New Mexico Administrative Code
Title 3 - TAXATION
Chapter 11 - MOTOR VEHICLE TAXES AND FEES
Part 4 - SALE OR TRANSFER OF VEHICLES
Section 3.11.4.12 - RESPONSIBILITY OF AGENTS FOR PAYMENT OF TAX

A. For the purposes of the motor vehicle excise tax, a "remittance agent" is a person who has contracted with the buyer of a vehicle to collect from the buyer and to report and remit on behalf of the buyer the motor vehicle excise tax due on the purchase. A remittance agent is responsible for correctly reporting the transaction and remitting the full amount of motor vehicle excise tax collected from the buyer.

B. Any excess tax remitted by the remittance agent will be refunded by the department to the buyer. If the remittance agent remits the full amount collected from the buyer but the amount collected and remitted is less than the tax due, the department will assess the buyer for the deficiency. If the remittance agent remits less than the full amount collected from the buyer and the amount remitted is less than the tax due, the remittance agent will be assessed for that part of the deficiency equal to the difference between the amount remitted by the remittance agent and the amount collected by the remittance agent from the buyer; the buyer will be assessed for any remaining amount due.

C. Failure of a remittance agent who is licensed in accordance with Sections 66-4-1 through 66-4-9 NMSA 1978 to remit the full amount of motor vehicle excise tax collected from the buyer is grounds for revocation of the agent's license.