A. Except as otherwise provided in the Service Contract Regulation Act, the marketing, issuance, sale, offering for sale, making, proposing to make and administration of service contracts are not subject to the provisions of the New Mexico Insurance Code [Chapter 59A NMSA 1978], except, when applicable, the provisions of Chapter 59A, Article 16 NMSA 1978.
B. A provider, person who sells service contracts, administrator or any other person is not required to obtain a certificate of authority or license from the superintendent to issue, sell, offer for sale or administer service contracts.
History: Laws 2001, ch. 206, § 8.
Effective dates. — Laws 2001, ch. 206, § 20 made Laws 2001, ch. 206, § 8 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.