A. Any two or more of the persons involved in or affected by a motor vehicle accident may at any time enter into a written settlement agreement for the payment of an agreed amount with respect to all claims of any of the persons because of bodily injury to or the death of any person or property damage arising from the accident, which agreement may provide for payment in installments, and may file a signed copy of the settlement agreement with the division.
B. In the event of a default in any payment under such settlement agreement and upon notice of default, the division shall take action suspending the license or registration, or both if the owner and driver are the same person, or any nonresident's operating privilege of the person in default.
C. The suspension shall remain in effect and the license or registration shall not be restored until:
(1) the person in default has paid the balance of the agreed amount; or
(2) one year has elapsed following the effective date of the suspension and evidence satisfactory to the division has been filed with it that during such period no action at law upon the settlement agreement has been instituted and is pending.
History: 1953 Comp., § 64-24-70.1, enacted by Laws 1971, ch. 59, § 2; recompiled as 1953 Comp., § 64-5-212 by Laws 1978, ch. 35, § 288; 1978 Comp., § 66-5-212, recompiled as § 66-5-210 by Laws 1983, ch. 318, § 11.
Repeals. — Laws 1983, ch. 318, § 42, repealed former 66-5-210 NMSA 1978, relating to actions in respect to unlicensed persons, effective January 1, 1984.
Cross reference. — For the Structured Settlement Protection Act, see 39-1A-1 NMSA 1978.
Structure New Mexico Statutes
Part 3 - FINANCIAL RESPONSIBILITY
Section 66-5-201 - Short title.
Section 66-5-203 - Director to administer act.
Section 66-5-204 - Administrative and court review.
Section 66-5-205.2 - Repealed.
Section 66-5-205.3 - Motor vehicle insurance policy; procedures.
Section 66-5-207 - Exempt motor vehicles.
Section 66-5-207.1 - Self-insurers.
Section 66-5-208 - Evidence of financial responsibility; amounts and conditions.
Section 66-5-209 - Meaning of "judgment".
Section 66-5-210 - Settlement agreements for payment of damages.
Section 66-5-211 - When courts to report nonpayment of judgments.
Section 66-5-213 - Exception when consent granted by judgment creditor.
Section 66-5-214 - Discharge in bankruptcy.
Section 66-5-215 - Payments sufficient to satisfy requirements.
Section 66-5-216 - Installment payment of judgments; default.
Section 66-5-217 - Action if breach of agreement.
Section 66-5-218 - Alternate methods of giving evidence.
Section 66-5-220 - Default by nonresident insurer.
Section 66-5-222 - Driver exclusion endorsement form.
Section 66-5-224 - Act not to affect other policies.
Section 66-5-225 - Bond as evidence.
Section 66-5-226 - Cash deposit as evidence.
Section 66-5-227 - Application of cash deposit.
Section 66-5-228 - Substitution of evidence.
Section 66-5-229 - Duration of evidence; when filing of evidence may be waived.
Section 66-5-230 - Surrender of license and registration.
Section 66-5-231 - Forged evidence.
Section 66-5-232 - Sampling; letter to owner.
Section 66-5-233 - Affirmation form.
Section 66-5-234 - Registration; application and renewal.
Section 66-5-235 - False affirmation; violation.
Section 66-5-236 - Suspension for nonpayment of judgment or for false affirmation.
Section 66-5-237 - Past application of act.
Section 66-5-238 - Act not to prevent other process.
Section 66-5-239 - No civil liability.
Section 66-5-240 - Recompiled.
Section 66-5-242 - Recompiled.
Section 66-5-244 - Recompiled.
Section 66-5-245 - Recompiled.
Section 66-5-247 - Recompiled.