New Mexico LAW Alert - 553 - 0425

Please note that there has been a revision made to the LAW®553-NM(4P)10/24 contract as well as the LAW®553-NM-ARB10/24. The new form numbers are LAW®553-NM(4P)6/25 and LAW®553-NM-ARB6/25.

A template change previously made to the LAW® 553 contracts was to remove the No Cooling Off Period notice. Removing the notice provides dealers with greater flexibility to offer remote sales without confusion and in compliance with potential door-to-door sales/home solicitation sales laws.

After releasing the553-NM and 553-NM-ARB 10/24 revisions, Reynolds was asked to add the No Cooling Off Period notice back into the contract. Unlike in other states, many New Mexico dealers rely heavily on the notice as a best practice with consumers. After consulting with the NMADA, Reynolds is adding the No Cooling Off Period notice back into the NM contracts.

Reynolds does NOT intend to add the notice back into the contract in any other state.

New programming will be required for the new revision. The standard and ARB versions will not line up the same as each other for programming purposes.

Inventory for the new product will be available by April 21, 2025. Dealers should begin using the new contract by June 1, 2025.

The Bankers Systems® brand Motor Vehicle Retail Installment Sale Contracts are NOT impacted by the above changes and therefore will NOT be revised.

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937.485.2000

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800.344.0996

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Dayton, Ohio 45430

The BANKERS SYSTEMS® mark is owned by Wolters Kluwer Financial Services, Inc. and is used with permission by license. Wolters Kluwer Financial Services, Inc. bears no responsibility or liability with respect to the forms provided.