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Can I collect credit card information from participants in New Mexico? What are the requirements?
Based on the provided documents, there are several regulations related to the collection of credit card information in New Mexico.
Prohibited disclosure of credit card number.
According to [3.1]" >56-4-3.1 NMSA, a person who accepts a credit card from a cardholder shall not issue a receipt that lists more than five numbers from the cardholder’s credit card account number.
Use of credit information; limits on use.
[4.1]" >59A-17A-4 NMSA states that an insurer or group of affiliated insurers authorized to do business in New Mexico that uses credit information to underwrite, rate or renew personal insurance coverage shall not use an insurance score that is calculated using income, gender, address, race, color, national origin, religion or marital status of the consumer as a factor.
Credit card account; terms and conditions.
[2.1]" >58-1A-5 NMSA states that a credit card account between a domestic bank or consumer credit bank and a borrower, wherever the borrower’s place of residence, shall be governed solely by the laws of New Mexico and federal law, where applicable.
Based on the above regulations, it is unclear whether collecting credit card information from participants in New Mexico is allowed or not. However, it is clear that disclosing more than five numbers from a credit card account number is prohibited, and that credit bureaus must require service contracts to be executed for inquiries made for the purposes of granting credit or other bona fide business transactions.
Therefore, before collecting credit card information from participants in New Mexico, it is recommended to consult with a legal expert to ensure compliance with all applicable regulations.
Source(s):
- [2.1] Credit card account; terms and conditions.
- [3.1] Prohibited disclosure of credit card number.
- [4.1] Use of credit information; limits on use.
Jurisdiction
New Mexico