State Codes and Statutes

Statutes > New-mexico > Chapter-57 > Article-26 > Section-57-26-6

57-26-6. Prohibited provisions.

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.   

State Codes and Statutes

Statutes > New-mexico > Chapter-57 > Article-26 > Section-57-26-6

57-26-6. Prohibited provisions.

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.   


State Codes and Statutes

State Codes and Statutes

Statutes > New-mexico > Chapter-57 > Article-26 > Section-57-26-6

57-26-6. Prohibited provisions.

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.