A provider shall not issue, sell or offer for sale service contracts in this state unless the provider has been registered with the superintendent pursuant to the provisions of the Service Contract Regulation Act. However, an administrator or seller of a service contract is not required to be registered. The provisions of this section shall not apply to major manufacturing companies' service contracts.
History: Laws 2001, ch. 206, § 4; 2017, ch. 125, § 3.
The 2017 amendment, effective June 16, 2017, excluded administrators and sellers of service contracts from the registration requirement; and added "However, an administrator or seller of a service contract is not required to be registered."
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.