{"data":{"id":"us-nm/57-26-6","jurisdiction":"us-nm","citation":"57-26-6","heading":"Prohibited provisions.","body":"A rental-purchase agreement shall not contain:\nA. a confession of judgment;\nB. a negotiable instrument;\nC. a security interest or any other claim of a property interest in any property of the consumer;\nD. a wage assignment;\nE. a waiver by the consumer of claims or defenses;\nF. 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;\nG. 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;\nH. a provision that mere failure to return goods constitutes probable cause for a criminal action;\nI. 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;\nJ. 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\nK. 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.","path":["Chapter 57 - Trade Practices and Regulations","ARTICLE 26 Rental-Purchase Agreements"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18560/index.do","current_through":"2025-06-20","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"ddcad46247059ca47fce9224080c72515afd37575066e16c7c9cd4cb7299c10a","source_id":"us-nm","stale":false,"prev":"us-nm/57-26-5","next":"us-nm/57-26-7"},"notice":"GroundRules: Original legal text. Not legal advice."}