2006 New Mexico Statutes - 66-5-201.1 — Purpose.
66-5-201.1. Purpose.
The legislature is aware that motor vehicle accidents in New Mexico can result in catastrophic financial hardship. The purpose of the Mandatory Financial Responsibility Act [ 66-5-201 to 66-5-239 NMSA 1978] is to require residents of New Mexico who own and operate motor vehicles upon the highways of the state either to have the ability to respond in damages to accidents arising out of the use and operation of a motor vehicle or to obtain a motor vehicle insurance policy.
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