AREA 7. Section 58-15-9 NMSA 1978 (being Laws 1955, Chapter 128, Section 9, as amended) is amended to read through:
“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. Within a fair time following the conclusion of an study of a licensed workplace, the manager shall mail into the licensee a duplicate of this report associated with assessment, along with any reviews, exceptions, objections or criticisms of this manager regarding the conduct for the licensee additionally the procedure associated with the licensed workplace.
C. For the intended purpose of discovering violations of this 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 the office regarding the manager for the income processing unit for the taxation and income division of:
(2) any kind of individual involved with the company described in Subsection A of section NMSA that is 58-15-3 1978 taking part in such company as major, agent, broker or perhaps; and
(3) anyone who the manager has cause that is reasonable think is breaking any supply regarding the brand brand brand New Mexico Small Loan Act of 1955, perhaps the person claims become in the authority or beyond the scope of this work.
D. For the purposes of the part, an individual who advertises, solicits or makes any representation to be ready to make loan deals in just about any quantity, except people, finance institutions or financing agencies running under charters or licenses granted by a situation or federal agency or under any unique statute, will probably be at the mercy of research beneath the brand new Mexico Small Loan Act of 1955 and will probably be presumed 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 look ahead of the manager for assessment under oath may be offered by subscribed https://cashnetusaapplynow.com/payday-loans-nh/ mail. In the event that celebration notified to look may be the licensee, anybody called regarding the face associated with license being examined or any representative, worker or supervisor participating in the licensee’s company together with party does not appear for assessment or does not want to respond to questions submitted, the manager may, forthwith and without further notice to your licensee, suspend the permit included pending compliance with all the notice. Upon failure of every other individual to show up or even to respond to questions, the manager may affect and invoke the assistance of any region court of the latest Mexico in compelling the attendance and testimony of any such individual additionally the production of publications, documents, written instruments and papers concerning 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 associated with region court issued to compel the attendance of the individual or the manufacturing of publications, documents, written instruments and documents, punish the individual in terms of contempt of court.