New Mexico § 57-26-9 Renegotiations and extensions

New Mexico Statutes

§ 57-26-9 — Renegotiations and extensions

New Mexico § 57-26-9

Ch. 57Trade Practices and Regulations

Art. 26Rental-Purchase Agreements

This text of New Mexico § 57-26-9 (Renegotiations and extensions) 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. § 57-26-9 (2026).

Text

A. A renegotiation occurs when any term of a rental-purchase agreement that is required to be disclosed by Section 5 [57-26-5 NMSA 1978] of the Rental-Purchase Agreement Act is changed by agreement between the lessor and consumer. A renegotiation creates a new rental-purchase agreement requiring the lessor to give all the disclosures required by Section 5 of the Rental-Purchase Agreement Act. B. A renegotiation shall not include:

(1)reinstatement of a rental-purchase agreement in accordance with Section 7 [57-26-7 NMSA 1978] of the Rental-Purchase Agreement Act;

(2)a lessor's waiver or failure to assert any claim against the consumer;

(3)a deferral, extension or waiver of a portion of a periodic payment or of one or more periodic payments; or (4) a change, made at the consumer's request

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A. A renegotiation occurs when any term of a rental-purchase agreement that is required to be disclosed by Section 5 [57-26-5 NMSA 1978] of the Rental-Purchase Agreement Act is changed by agreement between the lessor and consumer. A renegotiation creates a new rental-purchase agreement requiring the lessor to give all the disclosures required by Section 5 of the Rental-Purchase Agreement Act. B. A renegotiation shall not include: (1) reinstatement of a rental-purchase agreement in accordance with Section 7 [57-26-7 NMSA 1978] of the Rental-Purchase Agreement Act; (2) a lessor's waiver or failure to assert any claim against the consumer; (3) a deferral, extension or waiver of a portion of a periodic payment or of one or more periodic payments; or (4) a change, made at the consumer's request, of the day of the week or month on which periodic payments are to be made.