HOUSE BILL 523

54th legislature - STATE OF NEW MEXICO - first session, 2019

INTRODUCED BY

Joy Garratt and William B. Pratt and Susan K. Herrera and Christine Chandler and William "Bill" R. Rehm

AN ACT

RELATING TO CONSUMER PROTECTION; DECLARING AS AN UNLAWFUL PRACTICE AUTOMATIC WITHDRAWALS MADE PURSUANT TO AUTOMATIC PAYMENT AGREEMENTS FROM CERTAIN CONSUMER ACCOUNTS WITHOUT PRIOR OR IMMEDIATE NOTICE OF THOSE WITHDRAWALS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. A new section of the Unfair Practices Act is enacted to read:

     "[NEW MATERIAL] AUTOMATIC PAYMENT AGREEMENTS--NOTICE REQUIRED.--It is an unlawful practice within the meaning of the Unfair Practices Act for a person that has an automatic payment agreement with a consumer to fail to notify the consumer of its withdrawal from the consumer's credit or debit account, or the consumer's account with a third party, prior to or immediately upon making that withdrawal."