2006 New Mexico Statutes - 66-3-20.1 — Providing for extended registration periods for certain motor vehicles; credit for unexpired portion of fee.

66-3-20.1. Providing for extended registration periods for certain motor vehicles; credit for unexpired portion of fee.

A.     Registrations of vehicles, motorcycles or trucks with a declared gross weight of twenty-six thousand pounds or less may be for a period of up to two years; provided, the extended registration period shall begin on the first day of any month and expire on the last day of any month.

B.     The fee for an extended registration period shall be the fee for a registration for one year divided by four and multiplied by the number of calendar quarters in the registration period with any fraction of a quarter year to be considered a full quarter.

C.     A refund shall not be permitted for the first year of registration.  A refund shall be permitted during the second year of registration for a quarter during which a person applying for the refund did not own the vehicle for which the refund is requested.

D.     If the owner of a vehicle that is registered for an extended registration period sells, transfers or assigns title or interest to the vehicle and applies to have the registration number assigned to another vehicle, upon assignment, a credit amount representing the unexpired portion of the registration fee plus an administrative fee to be determined by the department shall be applied, on a pro rata basis, to the registration fee for the vehicle to which the registration number is assigned.