What does the law say about credit card disputes?

In New Mexico, the Credit Card Dispute Resolution Law (NMSA 1978, §59-16-1 to 51) is in place to offer consumer protection when credit card disputes arise. According to the law, credit card companies must acknowledge and investigate any dispute that is made in good faith and submitted to the company within 60 days of the date the statement was issued with the disputed charge. This dispute must be in writing and include all relevant information, such as the dates and amounts of the disputed charges, an explanation of why these charges are being disputed, and copies of any supporting documentation. Once the credit card company receives the dispute, they have 30 days to resolve it or to send an acknowledgement that the dispute was received. The company must also complete the investigation within 90 days of the initial dispute. During an investigation, the company must provide a copy of the dispute to merchants, creditors, and other parties that had a role in the disputed charges. The Credit Card Dispute Resolution Law also provides consumer protection if the credit card company decides that the dispute should be resolved in favor of the consumer. In this scenario, the consumer should receive a refund of the disputed amount and any interest or fees associated with the charge. Additionally, the company must remove any related late fees or other penalties from the consumer’s account. Overall, the Credit Card Dispute Resolution Law in New Mexico provides consumer protection when credit card disputes arise. It outlines the procedures that credit card companies must follow when they receive a dispute, and also provides consumers with financial relief if the dispute is decided in their favor.

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What does the law say about credit card disputes?

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