Statutes > New Mexico Statutes > Chapter 58 - Financial Institutions and Regulations. > Article 19 - Motor Vehicle Sales Finance, 58-19-1 through 58-19-14. > Section 58-19-10.1 - Loan to refinance motor vehicle sale.

Section 58-19-10.1 - Loan to refinance motor vehicle sale.

58-19-10.1. Loan to refinance motor vehicle sale.

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 [58-19-1 NMSA 1978], 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.