Section 56-12-14 - Prohibited practices. - New Mexico Statutes

56-12-14. Prohibited practices.

A pawnbroker shall not:   

A.     knowingly enter into a pawn transaction with a person under the age of eighteen years or under the influence of alcohol, any narcotic, drug, stimulant or depressant;   

B.     make any agreement requiring the personal liability of a pledgor in connection with the pawn transaction;   

C.     accept any waiver, in writing or otherwise, of any right or protection accorded a pledgor under the Pawnbrokers Act [56-12-1 to 56-12-16 NMSA 1978];   

D.     fail to exercise reasonable care to protect pledged goods from loss or damage;   

E.     fail to return a pledged good to a pledgor upon payment of the full amount due to the pawnbroker on the pawn transaction. In the event a pledged good is lost or damaged while in the possession of the pawnbroker, the pawnbroker shall compensate the pledgor for the reasonable value of the lost or damaged good;   

F.     make any charge for insurance in connection with a pawn transaction;   

G.     purchase or otherwise receive any item of property from which the manufacturer's name plate, serial number or identification mark has been obviously defaced, altered, covered or destroyed;   

H.     purchase or otherwise receive any item of property which the permitholder knows is not lawfully owned by the person offering the same;   

I.     enter into a pawn transaction in which the unpaid principle [principal] balance exceeds two thousand dollars ($2,000); or   

J.     require that any of the proceeds of any cash loan be spent at the pawnbroker's place of business or in any other manner directed by the pawnbroker.