A. Pursuant to Section 66-3-401 NMSA 1978, a dealer may register a vehicle in the name of the dealer for the purpose of providing the use of a vehicle from the inventory of the dealer to a full-time coach or athletic director at any state-supported four-year institution of higher education in New Mexico.
B. A vehicle that a dealer elects to register pursuant to Subsection A of this section is not required to be titled pursuant to the provisions of the Motor Vehicle Code [66-1-1 NMSA 1978], but the vehicle must be included in the driver's inventory for Internal Revenue Code of 1986 purposes and transferred to the full-time coach or athletic director under conditions that require the dealer to report the value of the use of the vehicle as income to the full-time coach or athletic director.
C. The number of vehicles registered and used pursuant to the provisions of this section shall be excluded when determining compliance with the maximum number of dealer plates allowed pursuant to Subsection B of Section 66-3-402 NMSA 1978.
History: 1978 Comp., § 66-3-401.1, enacted by Laws 1998, ch. 48, § 9; 1999, ch. 129, § 1; 2007, ch. 319, § 29.
ANNOTATIONSCross references. — For the Internal Revenue Code of 1986, see Title 26 of the United States Code.
The 2007 amendment, effective June 15, 2007, replaced "special dealer plates" with "dealer plates".
The 1999 amendment, effective April 5, 1999, rewrote the section heading, which formerly read "Operation of Vehicles Under Special Collegiate Registration Plates"; in Subsection A, deleted "In lieu of the use of special dealer plates" from the beginning, deleted "and title" following "may register", and deleted "pursuant to the provisions of Section 66-3-416 NMSA 1978" following "name of the dealer"; in Subsection B, substituted "A vehicle" for "Each vehicle" at the beginning; and added Subsection C.