills of exchange; nonacceptance or nonpayment; damages and interest recoverable.] - The rate of damage to be allowed and paid upon...
Article 6 - Warehousing of Agricultural Products
Section 56-6-1 - Definitions. - As used in Sections 56-6-1 through 56-6-11 New Mexico Statutes...
Section 56-6-2 - [License to store agricultural products; issuance upon application; contents; fee.] - No warehouseman shall issue negotiable warehouse receipts for agricultural products...
Section 56-6-3 - [Bond; filing; approval; conditions; effect of termination.] - No warehouseman shall issue negotiable warehouse receipts until he has...
Section 56-6-4 - [Numbering of licenses; display.] - The county clerk shall number the licenses, issued under this...
Section 56-6-5 - [Insurance required.] - Each warehouseman shall be required to carry one hundred percent...
Section 56-6-6 - [Action for breach of obligation secured by bond.] - Any person injured by the breach of any obligation to...
Section 56-6-7 - [Revocation of license; procedure.] - The license gives the applicant authority to conduct the business...
Section 56-6-8 - [Negotiable receipts to bear endorsement regarding insurance.] - The negotiable receipts issued by any warehouseman under Sections 56-6-1...
Section 56-6-9 - [Issuance of receipts without complying with act; penalty.] - Any warehouseman, or any officer, agent or servant of a...
Section 56-6-10 - [Exemption of farmer's marketing associations.] - The provisions of this act [56-6-1 to 56-6-11 NMSA 1978]...
Section 56-6-11 - [Exemption of warehouseman operating under federal act, or under $5,000 bond; exception.] - No provision of this act [56-6-1 to 56-6-11 NMSA 1978]...
Article 7 - Indemnity Agreements
Section 56-7-1 - Real property; indemnity agreements; agreements void. - A. A provision in a construction contract that requires one...
Section 56-7-2 - Oil, gas or water wells and mineral mines; agreements, covenants and promises to indemnify void. - A. An agreement, covenant or promise, foreign or domestic, contained...
Section 56-7-3 - Commercial instruments and transaction. - A. A provision of a lease or rental contract for...
Article 8 - Money, Interest and Usury
Section 56-8-1 - [Lawful money; definition; application.] - The money of account of this state shall be the...
Section 56-8-2 - [Denominations to be reduced to lawful basis in actions.] - The above section [56-8-1 NMSA 1978] shall not in any...
Section 56-8-3 - Interest rate; no written contract. - The rate of interest, in the absence of a written...
Section 56-8-4 - Judgments and decrees; basis of computing interest. - A. Interest shall be allowed on judgments and decrees for...
Section 56-8-5 - Interest; open accounts. - In current or open accounts there shall not be collected...
Section 56-8-6 - Grain purchase contracts; disclosure regarding act of God clause. - If a written contract for the purchase of grain does...
Section 56-8-7 - Procuring loans; rate of commission; exceptions. - For negotiating or securing any loan, no person, association of...
Section 56-8-8 - [Excessive commission for procuring loan; penalty.] - That any person, association of persons or corporation violating the...
Section 56-8-9 - Excessive charges prohibited; applicability of maximum rates; definition. - A. Unless otherwise provided by law, no person, corporation or...
Section 56-8-10 - Farm, ranch and agriculture loans. - The provisions of Subsections C, D and E of Section...
Section 56-8-11 - Repealed. - Repeals. — Laws 1981, ch. 263, § 4, repealed 56-8-11...
Section 56-8-11.1 - Repealed. - History: Laws 1981, ch. 263, § 1; repealed by Laws...
Section 56-8-11.2 - Repealed. - History: Laws 1981, ch. 263, § 2; 1990, ch. 69,...
Section 56-8-11.3 - Repealed. - History: Laws 1981, ch. 263, § 3; repealed by Laws...
Section 56-8-11.4 - Repealed. - Repeals. — Laws 1983, ch. 44, § 1, repealed 56-8-11.4...
Section 56-8-12 - Loans by agent; liability of principal. - The acts and dealings of an agent in loaning money...
Section 56-8-13 - Penalties and forfeitures. - The taking, receiving, reserving or charging of a rate of...
Section 56-8-14 - Criminal penalty. - Any person, corporation or association who shall violate the provisions...
Section 56-8-15 to 56-8-20 - Repealed. - Repeals. — Laws 1985, ch. 228, § 17 repealed 56-8-15...
Section 56-8-21 - Usury; corporations and limited partnerships. - A. No corporation shall plead, enforce a remedy, counterclaim, set...
Section 56-8-22 - Short title. - Sections 1 through 9 [56-8-22 to 56-8-30 NMSA 1978] of...
Section 56-8-23 - Purpose of act. - The purpose of the Residential Home Loan Act is to...
Section 56-8-24 - Definitions. - As used in the Residential Home Loan Act: A. "residence"...
Section 56-8-25 to 56-8-28 - Repealed. - Repeals. — Laws 1981, ch. 263, § 4, repealed 56-8-25...
Section 56-8-29 - Civil penalty for violation of act. - Any person that knowingly receives or charges a rate of...
Section 56-8-30 - No prepayment penalty on home loans. - No provision in a home loan or a loan for...
Article 9 - Transfers to Prefer Creditors - Voluntary Assignments
Section 56-9-1 - [Transfers to prefer creditors; effect; exception of mortgage in good faith.] - Every sale, mortgage or assignment made by debtors, and every...
Section 56-9-2 - [Interested persons may file suit.] - All such transfers as are herein declared to inure to...
Section 56-9-3 - [Parties; order for creditors to appear; publication of notice.] - Any number of persons interested may unite as complainants in...
Section 56-9-4 - [Surrender of property to receiver.] - The court or judge may at any time, pending the...
Section 56-9-5 - [Distribution of assets; final judgment; appeal.] - The court may make distribution of the assets on hand...
Section 56-9-6 - [Writ of ne exeat or attachment.] - The court or judge may grant against such debtor a...
Section 56-9-7 - [Claims of creditors; verification.] - The claims of creditors shall be verified by the oath...
Section 56-9-8 - [Voluntary assignment; assignment not operative until execution of bond; action on bond.] - In case of any voluntary assignment for the benefit of...
Section 56-9-9 - [Failure of assignee to settle estate; suit to compel settlement.] - In case of any voluntary assignment, referred to in Section...
Section 56-9-10 - [Voluntary assignments; acknowledgment and recording.] - That every voluntary assignment of lands, tenements, goods, chattels, effects...
Section 56-9-11 - [Inventory by assignee.] - It shall be the duty of the assignee, within ten...
Section 56-9-12 - [Inventory to be accompanied by affidavit.] - The inventory shall be accompanied with an affidavit by the...
Section 56-9-13 - [Appraisement.] - It shall be the duty of the district court, or...
Section 56-9-14 - [Oath of appraisers.] - The appraisers, having first taken an oath or affirmation before...
Section 56-9-15 - [Filing of appraisement and oath.] - The appraisers shall file the appraisement and their oath of...
Section 56-9-16 - [Compensation of appraisers.] - The appraisers shall receive four dollars [($4.00)] per day for...
Section 56-9-17 - [Additional property; appraisement.] - If, after making the first inventory, any other property, effects...
Section 56-9-18 - [Statement of assignee; bond.] - The assignee, his agent or attorney, at the time of...
Section 56-9-19 - [Conditions of bond.] - The bond shall be taken in the name of the...
Section 56-9-20 - [Recording of bond; filing copies of bond and other papers with county clerk.] - The bond shall be filed in the office of the...
Section 56-9-21 - [Approval or rejection of bonds taken in vacation.] - The district court or judge shall approve or reject the...
Section 56-9-22 - [Failure to give additional bond; revocation of authority.] - If the bond be rejected the district court or judge...
Section 56-9-23 - [Old bond is valid until new bond approved.] - Such bond shall be valid until such new bond be...
Section 56-9-24 - [Suit on bond.] - Any person, injured by a breach of the condition of...
Section 56-9-25 - [Statement of accounts; time of making; dismissal for failure to make.] - Every assignee shall exhibit on oath a statement of the...
Section 56-9-26 - [Notice of filing accounts.] - The court or judge thereof shall, by such order as...
Section 56-9-27 - [Advertising paid by assignee; credit.] - The expense of advertising shall be paid by the assignee...
Section 56-9-28 - [Adjustment and allowance of demands.] - The assignee shall appoint a day, within three months after...
Section 56-9-29 - [Notice of adjusting and allowing demands; publication; procedure; claims not presented.] - The assignee shall give notice of the time and place...
Section 56-9-30 - [Assignee may administer oaths to witnesses.] - The assignee shall have power to administer all necessary oaths...
Section 56-9-31 - [Rejection of claims.] - Should the assignee reject any claim or demand against the...
Section 56-9-32 - [Rejected claim; right to bring action; limitation.] - If, within thirty days after the same is rejected, the...
Section 56-9-33 - [Judgments in favor of claimant certified to assignee.] - All judgments rendered in favor of any claimant in the...
Section 56-9-34 - [Claims of assignee; presentation to court; temporary assignee; allowance or rejection of claim.] - If the assignee shall have a demand against the assignor...
Section 56-9-35 - [Failure of assignee to file inventory or give bond; citation to show cause.] - Whenever it shall be made to appear to the court...
Section 56-9-36 - [Dismissal of assignee.] - On the return of the citation, the court, or judge...
Section 56-9-37 - [Insolvency or removal of security on bond.] - The like proceedings as are prescribed in the last two...
Section 56-9-38 - [Appointment of new assignee.] - The court, or judge thereof, shall have power to appoint...
Section 56-9-39 - [Dismissal of assignee; delivery of papers, moneys and effects.] - When any assignee shall be dismissed from his trust, the...
Section 56-9-40 - [Sale of property; order of court; bond of assignee.] - The district court, or the judge thereof in vacation, shall...
Section 56-9-41 - [Time for payment of claims; notice; refusal to pay; penalty; dismissal.] - As soon as practicable and not exceeding thirty days after...
Section 56-9-42 - [Assignee to give information as to condition of estate.] - Every assignee, upon the reasonable request of any person entitled...
Section 56-9-43 - [Petition for relief against assignee; citation; procedure.] - Upon petition in behalf of any such person to the...
Section 56-9-44 - [Exempt property not included in assignment.] - All property, both real and personal, exempt from execution under...
Section 56-9-45 - [Prior liens not affected.] - That nothing herein contained shall be so construed as to...
Section 56-9-46 - [Attachment not to issue after assignment.] - No process by attachment shall issue on behalf of any...
Section 56-9-47 - [Preferences inure to benefit of all creditors alike.] - Should any preference be made in favor of any creditor,...
Section 56-9-48 - [Discharge; application by assignee; notice; contents of petition.] - When any assignee becomes satisfied that it is no longer...
Section 56-9-49 - [Hearing and determination of application for discharge.] - If no person interested shall, within one week after filing...
Section 56-9-50 - [Appeals from final judgment.] - Appeals may be taken from the final judgment of the...
Section 56-9-51 - [Bad or doubtful debts; sale or compromise; release of rights; report; notice; objections.] - Whenever it may appear to the best interest of the...
Section 56-9-52 - [Compensation of assignee and counsel.] - The fees and commissions to which the assignee may be...
Section 56-9-53 - [Compensation of assignee as counsel.] - In case the assignee should be an attorney-at-law, in active...
Section 56-9-54 - [Permission to assign moneys due from state or subdivision; procedure and limitations.] - Assignments of moneys due or to become due from the...
Section 56-9-55 - [Written notices of assignment required.] - In the event of such assignment, the assignee thereof shall...
Article 10 - Uniform Voidable Transactions
Section 56-10-1 to 56-10-13 - Repealed. - Repeals. — Laws 1989, ch. 382, § 13 repealed 56-10-1...
Section 56-10-14 - Short title. - Sections 56-10-14 through 56-10-29 NMSA 1978 may be cited as...
Section 56-10-15 - Definitions. - As used in the Uniform Voidable Transactions Act: A. "affiliate"...
Section 56-10-16 - Insolvency. - A. A debtor is insolvent if, at a fair valuation,...
Section 56-10-17 - Value. - A. Value is given for a transfer or an obligation...
Section 56-10-18 - Transfer or obligation voidable as to present or future creditor. - A. A transfer made or obligation incurred by a debtor...
Section 56-10-19 - Transfer or obligation voidable as to present creditor. - A. A transfer made or obligation incurred by a debtor...
Section 56-10-20 - When transfer is made or obligation is incurred. - For the purposes of the Uniform Voidable Transactions Act: A....
Section 56-10-21 - Remedies of creditor. - A. In an action for relief against a transfer or...
Section 56-10-22 - Defenses, liability and protection of transferee or obligee. - A. A transfer or obligation is not voidable under Paragraph...
Section 56-10-23 - Extinguishment of cause of action. - A cause of action with respect to a transfer or...
Section 56-10-24 - Governing law. - A. In this section, in determining a debtor's location, a...
Section 56-10-25 - Application to series organization. - A. As used in this section: (1) "protected series" means...
Section 56-10-26 - Supplementary provisions. - A. Unless displaced by the provisions of the Uniform Voidable...
Section 56-10-27 - Uniformity of application and construction. - The Uniform Voidable Transactions Act shall be applied and construed...
Section 56-10-28 - Relation to Electronic Signatures in Global and National Commerce Act. - The Uniform Voidable Transactions Act modifies, limits or supersedes the...
Section 56-10-29 - Applicability. - A. The provisions of the Uniform Voidable Transactions Act: (1)...
Article 11 - Artists' Consignment
Section 56-11-1 - Short title. - Sections 1 through 3 [56-11-1 to 56-11-3 NMSA 1978] of...
Section 56-11-2 - Definitions. - As used in the Artists' Consignment Act: A. "art" means...
Section 56-11-3 - Art consignment; priority of claims, liens or security interests. - A work of art delivered to an art dealer by...
Article 12 - Pawnbrokers
Section 56-12-1 - Short title. - This act [56-12-1 through 56-12-16] may be cited as the...
Section 56-12-2 - Definitions. - As used in the Pawnbrokers Act: A. "pawnbroker" means a...
Section 56-12-3 - Purpose. - The purpose of the Pawnbrokers Act is to: A. prevent...
Section 56-12-4 - Permits required; inspection fee; penalty. - A. In addition to any occupational or other license required...
Section 56-12-5 - Administration; applicability of other laws. - A. The local government shall adopt such rules and regulations...
Section 56-12-6 - Pawnbroker; bond required. - No person shall engage in business as a pawnbroker without...
Section 56-12-7 - Application for permit; requirements. - A. Each application for an original or a renewal permit...
Section 56-12-8 - Suspension or revocation of permit; notice; hearing. - A. The local government authority may institute proceedings for the...
Section 56-12-9 - Pawnbroker reports; records; delivery; violations. - A. Every pawnbroker shall each day accurately complete a report...
Section 56-12-10 - Pawn ticket. - A. Every pawnbroker shall at the time of each pawn...
Section 56-12-11 - Default; disposition of pledged property. - A. Except as otherwise specified in this section, upon default...
Section 56-12-12 - Record of disposition of pledged property. - Every pawnbroker shall keep a permanent record, fully itemized, of...
Section 56-12-13 - Pawn service charge. - A. For the first thirty-day period of the pawn transaction,...
Section 56-12-14 - Prohibited practices. - A pawnbroker shall not: A. knowingly enter into a pawn...
Section 56-12-15 - General penalties. - Any permitholder who is found guilty of a violation of...
Section 56-12-16 - Forfeiture. - The violation of any provision of the Pawnbrokers Act in...
Article 13 - Farm Products Secured Interests
Section 56-13-1 - Short title. - Sections 1 through 14 [56-13-1 to 56-13-14 NMSA 1978] of...
Section 56-13-2 - Legislative purpose. - It is the intent of the legislature to adopt a...
Section 56-13-3 - Definitions. - As used in the Farm Products Secured Interest Act: A....
Section 56-13-4 - Implementation of central filing system. - The secretary of state shall design and implement a central...
Section 56-13-5 - Certification of system. - The secretary of state shall apply to the secretary of...
Section 56-13-6 - Filing. - A. The fee for filing and indexing and for stamping...
Section 56-13-7 - Continuation statement. - A continuation statement may be filed by the secured party...
Section 56-13-8 - Lapse or waiver. - A. Whenever there is no outstanding secured obligation and no...
Section 56-13-9 - Oral and written inquiries. - A. Oral and written inquiries regarding information provided by the...
Section 56-13-10 - Seller disclosure. - In order to verify the existence or the nonexistence of...
Section 56-13-11 - Adoption of rules and regulations. - The secretary of state shall adopt and promulgate rules and...
Section 56-13-12 - Receipt of notice. - For purposes of Section 1324 of the Food Security Act...
Section 56-13-13 - Rights of buyer in the ordinary course of business. - A. A buyer in the ordinary course of business, in...
Section 56-13-14 - Liability of secretary of state waived. - The secretary of state shall not be liable to any...
Article 14 - Worthless Checks
Section 56-14-1 - Civil action; damages. - A. In any civil action against a person for drawing...
Article 15 - Uniform Assignment of Rents
Section 56-15-1 - Short title. - This act [56-15-1 to 56-19-19 NMSA 1978] may be cited...
Section 56-15-2 - Definitions. - As used in the Uniform Assignment of Rents Act: A....
Section 56-15-3 - Manner of giving notification. - A. Except as otherwise provided in Subsections C and D...
Section 56-15-4 - Security instrument creates assignment of rents; assignment of rents creates security interest. - A. An enforceable security instrument creates an assignment of rents...
Section 56-15-5 - Recordation; perfection of security interest in rents; priority of conflicting interests in rents. - A. A document creating an assignment of rents may be...
Section 56-15-6 - Enforcement of security interest in rents. - A. An assignee may enforce an assignment of rents using...
Section 56-15-7 - Enforcement by appointment of receiver. - A. An assignee is entitled to the appointment of a...
Section 56-15-8 - Enforcement by notification to assignor. - A. Upon the assignor's default, or as otherwise agreed by...
Section 56-15-9 - Enforcement by notification to tenant. - A. Upon the assignor's default, or as otherwise agreed by...
Section 56-15-10 - Notification to tenant; form. - No particular phrasing is required for the notification specified in...
Section 56-15-11 - Effect of enforcement. - The enforcement of an assignment of rents by one or...
Section 56-15-12 - Application of proceeds. - Unless otherwise agreed, an assignee that collects rents pursuant to...
Section 56-15-13 - Application of proceeds to expenses of protecting real property; claims and defenses of tenant. - A. Unless otherwise agreed by the assignee, and subject to...
Section 56-15-14 - Turnover of rents; commingling and identifiability of rents; liability of assignor. - A. As used in this section, "good faith" means honesty...
Section 56-15-15 - Perfection and priority of assignee's security interest in proceeds. - A. As used in this section: (1) "Article 9" means...
Section 56-15-16 - Priority subject to subordination. - The Uniform Assignment of Rents Act does not preclude subordination...
Section 56-15-17 - Uniformity of application and construction. - In applying and construing the Uniform Assignment of Rents Act,...
Section 56-15-18 - Relation to Federal Electronic Signatures in Global and National Commerce Act. - The Uniform Assignment of Rents Act modifies, limits and supersedes...
Section 56-15-19 - Application to existing relationships. - A. Except as otherwise provided in this section, the Uniform...