New Mexico § 56-1-1 - Definitions

§ 56-1-1. Definitions

As used in Chapter 56, Article 1 NMSA 1978 , unless the context otherwise requires: A. “goods” means all tangible chattels personal when purchased primarily for personal,

family or household use and not for commercial or business use, but not including

motor vehicles as defined in this section, money, things in action or intangible personal

property other than merchandise certificates or coupons as described in this section. The term includes such chattels which are furnished or used, at the time of sale

or subsequently, in the modernization, rehabilitation, repair, alteration, improvement

or construction of real property so as to become a part thereof whether or not severable

therefrom. The term includes a mobile home, provided such mobile home is not encumbered together

with the real estate upon which it is situated. The term also includes merchandise certificates or coupons, issued by a retail seller,

not redeemable in cash and to be used in their face amount in lieu of cash, in exchange

for goods or services sold by such seller; B. “services” means work, labor or services of any kind when purchased primarily for

personal, family or household use and not for commercial or business use; C. “motor vehicle” means any automobile, motorcycle, truck, trailer, semi-trailer,

truck tractor or bus designed and used primarily to transport persons or property

on a public highway or any vehicle designed to run only on rails or tracks or in the

air, excepting however, any boat, trailer or any vehicle propelled or drawn exclusively

by muscular power; D. “mobile home” means a structure transportable in one or more sections which is

at least eight body feet wide, thirty-two body feet long and which is built on a permanent

chassis and designed to be used as a dwelling, with or without a permanent foundation,

when connected to the required utilities, and includes the plumbing, heating, air-conditioning

and electrical systems contained in the structure; E. “retail buyer” or “buyer” means a person who buys or agrees to buy goods or obtain

services or agrees to have services rendered or furnished from a retail seller; F. “retail seller” or “seller” means a person regularly and principally engaged in

the business of selling goods or services to retail buyers but does not include the

services of a professional person licensed by the state; G. “retail installment transaction” means any transaction in which a retail buyer

purchases goods or services from a retail seller pursuant to a retail installment

contract or a retail charge agreement, as defined in this section, which provides

for a time price differential, as defined in this section, and under which the buyer

agrees to pay the unpaid balance in one or more installments; H. “retail installment contract” means an instrument, other than a retail charge agreement

or an instrument reflecting a sale made pursuant thereto, entered into in this state

evidencing a retail installment transaction whether secured or unsecured. The term retail installment contract may include a chattel mortgage, a security

agreement, a conditional sale contract or a contract in the form of bailment or a

lease if the bailee or lessee contracts to pay as compensation for its use a sum substantially

equivalent to or in excess of the value of the goods sold and if it is agreed that

the bailee or lessee is bound to become or for no other or a merely nominal consideration

has the option of becoming the owner of the goods upon full compliance with the provisions

of the bailment or lease; I. “retail charge agreement” means an instrument prescribing the terms of retail installment

transactions which may be made thereunder from time to time and under the terms of

which a time price differential, as defined in this section, is to be computed in

relation to the buyer's unpaid balance from time to time and includes any agreement

under which a retail buyer uses a credit card for the purchase of goods and services

under any credit card plan, whether credit is extended directly or indirectly to the

retail buyer, or the obligation is assigned by the retail seller to a credit card

issuer or his agent; J. “time price differential,” however denominated or expressed, means the amount which

is paid or payable for the privilege of purchasing goods or services to be paid for

by the buyer in installments over a period of time. It does not include the amount, if any, charged for insurance premiums, delinquency

charges, attorneys' fees, court costs or official fees; K. “cash sale price” means the price stated in a retail installment contract or in

a sales slip or other memorandum furnished by a retail seller to a retail buyer under

or in connection with a retail charge agreement, for which the seller would have sold

or furnished to the buyer and the buyer would have bought or obtained from the seller

the goods or services which are the subject matter of a retail installment transaction,

if the sale had been a sale for cash. The cash sale price may include any taxes and charges for delivery, installation,

servicing, repairs, alterations or improvements; L. “official fees” means the amount of the fees prescribed by law for filing, recording

or otherwise perfecting and releasing or satisfying a retained title, lien or other

security interest created by a retail installment transaction; M. “time sale price” means the total of the cash sale price of the goods or services

and the amount, if any, included for insurance, if a separate identified charge is

made therefor, and the official fees and the time price differential; N. “principal balance” means the cash sale price of the goods or services which are

the subject matter of a retail installment contract plus the amounts, if any, included

therein, if a separate identified charge is made therefor and stated in the contract,

for insurance and official fees, less the amount of the buyer's down payment in money

or goods or both; O. “holder” means the retail seller of the goods or services under the retail installment

contract or retail charge agreement or the assignee if the retail installment contract

or the retail charge agreement or outstanding balance under either has been sold or

otherwise transferred; P. “person” means an individual, partnership, joint venture, corporation, association

or any other group, however organized; and Q. words of the masculine gender include the feminine and the neuter and, when the

sense so indicates, words of the neuter gender may refer to any gender.