New Mexico Statutes
Article 1 - Retail Installment Sales
Section 56-1-5 - Prohibited provisions.

No retail installment contract or retail charge agreement shall contain any provision by which:
A. in the absence of the buyer's default in the performance of any of his obligations, the holder may accelerate the maturity of any part or all of the amount owing thereunder;
B. a power of attorney is given to confess judgment in this state, or an assignment of wages is given;
C. the seller or holder or other person acting on his behalf is given authority to enter upon the buyer's premises unlawfully or to commit any breach of the peace in the repossession of goods;
D. the buyer waives any right of action against the seller or holder or other person acting on his behalf, for any illegal act committed in the collection of payments under the contract or agreement or in the repossession of goods;
E. the buyer executes a power of attorney appointing the seller or holder or other person acting on his behalf, as the buyer's agent in collection of payments under the contract or agreement or in the repossession of goods; or
F. the buyer agrees not to assert against the seller or against an assignee a claim or defense arising out of the sale.
History: 1953 Comp., § 50-16-5, enacted by Laws 1965, ch. 258, § 5.
Cross references. — For definition of cognovit notes, see 39-1-18 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 67 Am. Jur. 2d Sales § 629.
77A C.J.S. Sales § 1 et seq.

Structure New Mexico Statutes