No trading stamp company shall distribute trading stamps in this state or shall redeem trading stamps hereafter issued therein unless:
A. each stamp has legibly printed upon its face in cents or any fraction thereof a cash value determined by the company; and
B. the rightful holders may, at their option, redeem the stamps in cash when duly presented to the company for redemption in a number having an aggregate cash value of not less than twenty-five cents [($.25)].
History: 1953 Comp., § 49-9-3, enacted by Laws 1959, ch. 79, § 3.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
At least one redemption center must be located within state. — It must be implied from the requirements set forth that each such company must have at least one redemption center located within the state of New Mexico. 1959 Op. Att'y Gen. No. 59-141.
Must redeem and provide for optional cash redemption within state. — A trading stamp company must redeem stamps in this state and must, in addition to offering to redeem for services or merchandise, provide for optional cash redemption in this state. 1959 Op. Att'y Gen. No. 59-141.