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 read through:


A. The director or the director’s authorized representative shall make an examination of the place of business of each licensee and the loans, transactions, books, papers and records of the licensee insofar as they pertain to the business licensed under the New Mexico Small Loan Act of 1955 as the director may deem necessary at least once each year. The licensee shall spend towards the manager for such examination that is annual charge of $ 200 ($200).

B. Within an acceptable time following the conclusion of an study of a licensed workplace, the manager shall mail into the licensee a duplicate associated with the report associated with the assessment, along with any feedback, exceptions, objections or criticisms associated with manager in regards to the conduct associated with licensee as well as the procedure associated with the licensed workplace.

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

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

(3) anyone who the manager has reasonable cause to think is breaking any supply for the brand brand New Mexico Small Loan Act of 1955, perhaps the person claims become inside 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. To facilitate the exams and investigations because of the director and completely reveal the operations and types of procedure of every licensed office, the licensee shall, in each licensed workplace, continue file as an element of the documents regarding the workplace all workplace manuals, communications or directives containing statements of loan policy to workplace supervisors and workers. 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. When it comes to purposes for this part, the manager or the manager’s authorized representative shall have and stay offered free usage of the workplaces and places of company, files, safes and vaults of most licensees and shall have authority to need the attendance of every individual and also to examine the individual under oath in accordance with such loans or company or even the topic case of any assessment, research or hearing as supplied when you look at the brand new Mexico Small Loan Act of 1955. Notices to look prior to the manager for assessment under oath might be offered by authorized mail. In the event that celebration notified to seem may be the licensee, anybody known as regarding the face of this permit being examined or any representative, worker 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 permit involved pending conformity using the notice. Upon failure of every other individual to show up or even to respond to questions, the manager may connect with and invoke the assistance of any region court of brand new Mexico in compelling the attendance and testimony of any such individual plus the creation of publications, documents, written instruments and papers regarding the company associated with the licensee. The region court whoever help can be so invoked because of the manager may, in the event of contumacy or refusal 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.