2021 New Mexico Statutes
Chapter 66 - Motor Vehicles
Article 3 - Registration Laws; Security Interests; Anti-Theft Provisions; Bicycles; Equipment; Unsafe Vehicles; Off-Highway Motor Vehicles; Other Vehicles
Part 2 - TRANSFER OF TITLE OR INTEREST
Section 66-3-101.1 - Terminal rental adjustment clauses; vehicle leases that are not sales nor create security interests.
Notwithstanding any other provision of law, in the case of motor vehicles or trailers that are leased, except for those motor vehicles or trailers leased for personal, family or household purposes, a lease transaction does not create a sale of or security interest in a motor vehicle or trailer, or transfer ownership to the lessee, merely because the lease contains a terminal rental adjustment clause that provides that the rental price is permitted or required to be adjusted up or down in respect to the amount of money realized upon the sale of the motor vehicle or trailer. Nothing in this section exempts a leaseholder of a motor vehicle or trailer from payment of fees or taxes otherwise required pursuant to New Mexico law.
History: Laws 2013, ch. 52, § 1.
ANNOTATIONSEmergency clauses. — Laws 2013, ch. 52, § 2 contained an emergency clause and was approved March 28, 2013.
