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. One or more times every year, the manager or perhaps the director’s authorized representative shall make an study of the spot of company of every licensee additionally the loans, deals, publications, documents and documents regarding the licensee insofar while they relate into the company certified beneath the brand new Mexico Small Loan Act of 1955 due to the fact director may deem necessary.
The licensee shall spend to your manager for such yearly assessment a charge 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 workplace inside a reasonable time following the conclusion of an study of a 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 the director’s authorized representative may whenever you want investigate the business enterprise and examine the books, records, documents and documents utilized therein, including earnings taxation statements or any other reports filed at the office for the manager associated with income processing unit associated with taxation and income division of:
(2) some other individual involved with the company described in Subsection A of part 58-15-3 NMSA 1978 or taking part in such company as major, representative, broker or elsewhere; and
(3) anyone who the manager has https://cashlandloans. net/payday-loans-vt/ reasonable cause to think is breaking any supply of this brand New Mexico Small Loan Act of 1955, or perhaps a person claims become inside the authority or beyond the range of the work.
D. For the purposes of the part, somebody who advertises, solicits or makes any representation to be prepared to make loan deals in almost any quantity, except people, banking institutions or financing agencies operating under charters or licenses given by a situation or federal agency or under any unique statute, will be susceptible to research beneath the New Mexico Small Loan Act of 1955 and will probably be assumed become involved with business described in Subsection A of part 58-15-3 NMSA 1978 as to virtually any loans of two thousand five hundred dollars ($2,500) or less .
E. To facilitate the exams and investigations by the manager and completely reveal the operations and ways of procedure of each and every licensed office, the licensee shall, in each licensed workplace, carry on file as an element of the documents regarding the workplace all workplace manuals, communications or directives containing statements of loan policy to office supervisors and workers. In the event that licensee is a person, business, trust or relationship, the licensee shall retain in one or more workplace for information of this manager a record associated with the a few individuals, companies, beneficiaries of every trust and corporations deriving or getting any the main advantages, net gain or earnings through the procedure regarding the licensee within brand new Mexico.
F. For the purposes with this area, the manager or the manager’s authorized representative shall have and become provided free use of the workplaces and places of company, files, safes and vaults of all of the licensees and shall have authority to need the attendance of any individual and also to examine the individual under oath in accordance with such loans or company or even to the niche question of any assessment, research or hearing as supplied within the New Mexico Small Loan Act of 1955. Notices to look prior to the manager for assessment under oath may be offered by authorized mail. In the event that celebration notified to look may be the licensee, anybody known as regarding the face associated with permit being examined or any representative, worker or supervisor participating in the licensee’s business therefore the celebration does not appear for assessment or does not want to respond to questions submitted, the manager may, forthwith and without further notice towards the licensee, suspend the permit included pending conformity using 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 and also the manufacturing of publications, documents, written instruments and papers concerning the company associated with the licensee. The region court whoever help is really so invoked by the manager may, in the event of refusal or contumacy to obey any purchase of this 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.