Section 56-12-3 - PurposeThe purpose of the Pawnbrokers Act is to:
A. prevent frauds, unfair practices, discriminations against, impositions on or abuses of the citizens of New Mexico;B. exercise the police power of the state to insure a sound system of making pawn transactions and acquiring and disposing of tangible personal property by and through pawnshops and to prevent unlawful pawn transactions, particularly in stolen property, through regulating pawnbrokers and certain persons employed by or in pawnshops;C. ensure financial responsibility to the state and to the public;D. ensure compliance with federal, state and local laws, rules, regulations and ordinances;E. assist local governments in the exercise of their police power; andF. to protect from exploitation, abuse or its own improvidence that segment of society in this state which relies from time to time for its need upon money or credit extended by pawnbrokers and given upon the security of native art, handicraft or movable personal possessions.