§ 59A-60-2. Definitions

As used in the Portable Electronics Insurance Act: A. “ customer ” means a person who purchases portable electronics or services; B. “ enrolled customer ” means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics; C. “ location ” means any physical location in the state of New Mexico or any web site, call center site or similar location directed to residents of the state of New Mexico; D. “ portable electronics ” means electronic devices that are portable in nature and their accessories; E. “ portable electronics insurance ” means insurance providing coverage for the repair or replacement of portable electronics that may provide coverage for portable electronics against any one or more of the following causes of loss: loss, theft, inoperability due to mechanical failure, malfunction, damage or other similar causes of loss. “ Portable electronics insurance ” also includes any agreement whereby a person or any legal entity, in exchange for consideration paid, agrees to provide for the future repair, replacement or provision of portable electronics. “Portable electronics insurance” does not include: (1) a service contract governed by the Service Contract Regulation Act; (2) a policy of insurance covering a seller's or a manufacturer's obligations under a warranty; or (3) a homeowner's, renter's, private passenger automobile, commercial multiperil or similar policy; F. “ portable electronics transaction ” means: (1) the sale or lease of portable electronics by a vendor to a customer; or (2) the sale of a service related to the use of portable electronics by a vendor to a customer; G. “ superintendent ” means the superintendent of insurance; H. “ supervising entity ” means a business entity that is a licensed insurer or insurance producer that is appointed by an insurer to supervise the administration of a portable electronics insurance program; and I. “ vendor ” means a person in the business of engaging in portable electronics transactions directly or indirectly.