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

By December 2, 2020 No Comments

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:

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“58-15-9. STUDY OF LICENSEE’S BOOKS AND RECORDS–WITNESSES.–

A. One or more times every year, the manager or perhaps the director’s authorized representative shall make a study of the area of company of every licensee plus the loans, deals, publications, documents and documents associated with the licensee insofar because they relate towards the company certified beneath the brand new Mexico Small Loan Act of 1955 given that manager may deem necessary. The licensee shall spend to your manager for such examination that is annual charge 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 office in just a reasonable time after the conclusion of a study of a licensed office.

C. The director or the director’s authorized representative may at any time investigate the business and examine the books, accounts, papers and records used therein, including income tax returns or other reports filed in the office of the director of the revenue processing division of the taxation and revenue department of for the purpose of discovering violations of the New Mexico Small Loan Act of 1955 or of securing information lawfully required under that act

(2) virtually any individual involved with the company described in Subsection A of section NMSA that is 58-15-3 1978 playing such company as major, representative, broker or else; and

(3) anyone who the manager has reasonable cause to think is breaking any provision for the brand brand New Mexico Small Loan Act of 1955, perhaps the person claims become in the authority or beyond the scope 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, company, trust or relationship, the licensee shall retain in one or more workplace for information of this manager accurate documentation for the a few people, companies, beneficiaries of any trust and corporations deriving or getting any area of the benefits, net gain or earnings through the procedure of this 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 prior to 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 so invoked by 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 publications, documents, written instruments and documents, punish the individual in terms of contempt of court.

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