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 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.
§ 66-5-201.1 NMSA 1978
Purpose
Applied in 2 court decisions — leading case Walker v. Spina (2018)
Most recently applied in Walker v. Spina (August 2018)
Laws 1983, ch. 318, § 2; 1998, ch. 34, § 4.
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.