New Mexico Statutes 59A-60-2. Definitions
As used in the Portable Electronics Insurance Act:
Terms Used In New Mexico Statutes 59A-60-2
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
A. “customer” means a person who purchases portable electronics or services; B. “enrolled customer” means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics;
C. “location” means any physical location in the state of New Mexico or any web site, call center site or similar location directed to residents of the state of New Mexico;
D. “portable electronics” means electronic devices that are portable in nature and their accessories;
E. “portable electronics insurance” means insurance providing coverage for the repair or replacement of portable electronics that may provide coverage for portable electronics against any one or more of the following causes of loss: loss, theft, inoperability due to mechanical failure, malfunction, damage or other similar causes of loss. “Portable electronics insurance” also includes any agreement whereby a person or any legal entity, in exchange for consideration paid, agrees to provide for the future repair, replacement or provision of portable electronics. “Portable electronics insurance” does not include:
(1) a service contract governed by the Service Contract Regulation Act [N.M. Stat. Ann. Chapter 59A, Article 58];
(2) a policy of insurance covering a seller’s or a manufacturer’s obligations under a warranty; or
(3) a homeowner’s, renter’s, private passenger automobile, commercial multiperil or similar policy;
F. “portable electronics transaction” means:
(1) the sale or lease of portable electronics by a vendor to a customer; or
(2) the sale of a service related to the use of portable electronics by a vendor to a customer;
G. “superintendent” means the superintendent of insurance;
H. “supervising entity” means a business entity that is a licensed insurer or insurance producer that is appointed by an insurer to supervise the administration of a portable electronics insurance program; and
I. “vendor” means a person in the business of engaging in portable electronics transactions directly or indirectly.