New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 2 - CONSUMER PROTECTION
Part 7 - COMPARATIVE PRICE ADVERTISEMENTS AND SAVINGS CLAIMS FOR THE NATIVE AMERICAN JEWELRY AND ARTS AND CRAFTS RETAIL INDUSTRY
Section 12.2.7.12 - COMPARISON TO COMPETITOR'S PRICE
Current through Register Vol. 35, No. 18, September 24, 2024
It is an unfair and deceptive practice for a seller to advertise using a comparison between the seller's price with a price currently being offered by another seller for goods or services unless the goods are comparable in quality, design, grade, material and craftsmanship and the seller's price is at or below the price at which the comparable goods are being offered currently in the seller's trade area by a reasonable number of other sellers in the same trade area, or another seller identified in the advertisement.
A. Any seller making price comparisons with another seller or sellers shall be required to document the basis on which the comparisons are made. Such documentation shall include identification of the seller(s) with whom goods and prices are being compared, identification of the goods being compared and claimed to be the comparable, a statement of the prices charged by each seller for the comparable goods and the date(s) on which the comparison was made.
B. Any seller making price comparisons with another seller or sellers shall update his or her records no less than every six months, and shall be required to retain the documentation which form the basis of the price comparisons, as required by Subsection A of 12.2.7.12 NMAC, for a period of no less than two years from the date of the first advertisement which uses the price comparisons.
