(a) If there is conflict between Sections 55-12-101 through 55-12-106 NMSA 1978 and Article 9 of the Uniform Commercial Code, Article 9 governs.
(b) A transaction subject to Sections 55-12-101 through 55-12-106 NMSA 1978 is subject to any applicable rule of law that establishes a different rule for consumers and any other statute or regulation that regulates the rates, charges, agreements and practices for loans, credit sales or other extensions of credit, the Unfair Practices Act [Chapter 57, Article 12 NMSA 1978] and any consumer-protection statute or regulation.
UCC Official Comments © by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Source. — Subsection (a) follows Section 3-102(b). Notwithstanding Subsection (a), as is the case with respect to Article 3, Article 9 explicitly defers to Article 12 in some instances. See, e.g., Section 9-331. Subsection (b) is copied from Section 9-201(b). To the extent that Article 9 contains provisions described in Subsection (b), Subsections (a) and (b) are not mutually exclusive.