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Can you summarize Article 4, Chapter 56 NMSA?
Commercial Instruments and Transactions > Credit Cards
Short Summary
The provided legal document content is from the Credit Card Act within the New Mexico Statutes Annotated 1978. The Act governs the liability of a cardholder for the unauthorized use of a credit card. According to the document, a cardholder is liable for unauthorized use only if certain conditions are met, such as the card being an accepted credit card, the liability not exceeding $50, the card issuer providing a toll-free number or other convenient method for reporting loss or theft, and the unauthorized use occurring before the cardholder notifies the issuer. However, after the effective date of the Credit Card Act, a cardholder is not liable for unauthorized use if certain conditions are met, including the card issuer providing a method to identify the authorized user. The burden of proof lies with the card issuer to show authorization or meet the conditions of liability. The document also clarifies that the cardholder’s liability is not more than what is imposed by other applicable laws or agreements with the card issuer. Overall, this document outlines the liability and conditions for unauthorized use of credit cards by cardholders.
Whom does it apply to?
Cardholders, card issuers
What does it govern?
Liability of a cardholder for the unauthorized use of a credit card
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New Mexico