N.M. Admin. Code § 14.12.4.9

Current through Register Vol. 35, No. 21, November 5, 2024

Section 14.12.4.9 - DEPOSITS

A. Consumer deposits for a manufactured home transaction will not be collected without a bona fide purchase agreement or buyer's order signed by both buyer and seller which shall include but is not limited to: year, model, manufacturer, serial number if unit is in stock, purchase price, required deposit and financing terms of the purchase.

B. Deposits will be refunded in full if financing is denied or terms of approval are significantly different from original agreement. If the buyer fails to complete his obligation for the purchase, deposits will be refunded as follows.

(1) Deposits on units in stock will be refunded in full less all actual costs incurred by the seller, such costs to be a maximum of 5% of the purchase price.

(2) Deposits units ordered for a specific purchaser will be refunded in full, less all actual costs incurred by the seller, such costs to be a maximum of 10% of the purchase price. Seller must fully disclose that the unit will be ordered.

(3) Deposits on homes requiring repairs, upgrades, modifications or changes agreed to by both buyer and seller in writing will be refunded in full less actual costs of repairs, upgrades, modifications, or changes.

C. The timetable for refund of deposits is.

(1) Cash deposits should be refunded within one (1) business day, but in no case, later than five (5) business days after the request for refund.

(2) Check deposits should be refunded within one (1) business day after clearing the maker's bank, but in no case, later than five (5) business days, after the refund request.

(3) Deposits other than cash or check will be refunded no later than two (2) days after the refund request.

N.M. Admin. Code § 14.12.4.9

14.12.4.9 NMAC - Rp, 14.12.2.20 NMAC, 12-01-10