Any transaction in the form of a loan, other than a retail installment contract, is not subject to the provisions of the Motor Vehicle Sales Finance Act, even though all or a portion of the proceeds of such transaction in the form of a loan are applied to the unpaid balance of a retail installment contract.
History: 1978 Comp., § 58-19-10.1, enacted by Laws 1981, ch. 182, § 1.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 19 - Motor Vehicle Sales Finance
Section 58-19-1 - Short title.
Section 58-19-2 - Definitions.
Section 58-19-4 - Suspension or revocation of licenses; renewal license denied; appeals.
Section 58-19-5 - Investigations; complaints; examinations; fees.
Section 58-19-6 - Powers of director.
Section 58-19-7 - Retail installment contracts; requirements; prohibitions.
Section 58-19-9 - Credit upon anticipation of payments.
Section 58-19-10 - Refinancing retail installment contract.
Section 58-19-10.1 - Loan to refinance motor vehicle sale.
Section 58-19-13 - Creditor compliance with federal regulation deemed compliance with this act.