NM Stat § 58-32-205 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 32 - Uniform Money Services|Article 2 - MONEY TRANSMISSION LICENSES|Section 58-32-205 - Renewal of license.

A. A license issued pursuant to Article 2 [58-32-201 to 58-32-206 NMSA 1978] of the Uniform Money Services Act shall expire on December 31 each year. A licensee pursuant to Article 2 of the Uniform Money Services Act shall pay an annual renewal fee of one thousand dollars ($1,000) and twenty-five dollars ($25.00) for each authorized delegate before November 1 of each year or, if November 1 is not a business day, on the next business day. B. A licensee pursuant to Article 2 of the Uniform Money Services Act shall submit a renewal report with the renewal fee, in a record signed under penalty of perjury that shall be in a form and in a medium prescribed by the director. The renewal report shall state or contain: (1) a copy of the licensee's most recent audited annual financial statement or, if the licensee is a wholly owned subsidiary of another corporation, the most recent audited consolidated annual financial statement of the parent corporation or the licensee's most recent audited consolidated annual financial statement; (2) the number and monetary amount of payment instruments and stored value sold by the licensee in New Mexico that have not been included in a renewal report and the monetary amount of payment instruments and stored value currently outstanding; (3) a description of each material change in information submitted by the licensee in its original license application that has not been reported to the director on any required report; (4) a list of the licensee's permissible investments and a certification that the licensee continues to maintain permissible investments according to the requirements set forth in Sections 701 and 702 [58-32-701, 58-32-702 NMSA 1978] of the Uniform Money Services Act; (5) proof that the licensee continues to maintain adequate security as required by Section 203 [58-32-203 NMSA 1978] of the Uniform Money Services Act; and (6) a list of the locations in New Mexico where the licensee or an authorized delegate of the licensee engages in money transmission or provides other money services. C. If a licensee does not file a renewal report or pay its renewal fee by the renewal date or any extension of time granted by the director, the director shall send the licensee a notice of suspension. Unless the licensee files the report and pays the renewal fee before expiration of ten days after the notice is sent, the licensee's license is suspended ten days after the director sends the notice of suspension. The suspension shall be lifted if, within twenty days after its license is suspended, the licensee: (1) files the report and pays the renewal fee; and (2) pays one hundred dollars ($100) for each day after suspension that the director did not receive the renewal report and the renewal fee. D. The director for good cause may grant an extension of the renewal date. History: Laws 2016, ch. 88, § 205. ANNOTATIONSEffective dates. — Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.