New Mexico § 56-12-14 Prohibited practices

New Mexico Statutes

§ 56-12-14 — Prohibited practices

New Mexico § 56-12-14

Ch. 56Commercial Instruments and Transactions

Art. 12Pawnbrokers

This text of New Mexico § 56-12-14 (Prohibited practices) 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. § 56-12-14 (2026).

Text

A pawnbroker shall not: A. knowingly enter into a pawn transaction with a person under the age of eighteen years or under the influence of alcohol, any narcotic, drug, stimulant or depressant; B. make any agreement requiring the personal liability of a pledgor in connection with the pawn transaction; C. accept any waiver, in writing or otherwise, of any right or protection accorded a pledgor under the Pawnbrokers Act; D. fail to exercise reasonable care to protect pledged goods from loss or damage; E. fail to return a pledged good to a pledgor upon payment of the full amount due to the pawnbroker on the pawn transaction. In the event a pledged good is lost or damaged while in the possession of the pawnbroker, the pawnbroker shall compensate the pledgor for the reasonable value of the lost 

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A pawnbroker shall not: A. knowingly enter into a pawn transaction with a person under the age of eighteen years or under the influence of alcohol, any narcotic, drug, stimulant or depressant; B. make any agreement requiring the personal liability of a pledgor in connection with the pawn transaction; C. accept any waiver, in writing or otherwise, of any right or protection accorded a pledgor under the Pawnbrokers Act; D. fail to exercise reasonable care to protect pledged goods from loss or damage; E. fail to return a pledged good to a pledgor upon payment of the full amount due to the pawnbroker on the pawn transaction. In the event a pledged good is lost or damaged while in the possession of the pawnbroker, the pawnbroker shall compensate the pledgor for the reasonable value of the lost or damaged good; F. make any charge for insurance in connection with a pawn transaction; G. purchase or otherwise receive any item of property from which the manufacturer's name plate, serial number or identification mark has been obviously defaced, altered, covered or destroyed; H. purchase or otherwise receive any item of property which the permitholder knows is not lawfully owned by the person offering the same; I. enter into a pawn transaction in which the unpaid principle [principal] balance exceeds two thousand dollars ($2,000); or J. require that any of the proceeds of any cash loan be spent at the pawnbroker's place of business or in any other manner directed by the pawnbroker.