New Mexico § 56-1-5 - Prohibited provisions
Full text of New Mexico New Mexico Statutes Annotated § 56-1-5 — Prohibited provisions, with citation guidance and answers to common questions.
§ 56-1-5. Prohibited provisions
No retail installment contract or retail charge agreement shall contain any provision
by which: A. in the absence of the buyer's default in the performance of any of his obligations,
the holder may accelerate the maturity of any part or all of the amount owing thereunder; B. a power of attorney is given to confess judgment in this state, or an assignment
of wages is given; C. the seller or holder or other person acting on his behalf is given authority to
enter upon the buyer's premises unlawfully or to commit any breach of the peace in
the repossession of goods; D. the buyer waives any right of action against the seller or holder or other person
acting on his behalf, for any illegal act committed in the collection of payments
under the contract or agreement or in the repossession of goods; E. the buyer executes a power of attorney appointing the seller or holder or other
person acting on his behalf, as the buyer's agent in collection of payments under
the contract or agreement or in the repossession of goods; or F. the buyer agrees not to assert against the seller or against an assignee a claim
or defense arising out of the sale.
Frequently Asked Questions About New Mexico § 56-1-5
What does New Mexico Statutes Annotated § 56-1-5 cover?
Section 56-1-5 ("Prohibited provisions") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 56-1-5?
A common citation format is "New Mexico Statutes Annotated § 56-1-5" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 56-1-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.