The bill amends the Unfair Practices Act in New Mexico by updating definitions and increasing civil penalties for violations. Key definitions are clarified, including the terms "trade" or "commerce," which now encompass a broader range of activities such as the sale, lease, rental, or loan of goods and services, as well as the extension of credit and collection of debts. The definition of "unfair or deceptive trade practice" is also expanded to include a wider array of misleading actions and representations made in the course of trade or commerce. Additionally, the definition of "unconscionable trade practice" is revised to apply to all trade or commerce, including services provided by licensed professionals.

Furthermore, the bill significantly increases the civil penalty for violations of the Unfair Practices Act from a maximum of $5,000 to $10,000 per violation. In cases where the violation is related to an unfair or deceptive trade practice or an unconscionable trade practice arising from a disaster or state of emergency, the penalty can be as high as $25,000 per violation. The attorney general is also granted the authority to recover reasonable attorney fees and investigation costs when civil liability is imposed by the court.

Statutes affected:
introduced version: 57-12-2, 57-12-11
CE substitute: 57-12-2, 57-12-11