Can I offer a money-back guarantee for my product or service in New Mexico? What are the requirements?

Money-back Guarantee for Products or Services in New Mexico

In New Mexico, there are no specific laws or regulations that require businesses to offer a money-back guarantee for their products or services. However, businesses may choose to offer such a guarantee as a marketing strategy to attract customers.

If a business decides to offer a money-back guarantee, it should clearly state the terms and conditions of the guarantee in writing, including the circumstances under which a refund will be issued and any time limits for requesting a refund. The business should also ensure that it has the financial resources to honor the guarantee.

Licensing Requirements

If you are a licensee pursuant to Article 3 of the Uniform Money Services Act in New Mexico, you are required to renew your license annually before November 1 of each year ^[1.1][1.3]. To renew your license, you must pay an annual renewal fee of one thousand dollars ($1,000) and submit a renewal report with the renewal fee in a record signed under penalty of perjury that shall be in a form and in a medium prescribed by the director ^[1.1][1.3].

The renewal report should state or contain a description of each material change in information submitted by the licensee in its original license application that has not been reported to the director on any required report, and a list of the locations in New Mexico where the licensee or an authorized delegate of the licensee engages in check cashing or currency exchange, including limited stations and mobile locations ^[1.1][1.3].

If you fail to file a renewal report or pay your renewal fee by the renewal date or any extension of time granted by the director, the director shall send you a notice of suspension. Unless you file the report and pay the renewal fee before expiration of ten days after the notice is sent, your license will be suspended ten days after the director sends the notice of suspension. The suspension shall be lifted if, within twenty days after your license is suspended, you file the report and pay the renewal fee, and pay one hundred dollars ($100) for each day after suspension that the director did not receive the renewal report and the renewal fee ^[1.1][1.3].

The director for good cause may grant an extension of the renewal date ^[1.1][1.3].

Conclusion

In summary, there are no specific laws or regulations in New Mexico that require businesses to offer a money-back guarantee for their products or services. However, businesses may choose to offer such a guarantee as a marketing strategy to attract customers. If a business decides to offer a money-back guarantee, it should clearly state the terms and conditions of the guarantee in writing. Additionally, if you are a licensee pursuant to Article 3 of the Uniform Money Services Act in New Mexico, you are required to renew your license annually before November 1 of each year and submit a renewal report with the renewal fee ^[1.1][1.3].

Source(s):

• [1.1] Renewal of license.
• [1.3] Renewal of license.

Jurisdiction

New Mexico

• General