N.M. Admin. Code § 14.12.4.12 - DEALER'S CONSUMER PROTECTION BOND
A. Each dealer shall maintain consumer
protection bonds with the division equal to the number of locations at which
the dealer does business. Each bond may be satisfied by a surety bond or other
security in the form and in the amount prescribed by the division, with a
minimum amount of fifty thousand dollars ($50,000.00) for each location. Each
surety in the form of cash consumer protection bond shall be posted with a
financial institution located in New Mexico. Out of state dealers shall submit
an affidavit consenting to service of process in New Mexico in connection with
all claims filed pursuant to the provisions of the act.
B. Each bond shall be indemnity for any loss
sustained by the consumer as a result of:
(1)
a violation by the dealer of any provision of the act or of these
regulations;
(2) fraud by the
dealer in the execution or performance of a contract;
(3) the misrepresentation or making a false
promise by the dealer, or through the advertising, the agents, or the
salespersons of the dealer;
(4) a
violation of the dealer's written warranty;
(5) refusal, failure or inability of the
dealer to transfer good and sufficient legal title to the consumer.
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