New Mexico § 57-26-7 Reinstatement

New Mexico Statutes

§ 57-26-7 — Reinstatement

New Mexico § 57-26-7

Ch. 57Trade Practices and Regulations

Art. 26Rental-Purchase Agreements

This text of New Mexico § 57-26-7 (Reinstatement) 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. § 57-26-7 (2026).

Text

A. A consumer who fails to make a timely rental payment may reinstate the rental- purchase agreement without losing any rights or options that exist under the agreement by the payment of the following charges within five days of the renewal date of an agreement with monthly periodic payments or within two days of the renewal date of an agreement requiring periodic payments more frequently than monthly:

(1)all past due rental charges;

(2)if the goods have been picked up, the reasonable costs of pickup and redelivery; and (3) any applicable reinstatement fee. B. If a consumer has paid less than two-thirds of the total of payments necessary to acquire ownership of the goods and has returned or voluntarily surrendered the goods within seven days of the renewal date, other than through judici

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A. A consumer who fails to make a timely rental payment may reinstate the rental- purchase agreement without losing any rights or options that exist under the agreement by the payment of the following charges within five days of the renewal date of an agreement with monthly periodic payments or within two days of the renewal date of an agreement requiring periodic payments more frequently than monthly: (1) all past due rental charges; (2) if the goods have been picked up, the reasonable costs of pickup and redelivery; and (3) any applicable reinstatement fee. B. If a consumer has paid less than two-thirds of the total of payments necessary to acquire ownership of the goods and has returned or voluntarily surrendered the goods within seven days of the renewal date, other than through judicial process, the consumer may reinstate the rental-purchase agreement during a period of not less than twenty-one days after the date of the return of the goods. C. If a consumer has paid two-thirds or more of the total of payments necessary to acquire ownership of the goods and has returned or voluntarily surrendered the goods within seven days of the renewal date, other than through judicial process, the consumer may reinstate the rental-purchase agreement during a period of not less than thirty days after the date of the return of the goods. D. Nothing in this section shall prevent a lessor from attempting to repossess property during the reinstatement period, but such a repossession shall not affect the consumer's right to reinstate. Upon reinstatement, the lessor shall provide the consumer with the same goods, if available, or with substitute goods of comparable quality and condition.