Any transaction in the form of a loan, other than a retail installment contract, is not subject to the provisions of the Motor Vehicle Sales Finance Act, even though all or a portion of the proceeds of such transaction in the form of a loan are applied to the unpaid balance of a retail installment contract.
§ 58-19-10.1 NMSA 1978
Loan to refinance motor vehicle sale
Known as the Motor Vehicle Sales Finance Act
The act spans §§ 58–58 (15 sections).
1978 Comp., § 58-19-10.1, enacted by Laws 1981, ch. 182, § 1.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.