Installment loans rules. 50th legislature – STATE OF NEW MEXICO – 2nd session

Installment loans rules. 50th legislature – STATE OF NEW MEXICO – 2nd session

AREA 7. Section 58-15-9 NMSA 1978 (being Laws 1955, Chapter 128, Section 9, as amended) is amended to see:


A. One or more times every year, the manager or perhaps the director’s authorized representative shall make an examination of the area of company of every licensee in addition to loans, deals, publications, documents and documents of this licensee insofar because they relate towards the company certified beneath the brand new Mexico Small Loan Act of 1955 since the manager may deem necessary. The licensee shall spend into the manager for such examination that is annual cost of 200 dollars ($200).

B. The director shall mail to the licensee a copy of the report of the examination, together with any comments, exceptions, objections or criticisms of the director concerning the conduct of the licensee and the operation of the licensed workplace inside a reasonable time following the conclusion of a examination of a licensed workplace.

C. For the intended purpose of discovering violations regarding the brand new Mexico Small Loan Act of 1955 or of securing information lawfully needed under that work, the manager or the director’s authorized representative may whenever you want investigate the business enterprise and examine the books, records, documents and documents utilized therein, including earnings tax statements or other reports filed at work of the manager of this income processing unit associated with taxation and income division of:

(2) any kind of individual involved in business described in Subsection A of part 58-15-3 NMSA 1978 or taking part in such company as major, representative, broker or elsewhere; and

(3) anyone who the manager has cause that is reasonable believe is breaking any supply of this brand brand New Mexico Small Loan Act of 1955, whether or not the person claims become in the authority or beyond the range of the work.

D. A person who advertises, solicits or makes any representation as being willing to make loan transactions in any amount, except persons, financial institutions or lending agencies operating under charters or licenses issued by a state or federal agency or under any special statute, shall be subject to investigation under the New Mexico Small Loan Act of 1955 and shall be presumed to be engaged in the business described in Subsection A of Section 58-15-3 NMSA 1978 as to any loans of two thousand five hundred dollars ($2,500) or less for the purposes of this section.

E. The licensee shall, in each licensed office, keep on file as part of the records of the office all office manuals, communications or directives containing statements of loan policy to office managers and employees to facilitate the examinations and investigations by the director and fully disclose the operations and methods of operation of each licensed office. In the event that licensee is a person, organization, trust or relationship, the licensee shall retain in one or more workplace for information of this manager an archive associated with the a few people, companies, beneficiaries of every trust and corporations deriving or receiving any the main advantages, net gain or earnings through the procedure for the licensee within brand new Mexico.

F. The director or the director’s authorized representative shall have and be given free access to the offices and places of business, files, safes and vaults of all licensees and shall have authority to require the attendance of any person and to examine the person under oath relative to such loans or business or to the subject matter of any examination, investigation or hearing as provided in the New Mexico Small Loan Act of 1955 for the purposes of this section. Notices to look ahead of the manager for assessment under oath might be offered by subscribed mail. Any person named on the face of the license being investigated or any agent, employee or manager participating in the licensee’s business and the party fails to appear for examination or refuses to answer questions submitted, the director may, forthwith and without further notice to the licensee, suspend the license involved pending compliance with the notice if the party notified to appear is the licensee. The director may apply to and invoke the aid of any district court of New Mexico in compelling the attendance and testimony of any such person and the production of books, records, written instruments and documents relating to the business of the licensee upon failure of any other person to appear or to answer questions. The region court whoever help is really invoked because of the manager may, in the event of contumacy or refusal to obey any purchase associated with region court issued to compel the attendance of the individual or the creation of books, documents, written instruments and documents, punish the individual in terms of contempt of court.

You may also like...

Popular Posts

Leave a Reply