reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13C - New Mexico Uniform Securities › Article 4 - Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives and Federal Covered Investment Advisers › Section 58-13C-407 - Succession and change in registration of broker-dealer or investment adviser.

A. A broker-dealer or investment adviser may succeed to the current registration of another broker-dealer or investment adviser or a notice filing of a federal covered investment adviser, and a federal covered investment adviser may succeed to the current registration of an investment adviser or notice filing of another federal covered investment adviser, by filing as a successor an application for registration pursuant to Section 401 [58-13C-401 NMSA 1978] or 403 [58-13C-403 NMSA 1978] of the New Mexico Uniform Securities Act or a notice pursuant to Section 405 [58-13C-405 NMSA 1978] of that act for the unexpired portion of the current registration or notice filing.
B. A broker-dealer or investment adviser that changes its form of organization or state of incorporation or organization may continue its registration by filing an amendment to its registration if the change does not involve a material change in its financial condition or management. The amendment becomes effective when filed or on a date designated by the registrant in its filing. The new organization is a successor to the original registrant for the purposes of the New Mexico Uniform Securities Act. If there is a material change in financial condition or management, the broker-dealer or investment adviser shall file a new application for registration. A predecessor registered pursuant to the New Mexico Uniform Securities Act shall stop conducting its securities business other than winding down transactions and shall file for withdrawal of broker-dealer or investment adviser registration within forty-five days after filing its amendment to effect succession.
C. A broker-dealer or investment adviser that changes its name may continue its registration by filing an amendment to its registration. The amendment becomes effective when filed or on a date designated by the registrant.
D. A change of control of a broker-dealer or investment adviser may be made in accordance with a rule adopted or order issued pursuant to the New Mexico Uniform Securities Act.
History:
Laws 2009, ch. 82, § 407.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13C - New Mexico Uniform Securities › Article 4 - Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives and Federal Covered Investment Advisers › Section 58-13C-409 - Withdrawal of registration of broker-dealer, agent, investment adviser and investment adviser representative.

Withdrawal of registration by a broker-dealer, agent, investment adviser or investment adviser representative becomes effective sixty days after the filing of the application to withdraw or within any shorter period as provided by rule adopted or order issued pursuant to the New Mexico Uniform Securities Act unless a revocation or suspension proceeding is pending when the application is filed. If a proceeding is pending, withdrawal becomes effective when and upon such conditions as required by rule adopted or order issued pursuant to the New Mexico Uniform Securities Act. The director may institute a revocation or suspension proceeding pursuant to Section 412 [58-13C-412 NMSA 1978] of the New Mexico Uniform Securities Act within one year after the withdrawal became effective automatically and issue a revocation or suspension order as of the last date on which registration was effective if a proceeding is not pending.
History:
Laws 2009, ch. 82, § 409.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13C - New Mexico Uniform Securities › Article 4 - Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives and Federal Covered Investment Advisers › Section 58-13C-410 - Filing fees.

A. A person shall pay a fee of three hundred dollars ($300) when initially filing an application for registration as a broker-dealer and when filing a renewal of registration as a broker-dealer.
B. The fee for an individual shall be fifty dollars ($50.00) when filing an application for registration as an agent, when filing a renewal of registration as an agent and when filing for a change of registration as an agent.
C. A person shall pay a fee of three hundred dollars ($300) when filing an application for registration as an investment adviser and when filing a renewal of registration as an investment adviser.
D. The fee for an individual shall be fifty dollars ($50.00) when filing an application for registration as an investment adviser representative, when filing a renewal of registration as an investment adviser representative and when filing a change of registration as an investment adviser representative.
E. A federal covered investment adviser required to file a notice pursuant to Section 405 [58-13C-405 NMSA 1978] of the New Mexico Uniform Securities Act shall pay an initial fee of three hundred dollars ($300) and an annual fee of three hundred dollars ($300).
F. A person required to pay a filing or notice fee pursuant to this section may transmit the fee through or to a designee as a rule or order provides pursuant to the New Mexico Uniform Securities Act.
G. An investment adviser representative who is registered as an agent pursuant to Section 402 [58-13C-402 NMSA 1978] of the New Mexico Uniform Securities Act and who represents a person that is both registered as a broker-dealer pursuant to Section 401 [58-13C-401 NMSA 1978] of that act and registered as an investment adviser pursuant to Section 403 [58-13C-403 NMSA 1978] of that act or required as a federal covered investment adviser to make a notice filing pursuant to Section 405 [58-13C-405 NMSA 1978] of that act is not required to pay an initial or annual registration fee for registration as an investment adviser representative.
H. If an application made pursuant to Subsection A, B, C, D or E of this section is denied or withdrawn, the director shall retain any fees paid.
History:
Laws 2009, ch. 82, § 410.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13C - New Mexico Uniform Securities › Article 5 - Fraud and Liabilities › Section 58-13C-503 - Evidentiary burden.

A. In a civil action or administrative proceeding pursuant to the New Mexico Uniform Securities Act, a person claiming an exemption, exception, preemption or exclusion has the burden to prove the applicability of the claim.
B. In a criminal proceeding pursuant to the New Mexico Uniform Securities Act, a person claiming an exemption, exception, preemption or exclusion has the burden of going forward with evidence of the claim.
History:
Laws 2009, ch. 82, § 503.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13C - New Mexico Uniform Securities › Article 5 - Fraud and Liabilities › Section 58-13C-504 - Filing of sales and advertising literature.

A. Except as otherwise provided in Subsection B of this section, a rule adopted or order issued pursuant to the New Mexico Uniform Securities Act may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature or other advertising record relating to a security or investment advice addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser.
B. This section does not apply to sales and advertising literature specified in Subsection A of this section that relates to a federal covered security or a federal covered investment adviser or that the director determines by rule or order to be excluded from the requirements of Subsection A of this section.
History:
Laws 2009, ch. 82, § 504.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.
Law reviews.
— For article, "A Survey of the Securities Act of New Mexico," see 2 N.M.L. Rev. 1 (1972).
For note, "State Securities Law: A Valuable Tool for Regulating Investment Land Sales," see 7 N.M.L. Rev. 265 (1977).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
69A Am. Jur. 2d Securities Regulation - State § 80.
Construction and effect of § 12 of the Securities Act of 1933 (15 U.S.C. § 77l) relating to civil liabilities arising in connection with prospectus and communications in selling of securities, 50 A.L.R.2d 1228, 106 A.L.R. Fed. 753, 110 A.L.R. Fed. 97.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13C - New Mexico Uniform Securities › Article 5 - Fraud and Liabilities › Section 58-13C-505 - Misleading filings.

It is unlawful for a person to make or cause to be made, in a record that is used in an action or proceeding or filed pursuant to the New Mexico Uniform Securities Act, a statement that, at the time and in the light of the circumstances pursuant to which it is made, is false or misleading in a material respect or, in connection with the statement, to omit to state a material fact necessary to make the statement made, in the light of the circumstances pursuant to which it was made, not false or misleading.
History:
Laws 2009, ch. 82, § 505.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
69A Am. Jur. 2d Securities Regulations - State § 113.
Effect, as between stockbroker and customer, of broker's mistaken sale of stock or other security other than that intended by customer, 48 A.L.R.3d 513.
What constitutes "willfulness" for purposes of criminal provisions of federal securities laws, 136 A.L.R. Fed. 457.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13C - New Mexico Uniform Securities › Article 5 - Fraud and Liabilities › Section 58-13C-506 - Misrepresentations concerning registration or exemption.

The filing of an application for registration, a registration statement, a notice filing pursuant to the New Mexico Uniform Securities Act, the registration of a person, the notice filing by a person or the registration of a security pursuant to that act does not constitute a finding by the director that a record filed pursuant to the New Mexico Uniform Securities Act is true, complete and not misleading. The filing or registration or the availability of an exemption, exception, preemption or exclusion for a security or a transaction does not mean that the director has passed upon the merits or qualifications of, or recommended or given approval to, a person, security or transaction. It is unlawful to make, or cause to be made, to a purchaser, customer, client or prospective customer or client a representation inconsistent with this section.
History:
Laws 2009, ch. 82, § 506.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13C - New Mexico Uniform Securities › Article 5 - Fraud and Liabilities › Section 58-13C-507 - Qualified immunity.

A broker-dealer, agent, investment adviser, federal covered investment adviser or investment adviser representative is not liable to another broker-dealer, agent, investment adviser, federal covered investment adviser or investment adviser representative for defamation relating to a statement that is contained in a record required by the director, or designee of the director, the securities and exchange commission or a self-regulatory organization, unless the person knew, or should have known at the time that the statement was made, that it was false in a material respect or the person acted in reckless disregard of the statement's truth or falsity.
History:
Laws 2009, ch. 82, § 507.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.
Double jeopardy.
— Criminal prosecutions under the Securities Act, following administratively imposed civil penalties under that Act, do not place defendants in double jeopardy under N.M. Const., art. II, § 15, or under Section 30-1-10 NMSA 1978.
State v. Kirby
, 2003-NMCA-074, 133 N.M. 782, 70 P.3d 772, cert. denied, 133 N.M. 771, 69 P.3d 237.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13C - New Mexico Uniform Securities › Article 6 - Administration and Judicial Review › Section 58-13C-603 - Civil enforcement.

A. If the director believes that a person has engaged, is engaging or is about to engage in an act, practice or course of business constituting a violation of the New Mexico Uniform Securities Act or a rule adopted or order issued pursuant to that act or that a person has, is or is about to engage in an act, practice or course of business that materially aids a violation of the New Mexico Uniform Securities Act or a rule adopted or order issued pursuant to that act, the director may maintain an action to enjoin the act, practice or course of business and to enforce compliance with the New Mexico Uniform Securities Act or a rule adopted or order issued pursuant to that act.
B. In an action pursuant to this section and on a proper showing, the court may:
(1) issue a permanent or temporary injunction, restraining order or declaratory judgment;
(2) order other appropriate or ancillary relief, which may include:
(a) an asset freeze, accounting, writ of attachment, writ of general or specific execution and appointment of a receiver or conservator, that may be the director, for the defendant or the defendant's assets;
(b) ordering the director to take charge and control of a defendant's property, including investment accounts and accounts in a depository institution, rents and profits; to collect debts; and to acquire and dispose of property;
(c) imposing a civil penalty of up to ten thousand dollars ($10,000) for each violation;
(d) an order of rescission, restitution or disgorgement directed to a person that has engaged in an act, practice or course of business constituting a violation of the New Mexico Uniform Securities Act or the predecessor act or a rule adopted or order issued pursuant to the New Mexico Uniform Securities Act or the predecessor act;
(e) ordering the payment of prejudgment and postjudgment interest; and
(f) ordering the payment of litigation expenses of the director; and
(3) order such other relief as the court considers appropriate.
C. If a person violates a provision of the New Mexico Uniform Securities Act and the violation is directed toward, targets or is committed against a person who, at the time of the violation, is sixty-two years of age or older, the court, in addition to any other civil penalties provided for pursuant to the New Mexico Uniform Securities Act or a rule issued pursuant to that act, may impose an additional civil penalty not to exceed ten thousand dollars ($10,000) for each violation.
D. The director shall not be required to post a bond in an action or proceeding pursuant to the New Mexico Uniform Securities Act.
History:
Laws 2009, ch. 82, § 603.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13C - New Mexico Uniform Securities › Article 6 - Administration and Judicial Review › Section 58-13C-606 - Administrative files and opinions.

A. The director shall maintain, or designate a person to maintain, a register of applications for registration of securities; registration statements; notice filings; applications for registration of broker-dealers, agents, investment advisers and investment adviser representatives; notice filings by federal covered investment advisers that are or have been effective pursuant to the New Mexico Uniform Securities Act or the predecessor act; notices of claims of exemption from registration or notice filing requirements contained in a record; orders issued pursuant to the New Mexico Uniform Securities Act or the predecessor act; and interpretative opinions or no action determinations issued pursuant to the New Mexico Uniform Securities Act.
B. The director shall make all rules, forms, interpretative opinions and orders available to the public.
C. The director shall furnish a copy of a record that is a public record or a certification that the public record does not exist to a person that so requests. A rule adopted pursuant to the New Mexico Uniform Securities Act may establish a reasonable charge for furnishing the record or certification. A copy of the record certified or a certificate by the director of a record's nonexistence is prima facie evidence of a record or its nonexistence.
History:
Laws 2009, ch. 82, § 606.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.
Cross references.
— For filing of rules and regulations with the records center,
see
14-4-3 NMSA 1978.
Corporation commission's (now public regulation commission's) authority to issue security permits was cancelled by the legislature
with the repeal of 48-18-18, 1953 Comp. 1981 Op. Att'y Gen. No. 81-20 (decided under former law).
Law reviews.
— For article, "A Survey of the Securities Act of New Mexico," see 2 N.M.L. Rev. 1 (1972).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Investigative authority of administrative agencies in state regulation of securities, 58 A.L.R.5th 293.
69A Am. Jur. 2d Securities Regulation - State § 153.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13C - New Mexico Uniform Securities › Article 6 - Administration and Judicial Review › Section 58-13C-607 - Public records; confidentiality.

A. Except as otherwise provided in Subsection B of this section, records obtained by the director or filed pursuant to the New Mexico Uniform Securities Act, including a record contained in or filed with a registration statement, application, notice filing or report, are public records and are available for public examination.
B. The following records are not public records and are not available for public examination pursuant to Subsection A of this section:
(1) a record obtained by the director in connection with an audit or inspection pursuant to Subsection D of Section 411 [58-13C-411 NMSA 1978] of the New Mexico Uniform Securities Act or an investigation pursuant to Section 602 [58-13C-602 NMSA 1978] of that act, except that information that is introduced at a hearing constitutes public information unless otherwise ordered by the director;
(2) a part of a record filed in connection with a registration statement pursuant to Sections 301 [58-13C-301 NMSA 1978] and 303 [58-13C-303 NMSA 1978] through 305 [58-13C-305 NMSA 1978] of the New Mexico Uniform Securities Act or a record pursuant to Subsection D of Section 411 of that act that contains trade secrets or confidential information if the person filing the registration statement or report has asserted a claim of confidentiality or privilege that is authorized by law;
(3) a record that is not required to be provided to the director or filed pursuant to the New Mexico Uniform Securities Act and is provided to the director only on the condition that the record will not be subject to public examination or disclosure;
(4) a nonpublic record received from a person specified in Subsection A of Section 608 [58-13C-608 NMSA 1978] of the New Mexico Uniform Securities Act; and
(5) any social security number, residential address unless used as a business address and residential telephone number unless used as a business telephone number contained in a record that is filed.
C. If disclosure is for the purpose of a civil, administrative or criminal investigation, action or proceeding or to a person specified in Subsection A of Section 608 of the New Mexico Uniform Securities Act, the director may disclose a record obtained in connection with an audit or inspection pursuant to Subsection D of Section 411 of that act or a record obtained in connection with an investigation pursuant to Section 602 [58-13C-602 NMSA 1978] of that act.
History:
Laws 2009, ch. 82, § 607.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Investigative authority of administrative agencies in state regulation of securities, 58 A.L.R.5th 293.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13C - New Mexico Uniform Securities › Article 6 - Administration and Judicial Review › Section 58-13C-609 - Judicial review.

A. A final order issued by the director pursuant to the New Mexico Uniform Securities Act is subject to judicial review in accordance with 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 or rule, and the director may enforce or ask the court to enforce the order pending the outcome of the review proceedings.
History:
Laws 2009, ch. 82, § 609.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.
Corporation commission (now public regulation commission) not authorized to issue sales permit.
— The authority of the corporation commission (now public regulation commission) to review a decision of the chief as to the issuance of a permit to sell securities did not constitute authorization for the corporation commission (now public regulation commission) to issue a permit which had been approved by the chief pursuant to former Section 58-13-10 NMSA 1978. Unless an aggrieved party appealed, the corporation commission (now public regulation commission) had no basis for exercising any authority with respect to a decision of the chief. 1981 Op. Att'y Gen. No. 81-20.
Law reviews.
— For article, "A Survey of the Securities Act of New Mexico," see 2 N.M.L. Rev. 1 (1972).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
69A Am. Jur. 2d Securities Regulation - State § 163.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13C - New Mexico Uniform Securities › Article 7 - Transition › Section 58-13C-701 - Application of act to existing proceedings and existing rights and duties.

A. The predecessor act exclusively governs all actions or proceedings that are pending on the effective date of the New Mexico Uniform Securities Act or may be instituted on the basis of conduct occurring before the effective date of the New Mexico Uniform Securities Act, but a civil action shall not be maintained to enforce any liability pursuant to the predecessor act unless instituted within any period of limitation that applied when the cause of action accrued or within five years after the effective date of the New Mexico Uniform Securities Act, whichever is earlier
B. All effective registrations pursuant to the predecessor act, all administrative orders relating to the registrations, rules, statements of policy, interpretative opinions, declaratory rulings, no action determinations and conditions imposed on the registrations pursuant to the predecessor act remain in effect while they would have remained in effect if the New Mexico Uniform Securities Act had not been enacted. They are considered to have been filed, issued or imposed pursuant to the New Mexico Uniform Securities Act, but are exclusively governed by the predecessor act.
C. The predecessor act exclusively applies to an offer or sale made within one year after the effective date of the New Mexico Uniform Securities Act pursuant to an offering made in good faith before the effective date of the New Mexico Uniform Securities Act on the basis of an exemption available pursuant to the predecessor act.
History:
Laws 2009, ch. 82, § 701.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13D - Protecting Vulnerable Adults from Financial Exploitation › Section 58-13D-1 - Short title.

This act [58-13D-1 to 58-13D-8 NMSA 1978] may be cited as the "Protecting Vulnerable Adults from Financial Exploitation Act".
History:
Laws 2017, ch. 106, § 1.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 106, § 9 made Laws 2017, ch. 106, § 1 effective July 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13D - Protecting Vulnerable Adults from Financial Exploitation › Section 58-13D-3 - Third-party and agency disclosure.

A. If a broker-dealer, investment adviser or qualified individual reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted or is being attempted, a broker-dealer, investment adviser or qualified individual:
(1) shall promptly notify the agencies;
(2) shall attempt to notify a third-party previously designated by the eligible adult; and
(3) may attempt to notify a third-party that is not designated but is reasonably associated with the eligible adult.
B. Disclosure shall not be made to a designated third-party that is at the time of disclosure suspected of financial exploitation or other abuse of the eligible adult.
History:
Laws 2017, ch. 106, § 3.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 106, § 9 made Laws 2017, ch. 106, § 3 effective July 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13D - Protecting Vulnerable Adults from Financial Exploitation › Section 58-13D-4 - Immunity for disclosures.

A broker-dealer, investment adviser or qualified individual who, in exercising reasonable care, complies with Section 3 [58-13D-3 NMSA 1978] of the Protecting Vulnerable Adults from Financial Exploitation Act and has completed the training required pursuant to Section 7 [58-13D-7 NMSA 1978] of that act shall be immune from any administrative or civil liability that might otherwise arise from such disclosure.
History:
Laws 2017, ch. 106, § 4.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 106, § 9 made Laws 2017, ch. 106, § 4 effective July 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13D - Protecting Vulnerable Adults from Financial Exploitation › Section 58-13D-5 - Delaying disbursements or transactions.

A. A broker-dealer or investment adviser may delay a disbursement or transaction from an account of an eligible adult or an account on which an eligible adult is a beneficiary if:
(1) the broker-dealer, investment adviser or qualified individual reasonably believes, after initiating an internal review of the requested disbursement or transaction and the suspected financial exploitation, that the requested disbursement or transaction may result in financial exploitation of an eligible adult; and
(2) the broker-dealer or investment adviser:
(a) immediately, but in no event more than two business days after the requested disbursement or transaction, provides written notification of the delay and the reason for the delay to all parties authorized to transact business on the account, unless any such party is reasonably believed to have engaged in suspected or attempted financial exploitation of the eligible adult;
(b) immediately, but in no event more than two business days after the requested disbursement or transaction, notifies the agencies; and
(c) provides, upon a request by the securities division of the regulation and licensing department, a status report of the internal review required pursuant to Paragraph (1) of this subsection.
B. Any delay of a disbursement or transaction as authorized by this section will expire upon the sooner of:
(1) a determination by the broker-dealer or investment adviser that the disbursement or transaction will not result in financial exploitation of the eligible adult; or
(2) fifteen business days after the date on which the broker-dealer or investment adviser first delayed disbursement or transaction, unless either of the agencies requests that the broker-dealer or investment adviser extend the delay, in which case the delay shall expire no more than twenty-five business days after the date on which the broker-dealer or investment adviser first delayed disbursement or transaction unless otherwise terminated or extended by either of the agencies or an order of a court of competent jurisdiction.
C. A court of competent jurisdiction may enter an order extending the delay of the disbursement or transaction or may order other protective relief based on the petition of the director of the securities division of the regulation and licensing department, the director of the adult protective services division of the aging and long-term services department, the broker-dealer or investment adviser that initiated the delay under this section, or other interested party.
History:
Laws 2017, ch. 106, § 5.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 106, § 9 made Laws 2017, ch. 106, § 5 effective July 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13D - Protecting Vulnerable Adults from Financial Exploitation › Section 58-13D-6 - Immunity for delaying disbursements or transactions.

A broker-dealer or investment adviser that, in exercising reasonable care, complies with Section 5 [58-13D-5 NMSA 1978] of the Protecting Vulnerable Adults from Financial Exploitation Act and has completed the training required pursuant to Section 7 [58-13D-7 NMSA 1978] of that act, shall be immune from any administrative or civil liability that might otherwise arise from such delay in a disbursement or transaction in accordance with this section.
History:
Laws 2017, ch. 106, § 6.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 106, § 9 made Laws 2017, ch. 106, § 6 effective July 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13D - Protecting Vulnerable Adults from Financial Exploitation › Section 58-13D-7 - Training.

A. The director of the securities division of the regulation and licensing department shall promulgate, by rule, training guidelines or a standardized training curriculum that broker-dealers and investment advisers may use. A broker-dealer or investment adviser may develop the broker-dealer's or investment adviser's own training as approved by the director. The training required by this section may include indicators of financial exploitation of an eligible adult and the process for reporting suspected financial exploitation both internally and to the agencies.
B. A broker-dealer or investment adviser shall provide training concerning the financial exploitation of eligible adults to its employees who are required to be registered in New Mexico as agents or investment adviser representatives and who have contact with eligible adults and access to account information on a regular basis and as part of their job.
History:
Laws 2017, ch. 106, § 7.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 106, § 9 made Laws 2017, ch. 106, § 7 effective July 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 13D - Protecting Vulnerable Adults from Financial Exploitation › Section 58-13D-8 - Records.

A broker-dealer or investment adviser shall provide access to or copies of records that are relevant to the suspected or attempted financial exploitation of an eligible adult to the agencies and to law enforcement, either as part of a referral to the agencies, as part of a referral to law enforcement or upon request of the agencies or law enforcement pursuant to an investigation. The records may include historical records as well as records relating to the most recent transaction or transactions that may comprise financial exploitation of an eligible adult. All records made available pursuant to this section shall not be considered a public record as defined in Subsection G of Section 14-2-6 NMSA 1978. Nothing in this provision shall limit or otherwise impede the authority of the director of the securities division of the regulation and licensing department to access or examine the books and records of broker-dealers and investment advisers as otherwise provided by law.
History:
Laws 2017, ch. 106, § 8.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 106, § 9 made Laws 2017, ch. 106, § 8 effective July 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 14 - Installment Savings and Investment Certificates (Repealed.) › Section 58-14-1 to 58-14-21 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1979, ch. 101, § 1, repeals 58-14-1 to 58-14-21 NMSA 1978, relating to installment savings and investment certificates and to face amount investment certificate companies.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-4 - Application, investigation and fee; agent for service of process.

A. Application for a license and any annual license renewal shall be in writing under oath and in the form prescribed by the director, shall give the exact location where the business is to be conducted and shall contain such other relevant information as the director may require, including identification of all parties in interest and the names and addresses of all the partners, officers, directors, trustees and beneficiaries of any trust and of such principal owners and members as will provide the basis for an investigation and findings necessary under Section 58-15-5 NMSA 1978. The application shall also include a statement accepting the license, if granted, as a privilege to be enjoyed and exercised only under all the terms and conditions of the New Mexico Small Loan Act of 1955 and under all lawful regulations of the director promulgated in that act. The applicant shall pay to the director at the time of making application for an original license the sum of one thousand dollars ($1,000).
B. The application shall be accompanied by, and every licensee shall at all times maintain on file with the director, a written power of attorney appointing some person, a resident of this state, as the licensee's agent for service of all judicial or other process or legal notice and notices provided for by the New Mexico Small Loan Act of 1955, unless the licensee has appointed an agent for service of process under another statute of this state. In case of noncompliance with this subsection, such service, including service of all notices provided for in the New Mexico Small Loan Act of 1955, may be made on the manager or person in charge of the registered office or place of business of the licensee, and the director may by order suspend the license pending compliance with this section.
History:
Laws 1978, ch. 7, § 1; 1987, ch. 292, § 1.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
53A Am. Jur. 2d Money Lenders and Pawnbrokers § 14 et seq.
58 C.J.S. Money Lenders §§ 4, 8.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-7 - Place of business; change; residence of borrower.

A. Not more than one place of business shall be maintained under the same license, but the director may issue additional licenses to the same licensee upon compliance with all the provisions of the New Mexico Small Loan Act of 1955 governing issuance of a single license, provided that when more than one license is issued to any person, each licensed office of such person shall be operated under the same trade name.
B. No change in the place of business of a licensee to a location outside of the municipality for which such license was issued shall be permitted under the same license. When a licensee wishes to change his place of business within the same municipality, he shall give written notice thereof to the director who shall investigate the facts and, if he shall find:
(1) that allowing the licensee to engage in business in the proposed location is not detrimental to the convenience and advantage of the community; and
(2) that the proposed location is reasonably accessible to borrowers under existing loan contracts, he shall enter an order permitting the change and shall amend the license accordingly. If the director shall not so find he shall enter an order denying the licensee such permission in the manner specified in and subject to the provisions of Section 58-15-5 NMSA 1978.
C. Nothing in this act shall be construed to limit the loans of any licensee to residents of the community in which the licensed place of business is located; nor to prohibit accommodations to individual borrowers in sickness or in connection with hours of employment or other such situations; nor to prohibit making loans by mail to residents of New Mexico.
History:
1953 Comp., § 48-17-36, enacted by Laws 1955, ch. 128, § 7; 1977, ch. 245, § 64.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
53A Am. Jur. 2d Money Lenders and Pawnbrokers §§ 6, 7, 14 et seq.
58 C.J.S. Money Lenders § 5.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-10 - Books and records; annual reports; additional information.

A. Each licensee shall keep and use in the business such books, accounts and records in accordance with sound accounting practices that will enable the director to determine whether the licensee is complying with the provisions of the New Mexico Small Loan Act of 1955 and with the orders and regulations lawfully made by the director pursuant to the provisions of that act. Each licensee shall preserve the books, accounts and records for at least two years after making the final entry on a loan recorded therein.
B. Each licensee shall, annually on or before March 31, file a report with the director giving such relevant information as the director may reasonably require concerning the business and operations during the preceding calendar year for each licensed place of business conducted by the licensee within the state pursuant to the provisions of the New Mexico Small Loan Act of 1955. The report shall be made under oath and shall be in the form prescribed by the director. A summary of the reports shall be included in the published annual report of the director.
C. At the time of filing each annual report, at the time of the annual examination or at any other time when a license is in effect, the director may, upon written notice, require a licensee to furnish within twenty days in writing, and under oath if so specified by any written notice issued and served by the director upon the licensee, additional information as to ownership of any office; operation of any office; books, records, files and papers; and affiliation or relationship with any other person, firm, trust, association or corporation as, in the opinion of the director, may be helpful in the discharge of the director's official duties.
D. False or misleading information willfully furnished to the director by a licensee in an annual report or pursuant to a notice or requirement of the director is sufficient grounds for suspension and revocation of license in accordance with the procedures for suspension or revocation of license set forth in the New Mexico Small Loan Act of 1955.
History:
1953 Comp., § 48-17-39, enacted by Laws 1955, ch. 128, § 10; 1977, ch. 245, § 67; 1993, ch. 210, § 6; 2007, ch. 86, § 6.
ANNOTATIONS
Severability clause.
— Laws 2007, ch. 86, § 23 provides that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2007 amendment,
effective November 1, 2007, makes minor grammar revisions to the section.
The 1993 amendment,
effective June 18, 1993, substituted "March 31" for "the first day of February" in Subsection B and made stylistic changes throughout the section.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
53A Am. Jur. 2d Money Lenders and Pawnbrokers §§ 6, 7, 23.
58 C.J.S. Money Lenders §§ 3, 4.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-10.2 - Reporting of credit required.

A. For each installment loan issued pursuant to Paragraph (1) of Subsection F of Section 58-15-2 NMSA 1978 and refund anticipation loan made pursuant to the New Mexico Small Loan Act of 1955, a lender shall report to a consumer reporting agency the terms of the loan and the borrower's performance pursuant to those terms.
B. For each installment loan issued pursuant to Paragraph (2) of Subsection F of Section 58-15-2 NMSA 1978, a lender may report to a consumer reporting agency the terms of the loan and the borrower's performance pursuant to those terms.
C. Any lender making a report to a consumer reporting agency pursuant to this section shall report both positive and negative performance by the borrower.
History:
Laws 2017, ch. 110, § 21; 2022, ch. 23, § 9.
ANNOTATIONS
The 2022 amendment,
effective January 1, 2023, provided that a lender shall report to a consumer reporting agency the terms of installment loans that fall under § 58-15-2(F)(2) NMSA 1978 and may report the borrower's performance pursuant to those terms, and if reported, the lender must report both positive and negative performance by the borrower; in Subsection A, after "installment loan", added "issued pursuant to Paragraph (1) of Subsection F of Section 58-15-2 NMSA 1978"; and added Subsections B and C.
Applicability.
— Laws 2017, ch. 110, § 26 provided that the provisions of Laws 2017, ch. 110 shall apply to loans subject to the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 executed on or after January 1, 2018.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-12 - Advertising.

A licensee or other person subject to the New Mexico Small Loan Act of 1955 shall not advertise, display, distribute or broadcast or cause or permit to be advertised, displayed, distributed or broadcast in any manner whatsoever a false, misleading or deceptive statement or representation with regard to the charges, terms or conditions for loans in the amount or of the value of ten thousand dollars ($10,000) or less. The director may require that charges or rates of charge, if stated by a licensee, be stated fully and clearly in such manner as the director deems necessary to prevent misunderstanding by prospective borrowers. The director may permit or require licensees to refer in their advertising to the fact that their business is under state supervision, subject to conditions imposed by the director to prevent erroneous impressions as to the scope or degree of protection provided by the New Mexico Small Loan Act of 1955.
History:
1953 Comp., § 48-17-41, enacted by Laws 1955, ch. 128, § 12; 1973, ch. 18, § 3; 1977, ch. 245, § 69; 2007, ch. 86, § 8; 2017, ch. 110, § 16; 2022, ch. 23, § 10.
ANNOTATIONS
The 2022 amendment,
effective January 1, 2023, amended an existing provision that prohibited a licensee from advertising with regard to charges, terms or conditions of loans in the amount of five thousand dollars or less, increasing the loan amount to ten thousand dollars or less; and after "in the amount or of the value of", deleted "five thousand dollars ($5,000)" and added "ten thousand dollars ($10,000)".
The 2017 amendment,
effective January 1, 2018, raised the loan amount in the provision prohibiting licensees from providing false, misleading or deceptive statements or representations with regard to charges, terms or conditions for loans; and after "or of the value of", deleted "two thousand five hundred dollars ($2,500)" and added "five thousand dollars ($5,000).
Applicability.
— Laws 2017, ch. 110, § 26 provided that the provisions of Laws 2017, ch. 110 shall apply to loans subject to the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 executed on or after January 1, 2018.
The 2007 amendment,
effective November 1, 2007, eliminated the former Subsection B requirement that a licensee display a schedule of rates of charges upon all classes of loans.
Severability clause.
— Laws 2007, ch. 86, § 23 provided that if any part or application of the act is held invalid, the remainder or its application to other situations or persons shall not be affected.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
58 C.J.S. Money Lenders § 5.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-13 - Licensed offices; other business.

A. No licensee shall conduct the business of making loans provided for by the New Mexico Small Loan Act of 1955 under any name, or at any place of business within this state, other than that stated in the license.
B. No licensee shall conduct the business of making loans under the New Mexico Small Loan Act of 1955 within any building, office, suite, room or place of business in which any other business is solicited, or engaged in, by the licensee or any employee, agent or associate, or in association or conjunction with any other business, unless authority to do so is specifically given in writing by the director upon written application for such authority submitted by the licensee.
Upon receipt of written application for such authority which shall be accompanied by or have included therein, if the other business is the sale of insurance in connection with loans made under the New Mexico Small Loan Act of 1955, the written consent of the licensee to abide by and be bound by all regulations then in effect or thereafter promulgated by the director relating to tie-in sales of such insurance and small loans, the director shall investigate the facts and circumstances and if he finds that the character of the licensee and the nature of the other business warrants the belief that the conduct of such business would not tend to conceal violation or evasion of the New Mexico Small Loan Act of 1955, or of regulations lawfully made hereunder, including regulations relating to tie-in sales of insurance, he shall enter an order granting such authority. If he shall not so find he shall enter an order denying such authority in the manner specified in and subject to the provisions of Section 58-15-5 NMSA 1978.
History:
1953 Comp., § 48-17-42, enacted by Laws 1955, ch. 128, § 13; 1977, ch. 245, § 70.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
53A Am. Jur. 2d Money Lenders and Pawnbrokers § 11 et seq.
58 C.J.S. Money Lenders § 5.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-14 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1981, ch. 263, § 4, repealed 58-15-14 NMSA 1978, relating to the rates of charges on loans, effective July 1, 1983. For present provisions,
see
58-15-14.1 NMSA 1978.
Compiler's notes.
— Laws 1981, ch. 263, § 6, revived 58-15-14 NMSA 1978, effective July 1, 1983.
Laws 1983, ch. 44, § 1, repealed Laws 1981, ch. 263, § 6, effective June 30, 1983.