A person who violates any provision of the Service Contract Regulation Act or an order or rule of the superintendent issued or adopted pursuant thereto may be assessed a civil penalty by the superintendent of not more than five thousand dollars ($5,000) for each act or violation, not to exceed an aggregate amount of one hundred thousand dollars ($100,000) for violations of a similar nature. For the purposes of this section, violations shall be deemed to be of a similar nature if the violations consist of the same or similar conduct, regardless of the number of times the conduct occurred.
History: Laws 2001, ch. 206, § 17.
Effective dates. — Laws 2001, ch. 206, § 20 made Laws 2001, ch. 206, § 17 effective July 1, 2002.
Structure New Mexico Statutes
Article 58 - Service Contract Regulation
Section 59A-58-1 - Short title.
Section 59A-58-2 - Definitions.
Section 59A-58-3 - Exclusions from act.
Section 59A-58-4 - Prohibition of sale of service contract unless registered.
Section 59A-58-5 - Registration requirements.
Section 59A-58-6 - Security required for registration of provider.
Section 59A-58-7 - Transactions exempt from premium tax.
Section 59A-58-8 - Transactions not subject to New Mexico Insurance Code; exceptions.
Section 59A-58-9 - Right of holder to return service contract for refund.
Section 59A-58-10 - Information required in service contract.
Section 59A-58-10.1 - Automatic renewal; notice.
Section 59A-58-11 - Receipt for and copy of service contract required.
Section 59A-58-12 - Cancellation of service contract.
Section 59A-58-13 - Business name restrictions.
Section 59A-58-15 - Records requirements.
Section 59A-58-16 - Examinations and inspection of books by superintendent.