New Mexico § 57-26-6 Prohibited provisions

New Mexico Statutes

§ 57-26-6 — Prohibited provisions

New Mexico § 57-26-6

Ch. 57Trade Practices and Regulations

Art. 26Rental-Purchase Agreements

This text of New Mexico § 57-26-6 (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. § 57-26-6 (2026).

Text

A rental-purchase agreement shall not contain: A. a confession of judgment; B. a negotiable instrument; C. a security interest or any other claim of a property interest in any property of the consumer; D. a wage assignment; E. a waiver by the consumer of claims or defenses; F. a provision authorizing the lessor or a person acting on the lessor's behalf to enter upon the consumer's premises unlawfully or to commit any breach of the peace in the repossession of goods; G. a provision requiring the purchase of insurance or a liability damage waiver from the lessor for goods that are the subject of the rental-purchase agreement; H. a provision that mere failure to return goods constitutes probable cause for a criminal action; I. a provision requiring the consumer to make a payment in addition t

Free access — add to your briefcase to read the full text and ask questions with AI

A rental-purchase agreement shall not contain: A. a confession of judgment; B. a negotiable instrument; C. a security interest or any other claim of a property interest in any property of the consumer; D. a wage assignment; E. a waiver by the consumer of claims or defenses; F. a provision authorizing the lessor or a person acting on the lessor's behalf to enter upon the consumer's premises unlawfully or to commit any breach of the peace in the repossession of goods; G. a provision requiring the purchase of insurance or a liability damage waiver from the lessor for goods that are the subject of the rental-purchase agreement; H. a provision that mere failure to return goods constitutes probable cause for a criminal action; I. a provision requiring the consumer to make a payment in addition to regular periodic payments in order to acquire ownership of the goods or a provision requiring the consumer to make periodic payments totaling more than the dollar amount necessary to acquire ownership as disclosed pursuant to Section 5 [57-26-5 NMSA 1978] of the Rental-Purchase Agreement Act; J. a provision for more than one reinstatement fee on any one periodic payment, regardless of the period of time during which it remains unpaid; or K. a provision for a late charge or any other type of charge or penalty for reinstating a rental-purchase agreement, other than a reinstatement fee; however, a lessor may use the term "late charge" or a similar term to refer to a reinstatement fee.