reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 55 - Uniform Commercial Code › Article 12A - Transitional Provisions for Uniform Commercial Code Amendments (2022) › Part 1 - GENERAL PROVISIONS AND DEFINITIONS › Section 55-12A-101 - Short title. (Effective January 1, 2024.)

Chapter 55, Article 12A NMSA 1978 may be cited as "Transitional Provisions for Uniform Commercial Code Amendments (2022)".
History:
1978 Comp., § 55-12A-101, enacted by Laws 2023, ch. 142, § 103.
ANNOTATIONS
Effective dates.
— Laws 2023, ch. 142, § 112 made Laws 2023, ch. 142, § 103 effective January 1, 2024.
2023 New Mexico Statutes › Chapter 55 - Uniform Commercial Code › Article 12A - Transitional Provisions for Uniform Commercial Code Amendments (2022) › Part 1 - GENERAL PROVISIONS AND DEFINITIONS › Section 55-12A-102 - Definitions. (Effective January 1, 2024.)

(a) As used in Chapter 55, Article 12A NMSA 1978:
(1) "adjustment date" means July 1, 2025;
(2) "Article 12" means Article 12 of the Uniform Commercial Code; and
(3) "Article 12 property" means a controllable account, controllable electronic record or controllable payment intangible.
(b) The following definitions in other articles of the Uniform Commercial Code apply to this article:
(1) "controllable account", as provided in Section 55-9-102 NMSA 1978;
(2) "controllable electronic record", as provided in Section 55-12-102 NMSA 1978;
(3) "controllable payment intangible", as provided in Section 55-9-102 NMSA 1978;
(4) "electronic money", as provided in Section 55-9-102 NMSA 1978; and
(5) "financing statement", as provided in Section 55-9-102 NMSA 1978.
(c) Article 1 of the Uniform Commercial Code contains general definitions and principles of construction and interpretation applicable throughout this article.
History:
1978 Comp., § 55-12A-102, enacted by Laws 2023, ch. 142, § 104.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Subsection headings.
— Subsection headings are not a part of the official text itself and have not been approved by the sponsors.
ANNOTATIONS
Effective dates.
— Laws 2023, ch. 142, § 112 made Laws 2023, ch. 142, § 104 effective January 1, 2024.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 1 - Retail Installment Sales › Section 56-1-2.1 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1981, ch. 263, § 4, repealed 56-1-2.1 NMSA 1978, as enacted by Laws 1981, ch. 186, § 2, relating to the maximum time price differential in retail installment contracts, effective July 1, 1981. For present provisions,
see
56-1-2 NMSA 1978.
Compiler's notes.
— Laws 1981, ch. 263, § 6, revived 56-1-2.1 NMSA 1978, effective July 1, 1983. However, Laws 1983, ch. 44, § 1, repealed Laws 1981, ch. 263, § 6, effective June 30, 1983.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 1 - Retail Installment Sales › Section 56-1-3.1 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1981, ch. 263, § 4, repealed 56-1-3.1 NMSA 1978, as enacted by Laws 1981, ch. 186, § 4, relating to the maximum time price differential in retail charge agreements, effective July 1, 1981. For present provisions,
see
56-1-3 NMSA 1978.
Compiler's notes.
— Laws 1981, ch. 263, § 6, revived 56-1-3.1 NMSA 1978, effective July 1, 1983. However, Laws 1983, ch. 44, § 1, repealed Laws 1981, ch. 263, § 6, effective June 30, 1983.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 1 - Retail Installment Sales › Section 56-1-4 - Insurance.

If the cost of insurance is included in the retail installment contract or the retail charge agreement and a separate charge is made to the buyer for the insurance:
A. the contract or agreement must state the nature, purpose and amount of the insurance;
B. the contract or agreement must state whether the insurance is to be procured by the buyer or the seller;
C. the amount included for the insurance may not exceed the premiums chargeable in accordance with the rate fixed for the insurance by the insurer except where the amount is less than one dollar [($1.00)]; and if the insurance is cancelled or terminated for any reason, the refund for unearned insurance premiums received by the seller or the holder, shall be credited to the final maturing installments of the retail installment contract or retail charge agreement, and the remaining balance of the unearned insurance premiums shall be refunded to the buyer; provided, however, that no cash refund shall be required if the amount thereof is less than one dollar [($1.00)], and
D. if the insurance is to be procured by the seller or holder, he shall, within 45 days after delivery of the goods or furnishing of the services under the contract or agreement deliver, mail or cause to be mailed to the buyer at his address as specified in the contract or agreement, a notice that the insurance is procured, a copy of the policy or policies of insurance or a certificate of the insurance so procured.
History:
1953 Comp., § 50-16-4, enacted by Laws 1965, ch. 258, § 4.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
67 Am. Jur. 2d Sales §§ 229, 248, 339.
77A C.J.S. Sales § 18 et seq.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 1 - Retail Installment Sales › Section 56-1-5 - Prohibited provisions.

No retail installment contract or retail charge agreement shall contain any provision by which:
A. in the absence of the buyer's default in the performance of any of his obligations, the holder may accelerate the maturity of any part or all of the amount owing thereunder;
B. a power of attorney is given to confess judgment in this state, or an assignment of wages is given;
C. the seller or holder or other person acting on his behalf is given authority to enter upon the buyer's premises unlawfully or to commit any breach of the peace in the repossession of goods;
D. the buyer waives any right of action against the seller or holder or other person acting on his behalf, for any illegal act committed in the collection of payments under the contract or agreement or in the repossession of goods;
E. the buyer executes a power of attorney appointing the seller or holder or other person acting on his behalf, as the buyer's agent in collection of payments under the contract or agreement or in the repossession of goods; or
F. the buyer agrees not to assert against the seller or against an assignee a claim or defense arising out of the sale.
History:
1953 Comp., § 50-16-5, enacted by Laws 1965, ch. 258, § 5.
ANNOTATIONS
Cross references.
— For definition of cognovit notes,
see
39-1-18 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
67 Am. Jur. 2d Sales § 629.
77A C.J.S. Sales § 1 et seq.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 1 - Retail Installment Sales › Section 56-1-6 - Assignment.

Notwithstanding the provisions of any other law:
A. an assignee may purchase or acquire or agree to purchase or acquire any retail installment contract or retail charge agreement or any outstanding balance under either from a seller on such terms and conditions and for such price as may be mutually agreed upon;
B. filing of the assignment, notice to the buyer of the assignment and any requirement that the seller be deprived of dominion over payments upon a retail installment contract or retail charge agreement, or over the goods if returned to or repossessed by the seller, shall not be necessary to the validity of a written assignment of the retail installment contract or retail charge agreement or any outstanding balance under either as against creditors, subsequent purchasers, pledgees, mortgagees and lien claimants of the seller; and
C. unless the buyer has notice of the assignment of his retail installment contract, retail charge agreement or any outstanding balance under either, payment therefor made by the buyer to the holder last known to him shall be binding upon all subsequent holders.
History:
1953 Comp., § 50-16-6, enacted by Laws 1965, ch. 258, § 6.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
67 Am. Jur. 2d Sales §§ 27, 222 to 226.
Constitutionality, construction, and application of statute respecting sale, assignment, or transfer of retail installment contracts, 10 A.L.R.2d 447.
77A C.J.S. Sales § 109 et seq.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 1 - Retail Installment Sales › Section 56-1-7 - [Waiver.]

No act or agreement of the retail buyer before or at the time of the making of a retail installment contract, retail charge agreement or purchase thereunder shall constitute a valid waiver of any of the provisions of this act [56-1-1 to 56-1-13 NMSA 1978] or of any remedies granted to the buyer by law.
History:
1953 Comp., § 50-16-7, enacted by Laws 1965, ch. 258, § 7.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
67 Am. Jur. 2d Sales §§ 19, 210 to 221, 417, 422 to 424.
77A C.J.S. Sales § 1 et seq.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 1 - Retail Installment Sales › Section 56-1-8 - Penalty for violation of act.

Any person who wilfully [willfully] and intentionally violates any provision of this act [56-1-1 to 56-1-13 NMSA 1978] shall be guilty of a misdemeanor. Violation of any order or injunction issued pursuant to this act shall constitute prima facie proof of a violation of this section.
History:
1953 Comp., § 50-16-8, enacted by Laws 1965, ch. 258, § 8.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For penalties for misdemeanors,
see
31-19-1 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 1 - Retail Installment Sales › Section 56-1-9 - Violation; bar to recovery.

Any seller who enters into any contract or agreement which does not comply with the provisions of this act [56-1-1 to 56-1-13 NMSA 1978] or who violates any provision of this act except as a result of an accidental or bona fide error shall be barred from the recovery of any time price differential, official fees, or any delinquency or collection charge under or in connection with the related retail installment contract or purchases under a retail charge agreement; but the seller may nevertheless recover from the buyer an amount equal to the cash price of the goods or services and the cost to the seller of any insurance included in the transaction.
History:
1953 Comp., § 50-16-9, enacted by Laws 1965, ch. 258, § 9.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 1 - Retail Installment Sales › Section 56-1-10 - Injunction to prevent violation.

The attorney general of the state of New Mexico or the district attorney of the district in which the violation occurs may bring an action in the name of the state against any person to restrain and prevent any violation of this act [56-1-1 to 56-1-13 NMSA 1978].
History:
1953 Comp., § 50-16-10, enacted by Laws 1965, ch. 258, § 10.
ANNOTATIONS
Cross references.
— For the attorney general,
see
N.M. Const., art. V, § 1 and Chapter 8, Article 5 NMSA 1978.
For district attorneys,
see
N.M. Const., art. VI, § 24 and Chapter 36, Article 1 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 1 - Retail Installment Sales › Section 56-1-11 - Consent to discontinuance.

In the enforcement of this act [56-1-1 to 56-1-13 NMSA 1978], the attorney general of the state of New Mexico or with his consent a district attorney may accept an assurance of discontinuance of any act or practice deemed in violation of this act, from any person engaging in, or who has engaged in, such act or practice. Any such assurance shall be in writing and be filed with and subject to the approval of the district court of the county in which the alleged violator resides or has his principal place of business. Failure to perform the terms of any such assurance shall constitute prima facie proof of a violation of this act for the purpose of securing any injunction as provided in Section 10 [56-1-10 NMSA 1978] of this act and for the purpose of Section 9 [56-1-9 NMSA 1978] hereof. After commencement of any action by a district attorney, the attorney general may not accept an assurance of discontinuance without the consent of the district attorney.
History:
1953 Comp., § 50-16-11, enacted by Laws 1965, ch. 258, § 11.
ANNOTATIONS
Cross references.
— For the attorney general,
see
N.M. Const., art. V, § 1 and Chapter 8, Article 5 NMSA 1978.
For district attorneys,
see
N.M. Const., art. VI, § 24 and Chapter 36, Article 1 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 1 - Retail Installment Sales › Section 56-1-12 - Violation of injunction; penalty.

Any person who violates any order or injunction issued pursuant to this act [56-1-1 to 56-1-13 NMSA 1978] shall forfeit and pay a civil penalty of not more than $1,000. For the purpose of this section, the court issuing any injunction shall retain jurisdiction, and the cause shall be continued, and in such cases the attorney general acting in the name of the state may petition for the recovery of civil penalties.
History:
1953 Comp., § 50-16-12, enacted by Laws 1965, ch. 258, § 12.
ANNOTATIONS
Cross references.
— For the attorney general,
see
N.M. Const., art. V, § 1 and Chapter 8, Article 5 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 1 - Retail Installment Sales › Section 56-1-13 - Contracts executed prior to act.

The provisions of this act [56-1-1 to 56-1-13 NMSA 1978] shall not invalidate or make unlawful retail installment contracts or retail charge agreements executed prior to the effective date hereof.
History:
1953 Comp., § 50-16-13, enacted by Laws 1965, ch. 258, § 13.
ANNOTATIONS
Compiler's notes.
— The phrase "effective date hereof" at the end of the section refers to the effective date of Laws 1965, ch. 258, which was May 19, 1965.
Severability.
— Laws 1965, ch. 258, § 14, provided for the severability of the act if any part or application thereof is held invalid.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 1 - Retail Installment Sales › Section 56-1-14 - Open-end retail charge agreements; application of payments; prohibition against repossession of merchandise under agreement when paid for.

A. Payments made on retail charges agreements, open-end contracts or similar types of add-on retail sales agreements shall be first applied to the purchases earliest in time. The payments shall be credited first to the current interest or carrying charges and then in reduction of the purchase price of merchandise in the order in which it was purchased.
B. When, subsequent to the date of purchase, payments have been made and credited in an amount to pay the sales price and carrying charges of any merchandise, then that article of merchandise shall be considered paid for in full, provided that all balances incurred prior to that purchase have been paid.
C. The articles of merchandise which have been paid for under this section shall not thereafter be repossessed or considered security for the payment of any charges arising out of subsequent purchases under the same account.
History:
1953 Comp., § 50-16-14, enacted by Laws 1967, ch. 179, § 1.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
67 Am. Jur. 2d Sales §§ 413, 421.
77A C.J.S. Sales § 1 et seq.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 1 - Retail Installment Sales › Section 56-1-15 - Creditor compliance with federal regulations deemed compliance with this act.

Any creditor engaging in transactions subject to the provisions of this act, who complies with 15 United States Code, [§§] 1601 through 1665, and the regulations promulgated pursuant thereto, shall be deemed to have complied with applicable provisions of this act.
History:
1953 Comp., § 50-16-15, enacted by Laws 1969, ch. 110, § 1.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— The words "this act," in the catchline and text of this section apparently refer to Laws 1965, ch. 258, as amended, compiled as 56-1-1 to 56-1-13 NMSA 1978 and may also include Laws 1967, ch. 179, § 1, compiled as 56-1-14 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 2 - Debt Adjusters › Section 56-2-1 - Definitions.

As used in this act [56-2-1 to 56-2-4 NMSA 1978]:
A. "person" means an individual, partnership, corporation and association;
B. "debt adjuster" means a person who acts or offers to act for a consideration as an intermediary between a debtor and his creditors for the purpose of settling, compounding or in anywise altering the terms of payment of any debts of the debtor; and, to that end, receives money or other property from the debtor, or on behalf of the debtor, for payment to, or distribution among the creditors of the debtor;
C. "debtor" means an individual, and includes two (2) or more individuals who are jointly and severally, or jointly or severally indebted.
History:
1953 Comp., § 50-17-1, enacted by Laws 1965, ch. 80, § 1.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
15A Am. Jur. 2d Collection and Credit Agencies §§ 1, 17, 18.
Survival of liability on joint obligation, 67 A.L.R. 608.
Legislation regulating, taxing or forbidding debt adjusting, 95 A.L.R.2d 1354.
What constitutes false, deceptive, or misleading representation or means in connection with collection of debt proscribed by provisions of Fair Debt Collection Practices Act (15 USCS § 1692e), 67 A.L.R. Fed. 974.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 2 - Debt Adjusters › Section 56-2-2 - Prohibition; penalty.

Any person who shall hereafter act or offer to act as a debt adjuster in this state shall be guilty of a misdemeanor.
History:
1953 Comp., § 50-17-2, enacted by Laws 1965, ch. 80, § 2.
ANNOTATIONS
Cross references.
— For penalties for misdemeanors,
see
31-19-1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
15A Am. Jur. 2d Collection and Credit Agencies § 18.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 2 - Debt Adjusters › Section 56-2-3 - Injunction.

Courts of record shall have power, in an action brought in the name of the state by the attorney general, to enjoin any person from acting or offering to act as a debt adjuster; and, in such action, may appoint a receiver for the property and money employed in the transaction of business by such person as a debt adjuster, to insure, so far as may be possible, the return to debtors of so much of their money and property as has been received by the debt adjuster, and has not been paid to the creditors of the debtors.
History:
1953 Comp., § 50-17-3, enacted by Laws 1965, ch. 80, § 3.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 2 - Debt Adjusters › Section 56-2-4 - Exemptions.

The following persons shall not be deemed debt adjusters for the purposes of this act [56-2-1 to 56-2-4 NMSA 1978]: any attorney-at-law admitted to practice in this state; any person who is a regular, full-time employee of a debtor, and who acts as an adjuster of his employer's debts; any person acting pursuant to any order or judgment of court, or pursuant to authority conferred by any law of this state or of the United States; any person who is a creditor of the debtor, or an agent of one (1) or more creditors of the debtor, and whose service in adjusting the debtor's debts are rendered without cost to the debtor; and any person who, at the request of a debtor, arranges for or makes a loan to the debtor, and who, at the authorization of the debtor, acts as an adjuster of the debtor's debts in the disbursement of the proceeds of the loan, without compensation for the services rendered in adjusting such debts; nonprofit corporations organized as a community effort to assist debtors.
History:
1953 Comp., § 50-17-4, enacted by Laws 1965, ch. 80, § 4.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 3 - Credit Bureaus › Section 56-3-1 - Definitions.

As used in this act [56-3-1 to 56-3-6 NMSA 1978]:
A. "credit bureau" means any business engaged in furnishing credit information about consumers; and
B. "consumer" means any natural person in the general consuming public who seeks or is seeking credit for personal, family or household purposes.
History:
1953 Comp., § 50-18-1, enacted by Laws 1969, ch. 259, § 1; 1971, ch. 278, § 4.
ANNOTATIONS
Law reviews.
— For comment, "Credit Bureaus and Consumers - Regulation and Remedy in New Mexico,"
see
10 Nat. Resources J. 171 (1970).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
15A Am. Jur. 2d Collection and Credit Agencies §§ 1 to 27.
Rights and remedies of financial institution customer in relation to subpoena duces tecum exception to general prohibitions of state right to financial privacy statute, 43 A.L.R.4th 1157.
Credit card issuer's liability, under state laws, for wrongful billing, cancellation, dishonor, or disclosure, 53 A.L.R.4th 231.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 3 - Credit Bureaus › Section 56-3-2 - Availability of information to the public; liability.

A. Any credit bureau conducting business in the state shall provide trained personnel to interview and counsel with a consumer, during normal business hours, concerning any information about that consumer contained in the credit bureau's files.
B. A credit bureau, upon request, shall disclose the content of all information about that particular consumer which is included in his credit report or rating, if the consumer making the request presents adequate identification.
C. For any consumer to whom credit has been refused because of a credit bureau's report, the credit bureau which compiled the report shall make any necessary reinvestigation and perform any necessary updating or correction of records at no cost to the consumer. A credit bureau may charge a fee of not to exceed five dollars ($5.00) for any reinvestigation requested by any consumer, if that consumer has not been refused credit on the basis of a credit bureau report.
D. After a credit bureau has been given written notice of any error in its credit report or record by a consumer, the credit bureau is liable for any subsequent report which fails to correct the error. However, prior to receiving written notice of such error, a credit bureau or its source of information is not liable for any damages caused by any reports or dispersal of information which is the result of an unintentional error of either the credit bureau or its source of information.
E. A credit bureau shall give to any consumer examining his credit record forms upon which to designate any errors which the consumer discovers in his credit record or report.
History:
1953 Comp., § 50-18-2, enacted by Laws 1969, ch. 259, § 2; 1971, ch. 278, § 1.
ANNOTATIONS
Law reviews.
— For comment, "Credit Bureaus and Consumers - Regulation and Remedy in New Mexico,"
see
10 Nat. Resources J. 171 (1970).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
15A Am. Jur. 2d Collection and Credit Agencies §§ 17 to 29.
Sufficiency of showing of malice or lack of reasonable care to support credit agency's liability for circulating inaccurate credit report, 40 A.L.R.3d 1049.
Imputation of insolvency as defamatory, 49 A.L.R.3d 163.
Validity and construction of state fair credit reporting acts, 12 A.L.R.4th 294.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 3 - Credit Bureaus › Section 56-3-3 - Information to non credit-granting governmental agencies.

A. A credit bureau may supply identifying information such as names, addresses, former addresses, places of employment and former employment to non credit-granting governmental agencies.
B. No other information may be supplied to such governmental agencies, other than as provided in Subsection A of this section, by a credit bureau except in response to legal process unless the investigation is for security purposes.
C. The limitations contained in Subsections A and B of this section shall not apply to the child support enforcement division of the human services department [health care authority department] which shall, unless otherwise prohibited by law, have the right to full access to credit bureau reports for the purpose of assisting it in carrying out its duties to locate child support obligors and enforce child support obligations pursuant to the department's child support program responsibilities set forth in Section 27-2-27 NMSA 1978. The child support enforcement division shall limit its use of consumer credit reports to those purposes permissible under the federal Fair Credit Reporting Act, 15 U.S.C. 1681. The division shall furnish to the credit bureau the judgment or case number for the child support obligation for which a report is requested, and the credit bureau furnishing reports to the division shall audit the division's requests on a monthly basis to assure the division's compliance with this subsection. Any employee of the division having access to credit bureau reports shall limit strictly the use of information contained in the reports to purposes connected with the employee's responsibilities for enforcing child support obligations pursuant to the state's child support enforcement program.
History:
1953 Comp., § 50-18-3, enacted by Laws 1969, ch. 259, § 3; 1989, ch. 165, § 1.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law. Laws 2023, ch. 205, § 16 provided that references to the human services department shall be deemed to be references to the health care authority department.
The 1989 amendment,
effective June 16, 1989, inserted "of this section" in Subsection B, and added Subsection C.
Law reviews.
— For comment, "Credit Bureaus and Consumers - Regulation and Remedy in New Mexico,"
see
10 Nat. Resources J. 171 (1970).
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 3 - Credit Bureaus › Section 56-3-4 - Information to businesses, professions and individuals.

A. In dealing with businesses, professions and individuals, a credit bureau shall require service contracts to be executed in which the regular subscriber or the occasional user certifies that inquiries shall be made only for the purposes of the granting of credit or other bona fide business transaction, such as evaluation of present or prospective credit risks or evaluation of the qualifications of present or prospective employees.
B. The credit bureau shall refuse service to any prospective subscriber or user who will not so certify, and shall discontinue service to any who fails to honor the above contract provisions.
History:
1953 Comp., § 50-18-4, enacted by Laws 1969, ch. 259, § 4.
ANNOTATIONS
Law reviews.
— For comment, "Credit Bureaus and Consumers - Regulation and Remedy in New Mexico,"
see
10 Nat. Resources J. 171 (1970).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
15A Am. Jur. 2d Collection and Credit Agencies § 18.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 3 - Credit Bureaus › Section 56-3-5 - Personnel reporting; safeguards.

A credit bureau which furnishes personnel-reporting service shall adopt rigid safeguards in order that the specialized information developed in the course of such investigations other than credit information shall be maintained separately, and shall not be incorporated in credit reports or made available to subsequent inquirers except in connection with a subsequent personnel investigation.
History:
1953 Comp., § 50-18-5, enacted by Laws 1969, ch. 259, § 5.
ANNOTATIONS
Law reviews.
— For comment, "Credit Bureaus and Consumers - Regulation and Remedy in New Mexico,"
see
10 Nat. Resources J. 171 (1970).
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 3 - Credit Bureaus › Section 56-3-6 - Report information; limitations.

A. A credit bureau may report the following matters for no longer than the specified periods:
(1) bankruptcies of all types for not longer than fourteen years from the date of adjudication of the most recent bankruptcy;
(2) accounts placed for collection and accounts charged to profit and loss for not longer than seven years, or until the governing statute of limitations has expired, whichever is the longer period;
(3) suits and judgments for not longer than seven years from date of entry, or until the governing statute of limitations has expired, whichever is the longer period;
(4) paid tax liens for not longer than seven years and unpaid tax liens for any length of time;
(5) arrests and indictments pending trial, or convictions of crimes, for not longer than seven years from date of release or parole. Such items shall no longer be reported if at any time it is learned that after a conviction a full pardon has been granted, or after an arrest or indictment a conviction did not result; and
(6) any other data not otherwise specified in this section, for not longer than seven years.
B. A credit bureau shall delete as soon as practical any item of derogatory information whenever it is ascertained that the source of information can no longer verify the item in question from its records of original entry.
History:
1953 Comp., § 50-18-6, enacted by Laws 1969, ch. 259, § 6.
ANNOTATIONS
Law reviews.
— For comment, "Credit Bureaus and Consumers - Regulation and Remedy in New Mexico,"
see
10 Nat. Resources J. 171 (1970).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Validity and construction of state fair credit reporting acts, 12 A.L.R.4th 294.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 3 - Credit Bureaus › Section 56-3-7 - Civil liability for noncompliance.

A. Any credit bureau or user of information that willfully fails to comply with any requirement of Sections 56-3-1 through 56-3-6 NMSA 1978 with respect to any consumer is liable to that consumer in an amount equal to:
(1) any actual damages sustained by the consumer as a result of the failure;
(2) punitive damages as the court may allow; and
(3) in the case of any successful action under this section, costs of the action and reasonable attorney's fees as determined by the court.
B. Any credit bureau or user of information that is negligent in failing to comply with any requirement of Sections 56-3-1 through 56-3-6 NMSA 1978 with respect to any consumer is liable to that consumer in an amount equal to:
(1) any actual damages sustained by the consumer as a result of the failure; and
(2) in the case of any successful action under this section, costs of the action and reasonable attorney's fees as determined by the court.
History:
1953 Comp., § 50-18-7, enacted by Laws 1971, ch. 278, § 2.
ANNOTATIONS
Analogous to federal law.
— The New Mexico's Credit Bureaus Act operates as a state consumer-protection statute analogous to the Fair Credit Reporting Act, 15 U.S.C. §§ 1681 et seq., not merely a statutory codification of the common-law torts of defamation, invasion of privacy, or negligence.
Apodaca v. Discover Fin. Servs.
, 417 F.Supp.2d 1220 (D.N.M. 2006).
Law reviews.
— For comment, "Credit Bureaus and Consumers - Regulation and Remedy in New Mexico,"
see
10 Nat. Resources J. 171 (1970).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
15A Am. Jur. 2d Collection and Credit Agencies §§ 22 to 29.
Award of attorneys' fees in actions under state deceptive trade practice and consumer protection acts, 35 A.L.R.4th 12.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 3 - Credit Bureaus › Section 56-3-8 - Penalty.

It is a fourth-degree felony for:
A. any person to knowingly and willfully obtain information on a consumer from a credit bureau under false pretenses; or
B. any officer or employee of a credit bureau to knowingly and willfully provide information concerning a consumer from the credit bureau's files to a person or firm not authorized to receive that information.
History:
1953 Comp., § 50-18-8, enacted by Laws 1971, ch. 278, § 3.
ANNOTATIONS
Cross references.
— For penalties for felonies,
see
31-18-15 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
15A Am. Jur. 2d Collection and Credit Agencies §§ 30, 31.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 3A - Credit Report Security Act › Section 56-3A-1 - Short title.

Chapter 56, Article 3A NMSA 1978 may be cited as the "Fair Credit Reporting and Identity Security Act".
History:
Laws 2007, ch. 106, § 1; 2010, ch. 54, § 1.
ANNOTATIONS
The 2010 amendment,
effective May 19, 2010, deleted "This act" and added "Chapter 56, Article 3A NMSA 1978" and after "cited as the", deleted "Credit Report" and added "Fair Credit Reporting and Identity".
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 3A - Credit Report Security Act › Section 56-3A-2 - Definitions.

As used in the Fair Credit Reporting and Identity Security Act:
A. "consumer" means an individual who is a resident of New Mexico;
B. "consumer reporting agency" means any person that, for monetary fees, dues or on a cooperative nonprofit basis, regularly engages in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing credit reports to third parties;
C. "credit report" means a written, oral or other communication of information by a consumer reporting agency bearing on a consumer's credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics or mode of living that is used or expected to be used or collected for the purpose of serving as a factor in establishing the consumer's eligibility for credit, insurance, investment, benefit, employment or other purpose as authorized by the federal Fair Credit Reporting Act, 15 U.S.C. Section 1681a;
D. "declaration of removal" means an identity theft report with a sworn affidavit that is delivered by regular or certified mail or facsimile or delivered electronically to a consumer reporting agency that operates within New Mexico and which affidavit states:
(1) that the consumer is entitled to removal of information in the consumer reporting agency's files on grounds that the consumer is the victim of identity theft; and
(2) the address at which the consumer is available for service of process by the consumer reporting agency and proper identifying information by which the consumer can be identified by the consumer reporting agency;
E. "person" means an individual, corporation, firm, association, organization, trust, estate, cooperative, business, partnership, limited liability company, joint venture, governmental agency or subdivision or any legal or commercial entity;
F. "security freeze" means a notice placed in a consumer's credit report, at the request of the consumer and subject to certain exceptions, that prohibits a consumer reporting agency from releasing the consumer's credit report or score relating to the extension of credit or the opening of new accounts without the express authorization of the consumer; and
G. "operates within New Mexico" means accepting or maintaining a credit report on a person that resides within New Mexico.
History:
Laws 2007, ch. 106, § 2; 2010, ch. 54, § 2.
ANNOTATIONS
The 2010 amendment,
effective May 19, 2010, in the introductory sentence, deleted "Credit Report" and added "Fair Credit Reporting and Identity"; added Subsections D and G.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 3A - Credit Report Security Act › Section 56-3A-3.1 - Declaration of removal; procedures.

A. A consumer may file a declaration of removal with a consumer reporting agency operating within New Mexico declaring that the consumer:
(1) is the victim of identity theft;
(2) is eligible for removal of information reported to or by the consumer reporting agency on the basis of identity theft;
(3) is available for service of process at a conclusively valid designated address for at least thirty days; and
(4) discloses proper identifying information by which the consumer may be identified by the consumer reporting agency.
B. The attorney general may publish a sample declaration of removal in compliance with the applicable requirements of Subsection A of this section. The declaration of removal published by the attorney general is not required to be used. A consumer may use other forms that serve the same purpose and that are in compliance with the applicable requirements of Subsection A of this section.
C. A consumer reporting agency shall make available on a web site and on all credit reports of the consumer reporting agency the means for contacting the consumer reporting agency through a physical mailing address, by telephone and facsimile, and through use of a web site and an internet electronic mailing address. A consumer reporting agency shall state on a web site and on all credit reports of the consumer the methods for submitting a declaration of removal.
D. Within five days of receiving a declaration of removal and, if applicable, receipt of a fee as authorized in Subsection I of Section 56-3A-3 NMSA 1978, a consumer reporting agency shall remove from its files and credit reports of the affected consumer the information that is the subject of the declaration of removal and notify the consumer once the removal is complete. A consumer reporting agency shall not state on a credit report that information was removed at the request of a declaration of removal and shall not use that information to suggest or otherwise state or imply to a third party that the affected consumer has a negative credit score, history, report or rating.
E. A consumer reporting agency may restore the information that was the subject of a declaration of removal upon:
(1) request of the affected consumer; or
(2) a court order after the adjudication of the alleged debt in the judicial district in which the consumer resides.
History:
Laws 2010, ch. 54, § 3.
ANNOTATIONS
Effective dates.
— Laws 2010, ch. 54 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 19, 2010, 90 days after the adjournment of the legislature.
Cross references.
— For the federal Fair Credit Reporting Act,
see
15 U.S.C. § 1681 et seq.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 3A - Credit Report Security Act › Section 56-3A-5 - Violations; civil liability.

If a consumer reporting agency violates the provisions of the Fair Credit Reporting and Identity Security Act, the affected consumer or the attorney general may bring a civil action against the consumer reporting agency for:
A. injunctive relief to prevent further violation of the Fair Credit Reporting and Identity Security Act;
B. any actual damages sustained by the consumer as a result of a violation of the Fair Credit Reporting and Identity Security Act;
C. a civil penalty in an amount not to exceed two thousand dollars ($2,000) for each violation of the security freeze or each violation of the provisions of Subsection D of Section 3 [56-3A-3 NMSA 1978] of this 2010 act; and
D. costs of the action and reasonable attorney fees.
History:
Laws 2007, ch. 106, § 5; 2010, ch. 54, § 6.
ANNOTATIONS
The 2010 amendment,
effective May 19, 2010, in the catchline, deleted "violation of security freeze" and added "Violations; civil liability"; in the introductory sentence, after "consumer reporting agency", deleted "releases information placed under a security freeze in violation of" and added "violates"; after "the provisions of", deleted "Section 3 of the Credit Report Security Act" and added "the Fair Credit Reporting and Identity Security Act"; and after "the affected consumer", added "or the attorney general"; in Subsection A, after "further violation of the", deleted "security freeze" and added "Fair Credit Reporting and Identity Security Act"; and in Subsection B, after "a violation of", added "the Fair Credit Reporting and Identity Security Act"; and in Subsection C, after "violation of the security freeze", added "or each violation of the provisions of Subsection D of Section 3 of this 2010 act".
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 3A - Credit Report Security Act › Section 56-3A-6 - Severability.

If any part or application of the Fair Credit Reporting and Identity Security Act is held invalid, the remainder or its application to other persons or situations shall not be affected.
History:
Laws 2007, ch. 106, § 6; 2010, ch. 54, § 7.
ANNOTATIONS
The 2010 amendment,
effective May 19, 2010, after "application of the", added "Fair" and after "Fair Credit", deleted "Report" and added "Reporting and Identity".
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 4 - Credit Cards › Section 56-4-1 - Short title.

This act [56-4-1 to 56-4-4 NMSA 1978] may be cited as the "Credit Card Act".
History:
1953 Comp., § 50-19-1, enacted by Laws 1971, ch. 154, § 1.
ANNOTATIONS
Cross references.
— For criminal provisions,
see
30-16-25 to 30-16-38 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Credit card issuer's liability, under state laws, for wrongful billing, cancellation, dishonor, or disclosure, 53 A.L.R.4th 231.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 4 - Credit Cards › Section 56-4-2 - Definitions.

As used in the Credit Card Act:
A. "adequate notice" means a printed notice to a cardholder which sets forth the pertinent facts clearly and conspicuously so that a person against whom it is to operate could reasonably be expected to have noticed it and understood its meaning; notice may be given to a cardholder by printing it on his credit card or on each periodic statement of account issued to him or by any other means which reasonably assures receipt of the notice by the cardholder;
B. "credit card" means any card, plate, coupon book or other credit device existing for the purposes of obtaining money, property, labor or services on credit;
C. "accepted credit card" means any credit card which the cardholder has requested and received, or has signed, or has used or authorized another to use;
D. "cardholder" means any person to whom a credit card is issued or any person who has agreed with the card issuer to pay obligations arising from the issuance of a credit card to another person;
E. "card issuer" means any person who issues a credit card or his agent with respect to the credit card; and
F. "unauthorized use" means any use of a credit card by a person other than the cardholder who does not have actual, implied or apparent authority for such use and from which use the cardholder received no benefit.
History:
1953 Comp., § 50-19-2, enacted by Laws 1971, ch. 154, § 2.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 4 - Credit Cards › Section 56-4-3 - Issuance of credit cards.

No credit card shall be issued except in response to a request or application for it. This prohibition does not apply to the issuance of a credit card in renewal of, or in substitution for, an accepted credit card.
History:
1953 Comp., § 50-19-3, enacted by Laws 1971, ch. 154, § 3.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
50 Am. Jur. 2d Letters of Credit and Credit Cards § 8 et seq.; 74 Am. Jur. 2d Torts § 15.
72 C.J.S. Supp. Products Liability § 68.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 4 - Credit Cards › Section 56-4-3.1 - Prohibited disclosure of credit card number.

A person who accepts a credit card from a cardholder shall not issue a receipt that lists more than five numbers from the cardholder's credit card account number.
History:
Laws 2003, ch. 169, § 4.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 169, § 5 made Laws 2003, ch. 169, § 4 effective January 1, 2004.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 5 - Miscellaneous Provisions Relating to Commercial Instruments › Section 56-5-2 - Assignment without recourse.

Except as provided in the Uniform Commercial Code [Chapter 55, NMSA 1978], the assignor may discharge himself from liability to the assignee by specifying in the assignment that it is made without recourse.
History:
Laws 1851-1852, p. 283; C.L. 1865, ch. 14, § 2; C.L. 1884, § 1726; C.L. 1897, § 2541; Code 1915, § 590; C.S. 1929, § 27-102; 1941 Comp., § 53-702; 1953 Comp., § 50-7-2; Laws 1961, ch. 96, § 11-107.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 5 - Miscellaneous Provisions Relating to Commercial Instruments › Section 56-5-3 - Contracts not specifying time of performance; demand necessary.

Except as provided in the Uniform Commercial Code [Chapter 55, NMSA 1978], no contract for labor, or for the payment or delivery of property in which the time of performance is not fixed, can be converted into a money demand until a demand of performance has been made and the maker refuses or a reasonable time is allowed for performance.
History:
Laws 1851-1852, p. 283; C.L. 1865, ch. 14, § 3; C.L. 1884, § 1727; C.L. 1897, § 2542; Code 1915, § 591; C.S. 1929, § 27-103; 1941 Comp., § 53-703; 1953 Comp., § 50-7-3; Laws 1961, ch. 96, § 11-108.
ANNOTATIONS
Purpose is to allow party last chance to perform.
— The manifest purpose of this section is to give a party one last chance to perform his contract obligations prior to suit.
Foster v. Colorado Radio Corp.
, 381 F.2d 222 (10th Cir. 1967).
This section has no application where the time for performance is fixed
in the contract.
Barnett v. Wedgewood
, 1922-NMSC-068, 28 N.M. 312, 211 P. 601.
Generally, no demand for performance is necessary when agreement is absolute and unconditional.
Data Gen. Corp. v. Commc'ns Diversified, Inc.
, 1986-NMSC-088, 105 N.M. 59, 728 P.2d 469.
Demand not required in action against realtor for fraud.
— In bringing suit against a realtor for damages on account of claimed fraud in failing to buy real estate for the plaintiff, the demand required under this section was not a condition precedent to bringing the suit.
Mitchell v. Allison
, 1949-NMSC-070, 54 N.M. 56, 213 P.2d 231.
Law reviews.
— For comment, "Commercial Law - Uniform Commercial Code - Sale of Goods,"
see
8 Nat. Resources J. 176 (1968).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
17A Am. Jur. 2d Contracts §§ 201, 478.
Time for performance of contract for sale or exchange of land where time fixed by contract has been waived, 4 A.L.R. 815.
Rights of parties to a timber contract upon failure of purchaser to remove timber within a reasonable time, 15 A.L.R. 41, 31 A.L.R. 944, 42 A.L.R. 641, 71 A.L.R. 143, 164 A.L.R. 423.
Duration of real estate broker's contract which specifies no time, 24 A.L.R. 1537, 28 A.L.R. 893.
Delay in acceptance of work as coming within "no damage" clause with respect to the delay in construction contract, 74 A.L.R.3d 187.
17A C.J.S. Contracts § 478; 86 C.J.S. Time § 4.