New Mexico § 56-1-5 Prohibited provisions

New Mexico Statutes

§ 56-1-5 — Prohibited provisions

New Mexico § 56-1-5

Ch. 56Commercial Instruments and Transactions

Art. 1Retail Installment Sales

This text of New Mexico § 56-1-5 (Prohibited provisions) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 56-1-5 (2026).

Text

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;

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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.