New Mexico Statutes 56-1-5. Prohibited provisions
No retail installment contract or retail charge agreement shall contain any provision by which:
Terms Used In New Mexico Statutes 56-1-5
- Contract: A legal written agreement that becomes binding when signed.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
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.