Section 56-12-14 - Prohibited practices.
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.