2018 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 19 - Motor Vehicle Sales Finance
Section 58-19-11 - Penalty.
A. Any person who shall willfully violate any provision of the Motor Vehicle Sales Finance Act [58-19-1 NMSA 1978], or engage in the business of a sales finance company in this state without a license therefor as provided in this act, shall be guilty of a misdemeanor and upon conviction shall be punished by a fine not exceeding five hundred dollars ($500).
B. A willful violation of any of the provisions of Section 7 [58-19-7 NMSA 1978] or 8 of this act by any person or individual shall bar recovery of the finance charge, delinquency and collection or other charges whatsoever by the owner or holder of the retail installment contract involved.
History: 1953 Comp., § 50-15-11, enacted by Laws 1959, ch. 204, § 11.
Compiler's notes. — The term "Section . . . 8 of this act," referred to in Subsection B, was compiled as 58-19-8 NMSA 1978 and was repealed by Laws 1981, ch. 263, § 4.
Transactions violating section void. — An alleged compromise agreement whereby the plaintiffs who refused to accept the mobile home they ordered allowed the defendant to retain their down payment as a credit on another purchase, where the plaintiffs had a right under Section 58-19-7A(3) NMSA 1978 to rescission and refund, was unenforceable and void, because the effect of the alleged compromise amounted to an attempted waiver of the plaintiffs' rights, in violation of Section 58-19-12 NMSA 1978, and because of the general rule that transactions in violation of a statute prescribing penalties, such as those in Subsection A, are void. White v. Singleton, 1975-NMCA-104, 88 N.M. 262, 539 P.2d 1024.
