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 learn:


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 to your manager for such yearly assessment a 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 workplace inside a reasonable time following the conclusion of an study of a licensed workplace.

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 in business described in Subsection A of area 58-15-3 NMSA 1978 or playing such company as major, representative, broker or perhaps; and

(3) anyone who the director has reasonable cause to think is breaking any supply associated with brand New Mexico Small Loan Act of 1955, perhaps 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. To facilitate the exams and investigations by the manager and completely reveal the operations and ways 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. In the event that licensee is a person, company, trust or relationship, the licensee shall retain in one or more workplace for information for the manager accurate documentation associated with the a few people, businesses, beneficiaries of every trust and corporations deriving or getting any area of the benefits, net gain or earnings through the procedure regarding 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 show up prior to the manager for assessment under oath may be offered by authorized mail. In the event that celebration notified to show up may be the licensee, anybody called regarding the face of this permit being examined or any representative, worker or supervisor taking part in the licensee’s company together with celebration does not appear for assessment or will not answer questions submitted, the manager may, forthwith and without further notice into the licensee, suspend the permit included pending conformity utilizing 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 so invoked because of the manager may, in case there is contumacy or refusal to obey any purchase regarding the region court issued to compel the attendance of the individual or even the creation of publications, documents, written instruments and documents, punish the individual in terms of contempt of court.