New Mexico Statutes 57-26-3. Exempted transactions; relationship to other laws
A. The Rental-Purchase Agreement Act does not apply to the following:
Terms Used In New Mexico Statutes 57-26-3
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(1) rental-purchase agreements made primarily for business, commercial or agricultural purposes;
(2) a lease of a safe deposit box;
(3) a lease or bailment of personal property that is incidental to the lease of real property and provides that the consumer has no option to purchase the leased property;
(4) a lease of a “motor vehicle”, as defined in Subsection C of Section 56-1-1 N.M. Stat. Ann.; or
(5) a lease of a “mobile home”, as defined in Subsection D of Section 56-1-1 N.M. Stat. Ann..
B. Rental-purchase agreements are not governed by the provisions of: (1) the Uniform Commercial Code [N.M. Stat. Ann. Chapter 55];
(2) Chapter 56, Articles 1 and 8 NMSA 1978; or