New Mexico Administrative Code
Title 15 - GAMBLING AND LIQUOR CONTROL
Chapter 10 - ALCOHOLIC BEVERAGES GENERAL PROVISIONS
Part 53 - SALES - WHOLESALERS
Section 15.10.53.8 - PAYMENT, REFUND AND EXCHANGE
Current through Register Vol. 35, No. 18, September 24, 2024
A. If any invoice for alcoholic beverages sold to any licensee remains unpaid for more than 30 days the wholesaler may not sell alcoholic beverages to that licensee except on a cash basis.
B. Cash means a cash payment, a check, or electronic funds transfer, however, if a licensee tenders a check for a sale required to be cash under this regulation and that check is dishonored, the wholesaler may not accept any further checks from that licensee for sales required to be cash under this rule for a period of three months from the date the check is dishonored. Wholesalers who accept checks in payment for alcoholic beverages must present the checks for payment in the normal course of business.
C. A wholesaler may not use a promissory note or other similar obligation from a licensee as a device to avoid the credit prohibition set forth in the act and this rule. As long as a promissory note, or other similar obligation, remains outstanding for alcoholic beverages, the licensee must pay in cash.
D. Limitations on product returns:
E. A wholesaler may share information with other wholesalers regarding any unpaid invoices described in A, above, limited to the identity of the licensee, and the amount due and duration of the unpaid invoices.