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Current as of January 01, 2024 | Updated by Findlaw Staff
A. The Rental-Purchase Agreement Act does not apply to the following:
(1) rental-purchase agreements made primarily for business, commercial or agricultural purposes;
(2) a lease of a safe deposit box;
(3) a lease or bailment of personal property that is incidental to the lease of real property and provides that the consumer has no option to purchase the leased property;
(4) a lease of a “motor vehicle”, as defined in Subsection C of Section 56-1-1 NMSA 1978; or
(5) a lease of a “mobile home”, as defined in Subsection D of Section 56-1-1 NMSA 1978.
B. Rental-purchase agreements are not governed by the provisions of:
(1) the Uniform Commercial Code;
(2) Chapter 56, Articles 1 and 8 NMSA 1978; or
(3) Chapter 58, Article 15 NMSA 1978.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 57. Trade Practices and Regulations § 57-26-3. Exempted transactions; relationship to other laws - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-57-trade-practices-and-regulations/nm-st-sect-57-26-3/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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