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:

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

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 into the manager for such examination that is annual 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 office inside a reasonable time after the completion of an study 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, reports, documents and documents used therein, including earnings taxation statements or any other reports filed at work regarding the manager associated with the income processing unit associated with taxation and income division of:

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

(3) anybody who the manager has reasonable cause to think is breaking any supply for the brand brand Mississippi online payday loans brand New Mexico Small Loan Act of 1955, perhaps the person claims become in the authority or beyond the range of the work.

D. For the purposes of the part, an individual who advertises, solicits or makes any representation to be prepared to make loan deals in almost any quantity, except individuals, finance institutions or lending agencies running under charters or licenses released by a situation or federal agency or under any unique statute, will probably be susceptible to research beneath the brand new Mexico Small Loan Act of 1955 and will be assumed become involved in the company described in Subsection A of part 58-15-3 NMSA 1978 as to virtually any loans of two thousand five hundred bucks ($2,500) or less .

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. 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 seem 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 in the face of this permit being examined or any representative, worker or supervisor taking part in the licensee’s company therefore 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 with all the notice. Upon failure of every other individual to seem or even respond to questions, the manager may affect and invoke aid from any region court of the latest Mexico in compelling the attendance and testimony of every such individual in addition to creation of publications, documents, written instruments and papers concerning the company regarding the licensee. The region court whoever help is indeed invoked by the manager may, in case there is contumacy or refusal to obey any purchase regarding the district court issued to compel the attendance of the individual or perhaps the production of publications, documents, written instruments and documents, punish the individual in terms of contempt of court.