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

Installment loans guidelines. 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. At least one time every year, the manager or perhaps the director’s authorized representative shall make a study of the area of company of every licensee additionally the loans, deals, publications, documents and records for the licensee insofar because they pertain to your company certified beneath the brand new Mexico Small Loan Act of 1955 once the manager may deem necessary. The licensee shall spend to your manager for such annual assessment a cost of $ 200 ($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 after the completion of a study of a licensed office.

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

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

(3) anyone who the manager has cause that is reasonable think is breaking any supply for the brand brand New Mexico Small Loan Act of 1955, if the person claims become inside the authority or beyond the range of the work.

D. For the purposes for this part, someone who advertises, solicits or makes any representation to be prepared to make loan deals in virtually any amount, except individuals, banking institutions or financing agencies running under charters or licenses granted by a situation or federal agency or under any unique statute, will be at the mercy of investigation underneath the brand new Mexico Small Loan Act of 1955 and will probably be assumed become involved with business described in Subsection A of area 58-15-3 NMSA 1978 as to your loans of two thousand five hundred bucks ($2,500) or less .

E. To facilitate the exams and investigations by the manager and completely reveal the operations and types of procedure of each and every licensed office, the licensee shall, in each licensed workplace, carry on file as an element of the documents associated with the workplace all workplace manuals, communications or directives containing statements of loan policy to workplace supervisors and workers have a glance at the link. The licensee shall keep in at least one office for information of the director a record of the several individuals, firms, beneficiaries of any trust and corporations deriving or receiving any part of the benefits, net income or profits from the operation of the licensee within New Mexico if the licensee is an individual, corporation, trust or association.

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 prior to the manager for assessment under oath may be offered by authorized mail. In the event that celebration notified to look could be the licensee, anybody known as regarding the face associated with the permit being examined or any representative, employee or supervisor taking part in the licensee’s company plus the celebration does not appear for assessment or will not respond to questions submitted, the manager may, forthwith and without further notice towards the licensee, suspend the license included pending conformity aided by the notice. 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 by the manager may, in the event of refusal or contumacy to obey any purchase of this region court issued to compel the attendance of the individual or perhaps the creation of publications, documents, written instruments and documents, punish the individual in terms of contempt of court.

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