reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-3 - Formation of corporation; purpose.

Any seven or more credit unions in this state or in any other state organized and existing under the provisions of the Credit Union Act [Chapter 58, Article 11 NMSA 1978] or under other substantially similar state laws may, subject to the prior approval of the director, form a corporation under the Credit Union Share Insurance Corporation Act to be known as the "New Mexico credit union share insurance corporation" for the purpose of creating and maintaining a fund for the insurance of shares and deposits of those credit unions that become members. Each of the credit unions participating in the formation of the corporation shall execute articles of incorporation therefor, which shall be submitted for filing to the secretary of state with a filing fee of five dollars ($5.00) after the articles of incorporation have been approved by the director. In the event that credit unions chartered in other states join this corporation, the corporate name may be changed by the board of directors to reflect such multistate membership. Any contract or agreement or amendment thereto for the purposes of joining this corporation to which a credit union chartered in another state is a party shall be subject to prior review and approval by the director.
History:
1953 Comp., § 48-19A-3, enacted by Laws 1973, ch. 114, § 3; 1979, ch. 95, § 2; 2013, ch. 75, § 19.
ANNOTATIONS
Cross references.
— For meaning of "commissioner",
see
58-12-2C NMSA 1978 and notes thereto.
The 2013 amendment,
effective July 1, 2013, required that articles of incorporation of credit unions be filed with the secretary of state; in the first sentence, after "provisions of", deleted "Sections 58-11-1 through 58-11-33 NMSA 1978" and added "the Credit Union Act"; deleted "commissioner " and added "director" throughout the section; in the second sentence, after "filing to the", deleted "state corporation commission" and added "secretary of state" and after "five dollars ($5.00) after", delete "same has" and added "the articles of incorporation have".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-3.1 - Out-of-state members.

Notwithstanding any language herein to the contrary, any member not chartered in New Mexico shall only be subject to the statutes, rules and regulations enacted or issued by the member's chartering state or applicable supervisory agency. As a condition of participation in the New Mexico credit union share insurance corporation, the member not chartered in the state of New Mexico shall appoint the New Mexico secretary of state as agent for service of process. Provided, however, nothing herein shall be construed to limit the powers of the corporation over its members, whether chartered by the state of New Mexico or by any other state.
History:
1978 Comp., § 58-12-3.1, enacted by Laws 1979, ch. 95, § 3.
ANNOTATIONS
Cross references.
— For service of process upon the secretary of state,
see
38-1-5 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-4 - Corporation organization and bylaws.

A. Except as otherwise provided, each delegate shall have one vote in the election of directors and in voting in any matter legally coming before a meeting. However, delegates shall not vote by proxy nor shall any one delegate represent more than one member.
B. A quorum shall consist of a majority of the delegates entitled to vote, or eleven delegates, whichever is less.
C. Subject to the approval of the commissioner and any applicable supervisory agency, the delegates may make such bylaws as they deem necessary to carry out the provisions of the Credit Union Share Insurance Corporation Act.
D. Subject to Section 58-12-6 NMSA 1978, bylaws may be amended or repealed if thirty days' written notice is given to all members containing the time and place of the meeting and if the proposed amendment or repeal is approved by a vote of two-thirds of the delegates present and voting at the meeting.
History:
1953 Comp., § 48-19A-4, enacted by Laws 1973, ch. 114, § 4; 1979, ch. 95, § 4.
ANNOTATIONS
Cross references.
— For meaning of "commissioner",
see
58-12-2C NMSA 1978 and notes thereto.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-5 - Corporation directors and officers.

A. The corporation shall have a board of directors consisting of seven persons, six of whom shall be elected by the delegates from among their members, with the remaining director to be elected by the other six directors and to be the chief administrative officer of the corporation. In addition, the commissioner or the director of any supervisory agency or a representative designated by the commissioner and such supervisory agency or agencies shall be an ex-officio member of the board. The articles of incorporation shall, however, designate six directors, other than the chief administrative officer, to serve until the first annual meeting of the corporation. At the first annual meeting, two directors will be elected for a term of one year, two directors for a term of two years and two directors for a term of three years, and thereafter at each annual meeting, two directors will be elected for a term of three years. The chief administrative officer shall be elected annually for a term of one year. All directors shall be sworn and hold office until their successors are qualified. If a person elected does not take the oath of office within thirty days, his office shall become vacant. The directors shall fill any vacancies on the board until the next annual meeting. The directors shall from time to time adopt such rules and regulations as they may deem necessary to effect the purposes of the Credit Union Share Insurance Corporation Act.
B. There shall be a president, vice president, treasurer and secretary of the corporation and an administrator who shall serve as the chief administrative officer and shall function as the seventh director, and such other officers as the board may deem necessary. Officers shall be elected annually by the directors, at a meeting held not more than fifteen days following the adjournment of the annual delegates' meeting. The president and vice president shall be elected from the board. The secretary of the corporation shall be the secretary of the board. The directors may fill any vacancies until the next annual meeting and for causes shown may remove an officer by a two-thirds vote of all directors of the board.
History:
1953 Comp., § 48-19A-5, enacted by Laws 1973, ch. 114, § 5; 1979, ch. 95, § 5.
ANNOTATIONS
Cross references.
— For meaning of "commissioner",
see
58-12-2C NMSA 1978 and notes thereto.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-6 - Corporation; board meetings.

The annual meeting of the corporation shall be held in the month of April and shall be called by the secretary at a time and place to be designated by the board. Special meetings of the corporation may be called by request either of a majority of the members of the board or the commissioner or any supervisory agency. The request shall be signed by the directors, shall state the purposes and date of the meeting and shall be given to the secretary of the corporation at least forty-five days before the date of the meeting. The call for such meeting shall state the time, place and purpose thereof and shall be mailed to each member at least thirty days before the date of the meeting. If a purpose of the meeting is to adopt an amendment to the bylaws, the request and the call of the meeting shall contain notice and a copy of the proposed amendment. The board shall meet at least quarterly, once in the months of October, January, April and July. A quorum of the board shall consist of not less than a majority of the directors.
History:
1953 Comp., § 48-19A-6, enacted by Laws 1973, ch. 114, § 6; 1979, ch. 95, § 6.
ANNOTATIONS
Cross references.
— For meaning of "commissioner",
see
58-12-2C NMSA 1978 and notes thereto.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-8 - Corporation; termination of membership; penalty.

A. Whenever it shall appear to the board and the commissioner or supervisory agency that a member has conducted its business in an unsafe or unsound manner or has knowingly or negligently permitted any of its officers or agents to violate any provision of any law or regulation to which the member is subject, or has failed to pay any required assessment, the board and the commissioner or the supervisory agency shall give notice of their intention to terminate its insurance after a hearing before the commissioner or the supervisory agency, which hearing shall be held within thirty days of such notice. The board and the commissioner or the supervisory agency shall by order make such disposition of the matter as may be necessary to protect the stability and solvency of the corporation.
B. In the event the order provides for termination of insurance, the commissioner or the supervisory agency shall order the member to give notice of such termination to its shareholders and depositors within such time and in such manner as he or it may require. In the event of failure to give the notice required to insured members as herein provided, the commissioner or supervisory agency is authorized to give such notice in such manner as he or it may determine, and for such purpose the member shall provide a list of its depositors and shareholders to the commissioner or supervisory agency. The termination of insurance shall be effective six months after the date the required notice is given.
C. If any member shall fail to pay any assessment required under the Credit Union Share Insurance Corporation Act, the treasurer of the corporation shall notify the commissioner and the supervisory agency of such failure and the commissioner or the supervisory agency shall forthwith notify the member in writing.
History:
1953 Comp., § 48-19A-8, enacted by Laws 1973, ch. 114, § 8; 1979, ch. 95, § 8.
ANNOTATIONS
Cross references.
— For meaning of "commissioner",
see
58-12-2C NMSA 1978 and notes thereto.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-9 - Corporation; membership.

A. Any membership applicant shall first give notice in writing to the corporation of its intention to become a member and shall submit such preliminary financial statements and other information concerning its assets, liabilities and affairs as the commissioner or supervisory agency and the board may determine.
B. An applicant, before admission to the corporation, shall also be subject to such audit, if any, as the commissioner or supervisory agency and the board determine to be necessary. If the board and the commissioner or supervisory agency find that the applicant is solvent, has adequate management and is conducting its business in a safe and sound manner, or in the case of a newly organized credit union, proposes to conduct its business in a safe and sound manner, the application shall be granted.
History:
1953 Comp., § 48-19A-9, enacted by Laws 1973, ch. 114, § 9; 1979, ch. 95, § 9.
ANNOTATIONS
Cross references.
— For meaning of "commissioner",
see
58-12-2C NMSA 1978 and notes thereto.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-10 - Corporation; assessments.

A. As a basic assessment for the purpose of establishing the "share insurance fund", the board shall require the original members and each new member to pay over in cash to the corporation an amount equal to one percent of its total member share and deposit balances as shown by its latest June 30 or December 31 statement. This assessment shall be made within ten days after the acceptance of a member by the corporation. Such assessments may be charged by the member to its undivided earnings, or established as an asset.
B. Semiannually, to ensure that the share insurance fund equals at least one percent of the total share and deposit balances of all members, the board shall declare an additional assessment against any member whose share and deposit balances have increased since the previous assessment, for such appropriate amounts as may be necessary to bring the total contribution by such member to the share insurance fund up to one percent of its total share and deposit balances, then outstanding.
C. In addition, in the event the share insurance fund is depleted through any expenditure therefrom made by the board in accordance with the provisions of the Credit Union Share Insurance Corporation Act [58-12-1 NMSA 1978], a special assessment shall be made against all members, proratably on the basis of their respective share and deposit balances, for such total amount as may be necessary to cover such deficiency in the fund. Any amounts paid by way of such special assessment shall not be credited toward any assessment due under Subsection B of this section.
D. The board may pay to the members a dividend computed on the aggregate of assessments paid by each member pursuant to this section.
E. The corporation shall be subject to such examinations or audits to such extent and manner and at such times as the commissioner or supervisory agency may determine. The cost of any such examination or audit as well as the cost of administration of the fund shall be borne by the corporation.
F. Sums derived pursuant to this section and all increments thereof shall constitute the share insurance fund.
History:
1953 Comp., § 48-19A-10, enacted by Laws 1973, ch. 114, § 10; 1979, ch. 95, § 10.
ANNOTATIONS
Cross references.
— For meaning of "commissioner",
see
58-12-2C NMSA 1978 and notes thereto.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-11 - Assessments; for operational purposes.

In or within thirty days after June 30 or December 31 of each year except as hereinbefore provided, while a member, such member shall pay to the corporation an assessment equal to one-fourth of one percent of its share and deposit liabilities payable as shown on its financial statement as of said dates, to be used for operational purposes; provided, however, that the board may, prior to the semiannual assessment date, reduce uniformly the rate of the semiannual operational assessment or waive such assessment entirely. The assessment referred to herein may be charged to undivided earnings or operating expense.
History:
1953 Comp., § 48-19A-11, enacted by Laws 1973, ch. 114, § 11.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-12 - Financial assistance.

The board may by resolution borrow money for the purposes of the share insurance fund and may pledge any assets in which such fund is invested as security for such loans. The board may have the right to buy reinsurance and bonds or participate in the capital structure of a business for the purpose of protecting and strengthening the share insurance fund itself, or make purchases of stock in a business formed for the purpose of reinsuring share insurance corporations. The corporation may evaluate and transfer funds to a regional or national share insurance corporation whose primary function is for the insurance of shares or the reinsurance of share insurance corporations.
History:
1953 Comp., § 48-19A-12, enacted by Laws 1973, ch. 114, § 12.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-13 - Dissolution of the corporation.

The directors of the corporation, at a special meeting called for the purpose of dissolution of the corporation and held in accordance with the bylaws and Section 58-12-6 NMSA 1978, may determine by vote of four-fifths of all directors that as a fact the corporation is no longer needed for the insurance of shares and deposits of members. If such fact also is determined by the commissioner, and the supervisory agency then, by like vote of such member delegates present, with the approval of the commissioner and the supervisory agency, the delegates may vote to dissolve and liquidate the corporation. When voting for dissolution, each such member, through its delegate, shall have one vote. Upon any dissolution and liquidation of the corporation, the board shall proceed to distribute to the then members the proceeds of the fund after payment of all losses, expenses and obligations of the corporation, in the following priority: first, in payment pro rata of the assessment referred to in Section 58-12-8 NMSA 1978; second, in payment pro rata of all assessments paid by the then members under Section 58-12-10 NMSA 1978; third, the balance, if any, of the proceeds from such dissolution and liquidation shall be distributed pro rata to the then members on the basis of the total payments described in first and second payment priorities.
History:
1953 Comp., § 48-19A-13, enacted by Laws 1973, ch. 114, § 13; 1979, ch. 95, § 11.
ANNOTATIONS
Cross references.
— For meaning of "commissioner",
see
58-12-2C NMSA 1978 and notes thereto.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-14 - Applicability of certain laws.

The corporation shall be exempt from all state and local taxation except in respect to any real estate owned and used by it for its corporate purposes.
History:
1953 Comp., § 48-19A-14, enacted by Laws 1973, ch. 114, § 14.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-15 - Corporation; investments.

Except as herein provided, any or all of the corporation funds may be invested by the board only in cash, securities or investments which are legal.
History:
1953 Comp., § 48-19A-15, enacted by Laws 1973, ch. 114, § 15.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13 - Security Dealers (Repealed.) › Section 58-13-1 to 58-13-47 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1986, ch. 7, § 59 repeals former 58-13-1 to 58-13-11 and 58-13-13 to 58-13-46 NMSA 1978, relating to security dealers, effective July 1, 1986.
Laws 1979, ch. 124, § 6 repeals 58-13-12 NMSA 1978, as enacted by Laws 1959, ch. 171, § 11, relating to fees for registration by notification, coordination or qualification. For present comparable provisions,
see
58-13B-20 and 58-13B-24 NMSA 1978.
Laws 1981, ch. 263, § 4 repeals 58-13-47 NMSA 1978, as enacted by Laws 1975, ch. 216, § 1, relating to the interest rate on margin accounts, effective July 1, 1981.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-1 - Short title.

This act [58-13A-1 to 58-13A-22 NMSA 1978] may be cited as the "Model State Commodity Code".
History:
Laws 1985, ch. 163, § 1.
ANNOTATIONS
Cross references.
— For rules promulgated pursuant to the Model State Commodity Code,
see
12.12.1.9 NMAC.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-3 - Unlawful commodity transactions.

A. Except as otherwise provided in Paragraph (1) of Subsection A of Section 5 [58-13A-5 NMSA 1978] of the Model State Commodity Code, no person shall offer to enter into, enter into or confirm the execution of any transaction for the delivery of any commodity under a commodity contract commonly known as a margin account, margin contract, leverage account or leverage contract, or under any contract, account, arrangement, scheme or device that serves the same function or functions or is marketed or managed in substantially the same manner as such account or contract.
B. No person shall sell or purchase or offer to sell or purchase any commodity under any other commodity contract or under any commodity option or offer to enter into or enter into as seller or purchaser any other commodity contract or any commodity option.
History:
Laws 1985, ch. 163, § 3.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
67 Am. Jur. 2d Sales § 101.
58 C.J.S. Monopolies, §§ 29, 36-39, 45.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-4 - Exempt persons.

The prohibition in Subsection B of Section 3 [58-13A-3 NMSA 1978] of the Model State Commodity Code shall not apply to any of the following persons, or any employee, officer or director thereof acting solely in that capacity:
A. a person registered with the commodity futures trading commission as a futures commission merchant or as a leverage transaction merchant whose activities require such registration;
B. a person registered with the securities and exchange commission as a broker-dealer whose activities require such registration;
C. a person affiliated with, and whose obligations and liabilities are guaranteed by, a person referred to in Subsection A or B of this section;
D. a person who is a member of a contract market designated by the commodity futures trading commission or any clearinghouse thereof;
E. a financial institution; or
F. a person registered under the laws of this state as a securities broker-dealer whose activities require such registration.
History:
Laws 1985, ch. 163, § 4.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-6 - Unlawful commodity activities.

A. No person shall engage in a trade or business or otherwise act as a commodity merchant unless such person:
(1) is registered or temporarily licensed with the commodity futures trading commission for each activity constituting such person as a commodity merchant and such registration or temporary license shall not have expired, nor been suspended nor revoked; or
(2) is exempt from such registration by virtue of the Commodity Exchange Act or of a CFTC rule.
B. No board of trade shall trade, or provide a place for the trading of, any commodity contract or commodity option required to be traded on or subject to the rules of a contract market designated by the commodity futures trading commission unless such board of trade has been so designated for such commodity contract or commodity option and such designation shall not have been vacated, nor suspended nor revoked.
History:
Laws 1985, ch. 163, § 6.
ANNOTATIONS
Cross references.
— For the federal Commodity Exchange Act,
see
7 U.S.C. § 1.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-7 - Fraudulent conduct.

No person shall, directly or indirectly:
A. cheat or defraud, or attempt to cheat or defraud, any other person or employ any device, scheme or artifice to defraud any other person;
B. make any false report, enter any false record or make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading;
C. engage in any transaction, act, practice or course of business, including, without limitation, any form of advertising or solicitation which operates or would operate as a fraud or deceit upon any person; or
D. misappropriate or convert the funds, security or property of any other person, in or in connection with the purchase or sale of, the offer to sell, the offer to enter into or the entry into of, any commodity contract or commodity option subject to the provisions of Section 3 [58-13A-3 NMSA 1978] and Paragraphs (2), (3) and (4) of Subsection A of Section 5 [58-13A-5 NMSA 1978] of the Model State Commodity Code, except that the provisions of Subsection B of this section shall not apply to a commodity contract covered by Paragraph (3) of Subsection A of Section 5 of the Model State Commodity Code.
History:
Laws 1985, ch. 163, § 7.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-8 - Liability of principals, controlling persons and others.

A. The act, omission or failure of any official, agent or other person acting for any individual, association, partnership, corporation or trust within the scope of his employment or office shall be deemed the act, omission or failure of such individual, association, partnership, corporation or trust, as well as of such official, agent or other person.
B. Every person who directly or indirectly controls another person liable under any provision of the Model State Commodity Code, every partner, officer or director of such other person, every person occupying a similar status or performing similar functions, and every employee of such other person who materially aids in the violation is also liable jointly and severally with and to the same extent as such other person, unless the person who is also liable by virtue of this provision sustains the burden of proof that he did not know, and in exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist.
History:
Laws 1985, ch. 163, § 8.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-9 - Securities laws unaffected.

Nothing in the Model State Commodity Code shall impair, derogate or otherwise affect the authority or powers of the director under the Securities Act of New Mexico [repealed] or the application of any provision thereof to any person or transaction subject thereto.
History:
Laws 1985, ch. 163, § 9.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law. The Securities Act of New Mexico was repealed by Laws 1986, Chapter 7. For present comparable provisions, see the New Mexico Uniform Securities Act, 58-13C-101 to 58-13C-701 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-10 - Purpose.

The Model State Commodity Code may be construed and implemented to effectuate its general purpose to protect investors, to prevent and prosecute illegal and fraudulent schemes involving commodities and to maximize coordination with federal and other states' law and the administration and enforcement thereof.
History:
Laws 1985, ch. 163, § 10.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-11 - Investigations.

A. The director may make investigations, within or without this state, as he finds necessary or appropriate to:
(1) determine whether any person has violated, or is about to violate, any provision of the Model State Commodity Code or any rule or order of the director; or
(2) aid in enforcement of that code.
B. The director may publish information concerning any violation of the Model State Commodity Code or any rule or order of the director.
C. For purposes of any investigation or proceeding under the Model State Commodity Code, the director or any officer or employee designated by rule or order may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence and require the production of any books, papers, correspondence, memoranda, agreements or other documents or records which the director finds to be relevant or material to the inquiry.
D. (1) If a person does not give testimony or produce the documents required by the director or a designated employee pursuant to an administrative subpoena, the director or designated employee may apply for a court order compelling compliance with the subpoena or the giving of the required testimony.
(2) The request for order of compliance may be addressed to either:
(a) the district court for the county of Santa Fe or the district court where service may be obtained on the person refusing to testify or produce, if the person is within this state; or
(b) the appropriate court of the state having jurisdiction over the person refusing to testify or produce, if the person is outside this state.
History:
Laws 1985, ch. 163, § 11.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-12 - Enforcement.

A. If the director believes, whether or not based upon an investigation conducted under Section 11 [58-13A-11 NMSA 1978] of the Model State Commodity Code, that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of that code or any rule or order under that code, the director may:
(1) issue a cease and desist order;
(2) take disciplinary action against a licensed person as specified in that code;
(3) issue an order imposing a civil penalty in amount which may not exceed ten thousand dollars ($10,000) for any single violation or one hundred thousand dollars ($100,000) for multiple violations in a single proceeding or a series of related proceedings; or
(4) initiate any of the actions specified in Subsection B of this section.
B. The director may institute any of the following actions in the appropriate courts of this state, or in the appropriate courts of another state, in addition to any legal or equitable remedies otherwise available:
(1) a declaratory judgment;
(2) an action for a prohibitory or mandatory injunction to enjoin the violation and to ensure compliance with the Model State Commodity Code or any rule or order of the director;
(3) an action for disgorgement;
(4) an action for restitution; or
(5) an action for appointment of a receiver or conservator for the defendant or the defendant's assets.
History:
Laws 1985, ch. 163, § 12.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-14 - Criminal penalties.

A. Any person who willfully violates any provision of the Model State Commodity Code is guilty of a third degree felony.
B. Any person who willfully and knowingly violates any rule or order of the director under the Model State Commodity Code is guilty of a third degree felony.
C. The director may refer such evidence as is available concerning violations of the Model State Commodity Code or any rule or order of the department of [to] the attorney general or the proper district attorney, who may, with or without such a reference from the director, institute the appropriate criminal proceedings under that code.
History:
Laws 1985, ch. 163, § 14.
ANNOTATIONS
Bracketed material.
— The bracketed material was added by the compiler and is not part of the law.
Cross references.
— For sentencing for felonies,
see
31-18-15 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-15 - Administration.

A. The Model State Commodity Code shall be administered by the director.
B. Neither the director nor any employees of the director shall use any information which is filed with or obtained by the director which is not public information for personal gain or benefit, nor shall the director nor any employees of the director conduct any securities or commodity dealings whatsoever based upon any such information, even though public, if there has not been a sufficient period of time for the securities or commodity markets to assimilate such information.
C. (1) Except as provided in Paragraph (2) of this subsection, all information collected, assembled or maintained by the director is public information and is available for the examination of the public as provided by the Public Records Act [Chapter 14, Article 3 NMSA 1978].
(2) The following are exceptions to Paragraph (1) of this subsection, which are deemed to be confidential:
(a) information obtained in private investigations pursuant to Section 11 [58-13A-11 NMSA 1978] of the Model State Commodity Code;
(b) information made confidential by the provisions of the Public Records Act; and
(c) information obtained from federal agencies which may not be disclosed under federal law.
(3) The director, in his discretion, may disclose any information made confidential under Subparagraph (a) of Paragraph (2) of this subsection to persons identified in Section 16 [58-13A-16 NMSA 1978] of the Model State Commodity Code.
(4) No provision of the Model State Commodity Code either creates or derogates any privilege which exists at common law, by statute or otherwise when any documentary or other evidence is sought under subpoena directed to the director or any employee of the director.
History:
Laws 1985, ch. 163, § 15.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-16 - Cooperation with other agencies.

A. To encourage uniform application and interpretation of the Model State Commodity Code and securities regulation and enforcement in general, the director and the employees of the director may cooperate, including bearing the expense of the cooperation, with the securities agencies or administrator of another jurisdiction, Canadian province or territory or such other agencies administering that code, the commodity futures trading commission, the securities and exchange commission, any self-regulatory organization established under the Commodity Exchange Act or the Securities Exchange Act of 1934, any national or international organization of commodities or securities officials or agencies and any governmental law enforcement agency.
B. The cooperation authorized by Subsection A of this section shall include, but need not be limited to, the following:
(1) making joint examinations or investigations;
(2) holding joint administrative hearings;
(3) filing and prosecuting joint litigation;
(4) sharing and exchanging personnel;
(5) sharing and exchanging information and documents;
(6) formulating and adopting mutual regulations, statements of policy, guidelines, proposed statutory changes and releases; and
(7) issuing and enforcing subpoenas at the request of the agency administering the Model State Commodity Code in another jurisdiction, the securities agency of another jurisdiction, the commodity futures trading commission or the securities and exchange commission if the information sought would also be subject to lawful subpoena for conduct occurring in this state.
History:
Laws 1985, ch. 163, § 16.
ANNOTATIONS
Cross references.
— For the federal Commodity Exchange Act,
see
7 U.S.C. § 1.
For the federal Securities Exchange Act of 1934,
see
U.S.C. § 78a.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-17 - General authority to adopt rules, forms and orders.

A. In addition to specific authority granted elsewhere in the Model State Commodity Code, the director may make, amend and rescind rules, forms and orders as are necessary to carry out the provisions of that code. Such rules or forms shall include, but need not be limited to, the following: rules defining any terms, whether or not used in that code, insofar as the definitions are not inconsistent with the provisions of that code. For the purpose of rules or forms, the director may classify commodities and commodity contracts, persons and matters within the director's jurisdiction.
B. Unless specifically provided in the Model State Commodity Code, no rule, form or order may be adopted, amended or rescinded unless the director finds that the action is:
(1) necessary or appropriate in the public interest or for the protection of investors; and
(2) consistent with the purposes fairly intended by the policy and provisions of that code.
C. All rules and forms of the director shall be filed pursuant to the State Rules Act [Chapter 14, Article 4 NMSA 1978].
D. No provision of the Model State Commodity Code imposing any liability applies to any act done or omitted in good faith in conformity with a rule, order or form adopted by the director, notwithstanding that the rule, order or form may later be amended or rescinded, or be determined by judicial or other authority to be invalid for any reason.
History:
Laws 1985, ch. 163, § 17.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-18 - Consent to service of process.

A. Every applicant for registration under the Model State Commodity Code shall file with the director, in such form as he by rule prescribes, an irrevocable consent appointing the director or his successor in office to be his attorney to receive service of any lawful process in any non-criminal suit, action or proceeding against him or his successor executor or administrator which arises under that code or any rule or order under that code after the consent has been filed, with the same force and validity as if served personally on the person filing the consent. Service may be made by leaving a copy of the process in the office of the director, but it is not effective unless:
(1) the plaintiff, who may be the director in a suit, action or proceeding instituted by him, forthwith sends notice of the service and a copy of the process by registered mail to the defendant or respondent at his last address on file with the director; and
(2) the plaintiff's affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within such further time as the court allows.
B. When a person, including a nonresident of this state, engages in conduct prohibited or made actionable by the Model State Commodity Code or any rule or order of the director, the engaging in the conduct shall constitute the appointment of the director as the person's attorney to receive service of any lawful process in a noncriminal proceeding against the person, a successor or personal representative, which grows out of that conduct and which is brought under that code or any rule or order of the director with the same force and validity as if served personally.
C. Service under Subsection A of this section may be made by leaving a copy of the process in the office of the director, but it is not effective unless:
(1) the plaintiff, who may be the director in a suit, action or proceeding instituted by him, forthwith sends notice of the service and a copy of the process by registered mail to the defendant or respondent at his last address known to the director; and
(2) the plaintiff's affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within such further time as the court allows.
History:
Laws 1985, ch. 163, § 18.
ANNOTATIONS
Cross references.
— For service of process in the district court,
see
Rule 1-004 NMRA and civil forms 4-206, 4-209 and 4-209A NMRA.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-20 - Procedure for entry of an order.

A. The director shall commence an administrative proceeding under the Model State Commodity Code by entering either a notice of intent to do a contemplated act or a summary order. The notice of intent or summary order may be entered without notice, without opportunity for hearing, and need not be supported by findings of fact or conclusions of law, but must be in writing.
B. Upon entry of a notice of intent or summary order, the director shall promptly notify all interested parties that the notice or summary order has been entered and the reasons therefor. If the proceeding is pursuant to a notice of intent, the director shall inform all interested parties of the date, time and place set for the hearing on the notice. If the proceeding is pursuant to a summary order, the director shall inform all interested parties that they have thirty business days from the entry of the order to file a written request for a hearing on the matter with the director and that the hearing will be scheduled to commence within thirty business days after the receipt of the written request.
C. If the proceeding is pursuant to a summary order, the director, whether or not a written request for a hearing is received from any interested party, may set the matter down for hearing on the director's own motion.
D. If no hearing is requested and none is ordered by the director, the summary order will automatically become a final order after thirty business days.
E. If a hearing is requested or ordered, the director, after notice of and opportunity for hearing to all interested persons, may modify or vacate the order or extend it until final determination.
F. No final order or order after hearing may be returned without:
(1) appropriate notice to all interested persons;
(2) opportunity for hearing by all interested persons; and
(3) entry of written findings of fact and conclusions of law.
G. Every hearing in an administrative proceeding under the Model State Commodity Code shall be public unless the director grants a request joined in by all the respondents that the hearing be conducted privately.
History:
Laws 1985, ch. 163, § 20.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-21 - Judicial review of orders.

A. Any person aggrieved by a final order of the director may obtain a review of the order in the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978.
B. The filing of an appeal pursuant to Subsection A of this section does not, unless specifically ordered by the court, operate as a stay of the director's order, and the director may enforce or ask the court to enforce the order pending the outcome of the review proceedings.
History:
Laws 1985, ch. 163, § 21; 1998, ch. 55, § 55; 1999, ch. 265, § 59.
ANNOTATIONS
The 1999 amendment,
effective July 1, 1999, substituted "Section 39-3-1.1" for "Section 12-8A-1" in Subsection A.
The 1998 amendment,
effective September 1, 1998, rewrote this section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13A - Model State Commodity Code › Section 58-13A-22 - Pleading exemptions.

It shall not be necessary to negate any of the exemptions of the Model State Commodity Code in any complaint, information or indictment, or any writ or proceeding brought under that code; and the burden of proof of any such exemption shall be upon the party claiming the same.
History:
Laws 1985, ch. 163, § 22.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13B - Securities Act of 1986 (Repealed.) › Section 58-13B-1 - Repealed.

History:
Laws 1986, ch. 7, § 1; 2003, ch. 247, § 1; repealed by Laws 2009, ch. 82, § 703.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 82, § 703 repealed 58-13B-1 NMSA 1978, as enacted by Laws 1986, ch. 7, § 1, relating to the short title of the New Mexico Securities Act of 1986, effective January 1, 2010. For provisions of the former section,
see
the 2009 NMSA 1978 on
NMOneSource.com.
For present comparable provisions,
see
the New Mexico Uniform Securities Act, 58-13C-101 to 58-13C-701 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13B - Securities Act of 1986 (Repealed.) › Section 58-13B-2 - Repealed.

History:
Laws 1986, ch. 7, § 2; 1993, ch. 280, § 79; 1997, ch. 156, § 1; 1999, ch. 30, § 1; repealed by Laws 2009, ch. 82, § 703.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 82, § 703 repealed 58-13B-1 NMSA 1978, as enacted by Laws 1986, ch. 7, § 2, relating to definitions of the New Mexico Securities Act of 1986, effective January 1, 2010. For provisions of the former section,
see
the 2009 NMSA 1978 on
NMOneSource.com.
For present comparable provisions,
see
the New Mexico Uniform Securities Act, 58-13C-101 to 58-13C-701 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13B - Securities Act of 1986 (Repealed.) › Section 58-13B-3 - Repealed.

History:
Laws 1986, ch. 7, § 3; repealed by Laws 2009, ch. 82, § 703.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 82, § 703 repealed 58-13B-3 NMSA 1978, as enacted by Laws 1986, ch. 7, § 3, relating to broker-dealer and sales representative licensing, effective January 1, 2010. For provisions of the former section,
see
the 2009 NMSA 1978 on
NMOneSource.com.
For present comparable provisions,
see
the New Mexico Uniform Securities Act, 58-13C-101 to 58-13C-701 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13B - Securities Act of 1986 (Repealed.) › Section 58-13B-4 - Repealed.

History:
Laws 1986, ch. 7, § 4; 1989, ch. 176, § 1; repealed by Laws 2009, ch. 82, § 703
ANNOTATIONS
Repeals.
— Laws 2009, ch. 82, § 703 repealed 58-13B-4 NMSA 1978, as enacted by Laws 1986, ch. 7, § 4, relating to exempt broker-dealers and sales representatives, effective January 1, 2010. For provisions of the former section,
see
the 2009 NMSA 1978 on
NMOneSource.com.
For present comparable provisions,
see
the New Mexico Uniform Securities Act, 58-13C-101 to 58-13C-701 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13B - Securities Act of 1986 (Repealed.) › Section 58-13B-5 - Repealed.

History:
Laws 1986, ch. 7, § 5; 1997, ch. 156, § 2; 1999, ch. 30, § 2; repealed by Laws 2009, ch. 82, § 703.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 82, § 703 repealed 58-13B-5 NMSA 1978, as enacted by Laws 1986, ch. 7, § 5, relating to investment adviser and investment adviser representative licensing, effective January 1, 2010. For provisions of the former section,
see
the 2009 NMSA 1978 on
NMOneSource.com.
For present comparable provisions,
see
the New Mexico Uniform Securities Act, 58-13C-101 to 58-13C-701 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13B - Securities Act of 1986 (Repealed.) › Section 58-13B-6 - Repealed.

History:
Laws 1986, ch. 7, § 6; 1997, ch. 156, § 3; repealed by Laws 2009, ch. 82, § 703.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 82, § 703 repealed 58-13B-6 NMSA 1978, as enacted by Laws 1986, ch. 7, § 6, relating to exempt investment advisers and investment adviser representatives, effective January 1, 2010. For provisions of the former section,
see
the 2009 NMSA 1978 on
NMOneSource.com.
For present comparable provisions,
see
the New Mexico Uniform Securities Act, 58-13C-101 to 58-13C-701 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13B - Securities Act of 1986 (Repealed.) › Section 58-13B-7 - Repealed.

History:
Laws 1986, ch. 7, § 7; 1997, ch. 156, § 4; repealed by Laws 2009, ch. 82, § 703.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 82, § 703 repealed 58-13B-7 NMSA 1978, as enacted by Laws 1986, ch. 7, § 7, relating to proof of exemption, effective January 1, 2010. For provisions of the former section,
see
the 2009 NMSA 1978 on
NMOneSource.com.
For present comparable provisions,
see
the New Mexico Uniform Securities Act, 58-13C-101 to 58-13C-701 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13B - Securities Act of 1986 (Repealed.) › Section 58-13B-8 - Repealed.

History:
Laws 1986, ch. 7, § 8; repealed by Laws 2009, ch. 82, § 703.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 82, § 703 repealed 58-13B-8 NMSA 1978, as enacted by Laws 1986, ch. 7, § 8, relating to applications for licensing, effective January 1, 2010. For provisions of the former section,
see
the 2009 NMSA 1978 on
NMOneSource.com.
For present comparable provisions,
see
the New Mexico Uniform Securities Act, 58-13C-101 to 58-13C-701 NMSA 1978.