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 any covered transaction, the person by whom it has been paid, or has [his] legal representative, may recover back by civil action triple the amount of service charge paid. Any civil action under this section shall be commenced within two years from the date the usurious transaction was consummated.
History: Laws 1985, ch. 228, § 16.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Structure New Mexico Statutes
Chapter 56 - Commercial Instruments and Transactions
Section 56-12-1 - Short title.
Section 56-12-2 - Definitions.
Section 56-12-4 - Permits required; inspection fee; penalty.
Section 56-12-5 - Administration; applicability of other laws.
Section 56-12-6 - Pawnbroker; bond required.
Section 56-12-7 - Application for permit; requirements.
Section 56-12-8 - Suspension or revocation of permit; notice; hearing.
Section 56-12-9 - Pawnbroker reports; records; delivery; violations.
Section 56-12-10 - Pawn ticket.
Section 56-12-11 - Default; disposition of pledged property.
Section 56-12-12 - Record of disposition of pledged property.
Section 56-12-13 - Pawn service charge.
Section 56-12-14 - Prohibited practices.