A. The Rental-Purchase Agreement Act does not apply to the following:
(1) rental-purchase agreements made primarily for business, commercial or agricultural purposes;
(2) a lease of a safe deposit box;
(3) a lease or bailment of personal property that is incidental to the lease of real property and provides that the consumer has no option to purchase the leased property;
(4) a lease of a "motor vehicle", as defined in Subsection C of Section 56-1-1 NMSA 1978; or
(5) a lease of a "mobile home", as defined in Subsection D of Section 56-1-1 NMSA 1978.
B. Rental-purchase agreements are not governed by the provisions of:
(1) the Uniform Commercial Code [Chapter 55 NMSA 1978];
(2) Chapter 56, Articles 1 and 8 NMSA 1978; or
(3) Chapter 58, Article 15 NMSA 1978.
History: Laws 1995, ch. 38, § 3.