Any seller who enters into any contract or agreement which does not comply with the provisions of this act [56-1-1 to 56-1-13 NMSA 1978] or who violates any provision of this act except as a result of an accidental or bona fide error shall be barred from the recovery of any time price differential, official fees, or any delinquency or collection charge under or in connection with the related retail installment contract or purchases under a retail charge agreement; but the seller may nevertheless recover from the buyer an amount equal to the cash price of the goods or services and the cost to the seller of any insurance included in the transaction.
History: 1953 Comp., § 50-16-9, enacted by Laws 1965, ch. 258, § 9.
Structure New Mexico Statutes
Chapter 56 - Commercial Instruments and Transactions
Article 1 - Retail Installment Sales
Section 56-1-2 - Retail installment contracts; consolidation; first bought, first paid.
Section 56-1-3 - Retail charge agreements.
Section 56-1-5 - Prohibited provisions.
Section 56-1-8 - Penalty for violation of act.
Section 56-1-9 - Violation; bar to recovery.
Section 56-1-10 - Injunction to prevent violation.
Section 56-1-11 - Consent to discontinuance.
Section 56-1-12 - Violation of injunction; penalty.
Section 56-1-13 - Contracts executed prior to act.
Section 56-1-15 - Creditor compliance with federal regulations deemed compliance with this act.