New Mexico Administrative Code
Title 14 - HOUSING AND CONSTRUCTION
Chapter 12 - MANUFACTURED HOUSING
Part 4 - BONDS AND TRUST ACCOUNTS
Section 14.12.4.11 - MANUFACTURER'S CONSUMER PROTECTION BOND
Current through Register Vol. 35, No. 18, September 24, 2024
A. Each manufacturer or manufacturer II re-furbisher shall maintain consumer protection bonds with the division equal to the number of locations or plants shipping units into New Mexico or constructing units in New Mexico. Each bond may be satisfied by a surety bond or other security in the form and in the amount prescribed by the division with a minimum amount for each location, fifty thousand dollars ($50,000.00) for a Manufacturer I and ten thousand dollars ($10,000.00) for a Manufacturer II-Re-furbisher. Each surety in the form of a cash consumer protection bond shall be posted with a financial institution located in New Mexico. Out-of-state manufacturers shall submit an affidavit consenting to service of process in New Mexico in connection with all claims filed pursuant to the provisions of the act.
B. Each bond shall be indemnity for any loss sustained by any consumer as a result of: