reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 6 - EXAMINATIONS; REPORTS; RECORDS › Section 58-32-602 - Cooperation.

The director may consult and cooperate with other state agencies, agencies of another state or of the United States or the nationwide multistate licensing system and registry in enforcing and administering the Uniform Money Services Act. They may jointly pursue examinations and take other official action that they are otherwise empowered to take.
History:
Laws 2016, ch. 88, § 602; 2019, ch. 144, § 21.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry"; and after "nationwide", deleted "mortgage" and added "multistate".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 6 - EXAMINATIONS; REPORTS; RECORDS › Section 58-32-603 - Reports.

A. A licensee shall file with the director a record signed under penalty of perjury that shall be in a form and in a medium prescribed by the director and that shall contain any material change in information provided in the licensee's application or the information provided by the licensee to the nationwide multistate licensing system and registry. The record shall be filed within fifteen business days after the licensee has reason to know of the change.
B. A licensee shall file with the director within forty-five days after the end of each fiscal quarter a record signed under penalty of perjury that shall be in a form and in a medium prescribed by the director and that shall contain a current list of all authorized delegates and locations in New Mexico where the licensee or an authorized delegate of the licensee provides money services, including limited stations and mobile locations. The licensee shall state the name and street address of each location and authorized delegate.
C. A licensee shall file a report with the director within one business day after the licensee has reason to know of the occurrence of any of the following events:
(1) the filing of a petition by or against the licensee pursuant to the United States Bankruptcy Code for bankruptcy or reorganization;
(2) the filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization or the making of a general assignment for the benefit of its creditors;
(3) the commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed;
(4) the cancellation or other impairment of the licensee's bond or other security;
(5) a charge or conviction of the licensee or of an executive officer, manager, director or person in control of the licensee for a felony; or
(6) a charge or conviction of an authorized delegate for a felony.
D. The report required pursuant to Subsection C of this section shall be a record signed under penalty of perjury and in a form and in a medium prescribed by the director and shall describe the event requiring the report.
History:
Laws 2016, ch. 88, § 603; 2019, ch. 144, § 22.
ANNOTATIONS
Cross references.
— For the federal Bankruptcy Code,
see
11 U.S.C. § 101 et seq.
The 2019 amendment,
effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry"; and in Subsection A, after "nationwide", deleted "mortgage" and added "multistate".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 6 - EXAMINATIONS; REPORTS; RECORDS › Section 58-32-604 - Change of control.

A. A licensee shall:
(1) give the director notice in a record signed under penalty of perjury in a form and in a medium prescribed by the director of a proposed change of control within fifteen days after learning of the proposed change of control;
(2) request approval by the director of the proposed change of control; and
(3) submit a nonrefundable fee of two thousand dollars ($2,000) with the notice.
B. After review of a request for approval pursuant to Subsection A of this section, the director may require the licensee to provide in a record signed under penalty of perjury in a form and in a medium prescribed by the director additional information concerning the proposed persons in control of the licensee. The additional information shall be limited to the same types required of the licensee or persons in control of the licensee as part of its original license or renewal application.
C. The director shall approve a request for change of control pursuant to Subsection A of this section if, after investigation, the director determines that the person or group of persons requesting approval has the competence, experience, character and general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner and that the public interest will not be jeopardized by the change of control.
D. When an application for a change of control pursuant to Article 6 [58-32-601 to 58-32-607 NMSA 1978] of the Uniform Money Services Act is complete, the director shall notify the licensee in a record of the date on which the request was determined to be complete and:
(1) the director shall approve or deny the request within one hundred twenty days after that date; or
(2) if the request is not approved or denied within one hundred twenty days after that date:
(a) the request is deemed approved; and
(b) the director shall permit the change of control, pursuant to this section, to take effect as of the first business day after expiration of the one-hundred-twenty-day period.
E. The director, by rule or order, may exempt a person from any of the requirements of Paragraphs (2) and (3) of Subsection A of this section if it is in the public interest to do so.
F. Subsection A of this section does not apply to a public offering of securities.
G. Before filing a request for approval to acquire control of a licensee or person in control of a licensee, a person may request in a record a determination from the director as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the director determines that the person would not be a person in control of a licensee, the director shall enter an order to that effect and the proposed person and transaction is not subject to the requirements of Subsections A through C of this section.
History:
Laws 2016, ch. 88, § 604.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 6 - EXAMINATIONS; REPORTS; RECORDS › Section 58-32-605 - Records.

A. A licensee shall maintain the following records for determining its compliance with the Uniform Money Services Act for at least three years:
(1) a record of each payment instrument or stored-value obligation sold;
(2) a general ledger posted at least monthly containing all asset, liability, capital, income and expense accounts;
(3) bank statements and bank reconciliation records;
(4) records of outstanding payment instruments and stored-value obligations;
(5) records of each payment instrument and stored-value obligation paid within the three-year period;
(6) a list of the last known names and addresses of all of the licensee's authorized delegates; and
(7) any other records the director reasonably requires by rule.
B. The items specified in Subsection A of this section may be maintained in writing, electronically or in any other form of record that is permitted by the director.
C. Records may be maintained outside New Mexico if they are made accessible to the director on seven business-days' notice that is sent in a record.
D. All records maintained by the licensee as required in Subsections A through C of this section are open to inspection by the director pursuant to Section 601 [58-32-601 NMSA 1978] of the Uniform Money Services Act.
History:
Laws 2016, ch. 88, § 605.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 6 - EXAMINATIONS; REPORTS; RECORDS › Section 58-32-606 - Money laundering reports.

A. A licensee and an authorized delegate shall file with the New Mexico attorney general all reports required by federal currency reporting, recordkeeping and suspicious transaction reporting requirements as set forth in 31 U.S.C. Section 5311 et seq. (1994) or any successor law; and other federal and state laws pertaining to money laundering.
B. The timely filing of a complete and accurate report required under Subsection A of this section with the appropriate federal agency is compliance with the requirements of that subsection, unless the director notifies the licensee that the New Mexico attorney general has notified the director that reports of this type are not being regularly and comprehensively made available by the federal agency to the New Mexico attorney general.
C. In connection with each transaction that involves transmitting money in an amount of one thousand dollars ($1,000) or more, whether sending or receiving, a licensee or, for a transaction conducted through an authorized delegate, an authorized delegate, shall retain a record of each of the following:
(1) the name and social security or taxpayer identification number, if any, of the individual presenting the transaction and of the person and the entity on whose behalf the transaction is to be effected;
(2) the type and number of the customer's verified photographic identification as described in 31 Code of Federal Regulations Section 1010.312 or any successor regulations;
(3) the customer's current occupation;
(4) the customer's current residential address; and
(5) the customer's signature.
D. The provisions of Subsection C of this section shall not apply to transactions by which a licensee's customer is making a bill payment to:
(1) a commercial creditor pursuant to a contract between the licensee and the commercial creditor; or
(2) a utility company.
History:
Laws 2016, ch. 88, § 606.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 6 - EXAMINATIONS; REPORTS; RECORDS › Section 58-32-607 - Confidentiality.

A. Except as otherwise provided in Subsection B of this section, all information or reports obtained by the director from an applicant, licensee or authorized delegate and all information contained in or related to examination, investigation, operating or condition reports prepared by, on behalf of or for the use of the director, or financial statements, balance sheets or authorized delegate information, are confidential and are not subject to disclosure pursuant to the Public Records Act [Chapter 14, Article 3 NMSA 1978] or any similar law.
B. The director may disclose information not otherwise subject to disclosure pursuant to Subsection A of this section to representatives of state or federal agencies who promise in a record signed under penalty of perjury in a form and in a medium prescribed by the director that they will maintain the confidentiality of the information or if the director finds that the release is reasonably necessary for the protection of the public and is in the interests of justice and the licensee has been given not fewer than ten days' notice in a record by the director of the director's intent to release the information.
C. This section does not prohibit the director from disclosing to the public a list of persons licensed pursuant to the Uniform Money Services Act or the aggregated financial data concerning those licensees.
History:
Laws 2016, ch. 88, § 607.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 7 - PERMISSIBLE INVESTMENTS › Section 58-32-701 - Maintenance of permissible investments.

A. A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored-value obligations issued or sold in all states and money transmitted from all states by the licensee.
B. The director, with respect to any licensees, may limit the extent to which a type of investment within a class of permissible investments may be considered a permissible investment, except for money and certificates of deposit issued by a bank. The director by rule may prescribe or by order allow other types of investments that the director determines to have a safety substantially equivalent to other permissible investments.
C. Permissible investments, even if commingled with other assets of the licensee, are held in trust for the benefit of the purchasers and holders of the licensee's outstanding payment instruments and stored-value obligations in the event of bankruptcy or receivership of the licensee.
History:
Laws 2016, ch. 88, § 701.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 8 - ENFORCEMENT › Section 58-32-801 - Suspension and revocation; receivership.

A. The director may suspend or revoke a license, place a licensee in receivership or order a licensee to revoke the designation of an authorized delegate if:
(1) the licensee violates the Uniform Money Services Act or a rule adopted or an order issued pursuant to that act;
(2) the licensee does not cooperate with an examination or investigation by the director;
(3) the licensee engages in fraud, intentional misrepresentation or gross negligence;
(4) an authorized delegate is convicted of a violation of a state or federal anti-money laundering statute, or violates a rule adopted or an order issued pursuant to the Uniform Money Services Act, as a result of the licensee's willful misconduct or willful blindness;
(5) the competence, experience, character or general fitness of the licensee, authorized delegate, person in control of a licensee or responsible person of the licensee or authorized delegate indicates that it is not in the public interest to permit the person to provide money services;
(6) the licensee engages in an unsafe or unsound practice;
(7) the licensee is insolvent, suspends payment of its obligations or makes a general assignment for the benefit of its creditors; or
(8) the licensee does not remove an authorized delegate after the director issues and serves upon the licensee a final order, including a finding that the authorized delegate has violated the Uniform Money Services Act.
B. In determining whether a licensee is engaging in an unsafe or unsound practice, the director may consider the size and condition of the licensee's money transmission, the magnitude of the loss, the gravity of the violation of the Uniform Money Services Act and the previous conduct of the person involved.
History:
Laws 2016, ch. 88, § 801.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 8 - ENFORCEMENT › Section 58-32-802 - Suspension and revocation of authorized delegates.

A. The director may issue an order suspending or revoking the designation of an authorized delegate if the director finds that:
(1) the authorized delegate violated the Uniform Money Services Act or a rule adopted or an order issued pursuant to that act;
(2) the authorized delegate did not cooperate with an examination or investigation by the director;
(3) the authorized delegate engaged in fraud, intentional misrepresentation or gross negligence;
(4) the authorized delegate is convicted of a violation of a state or federal anti-money laundering statute;
(5) the competence, experience, character or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money services; or
(6) the authorized delegate is engaging in an unsafe or unsound practice.
B. In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the director may consider the size and condition of the authorized delegate's provision of money services, the magnitude of the loss, the gravity of the violation of the Uniform Money Services Act or a rule adopted or order issued pursuant to that act and the previous conduct of the authorized delegate.
C. An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate according to procedures prescribed by the director.
History:
Laws 2016, ch. 88, § 802.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 8 - ENFORCEMENT › Section 58-32-803 - Orders to cease and desist.

A. If the director determines that a violation of the Uniform Money Services Act, or of a rule adopted or an order issued pursuant to that act, by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, its customers or the public as a result of the violation, or causes insolvency or significant dissipation of assets of the licensee, the director may issue an order requiring the licensee or authorized delegate to cease and desist from the violation. The order becomes effective upon service of it upon the licensee or authorized delegate.
B. The director may issue an order against a licensee to cease and desist from providing money services through an authorized delegate that is the subject of a separate order by the director.
C. An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to Section 58-32-901 or 58-32-902 NMSA 1978.
D. A licensee or an authorized delegate that is served with an order to cease and desist may petition the district court for a judicial order setting aside, limiting or suspending the enforcement, operation or effectiveness of the order pending the completion of an administrative proceeding pursuant to Section 58-32-901 or 58-32-902 NMSA 1978.
E. An order to cease and desist expires unless the director commences an administrative proceeding pursuant to Section 58-32-901 or 58-32-902 NMSA 1978 within ten days after it is issued.
History:
Laws 2016, ch. 88, § 803; 2019, ch. 75, § 1.
ANNOTATIONS
The 2019 amendment,
effective June 14, 2019, made technical changes to certain provisions of the Uniform Money Services Act and changed "801 or 802 of the Uniform Money Services Act" to "58-32-901 or 58-32-902 NMSA 1978" throughout.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 8 - ENFORCEMENT › Section 58-32-804 - Consent orders.

The director may enter into a consent order at any time with a person to resolve a matter arising pursuant to the Uniform Money Services Act or a rule adopted or order issued pursuant to that act. A consent order shall be signed by the person to whom it is issued or by the person's authorized representative and shall indicate agreement with the terms contained in the order. A consent order may provide that it does not constitute an admission by a person that the Uniform Money Services Act or a rule adopted or an order issued pursuant to that act has been violated.
History:
Laws 2016, ch. 88, § 804.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 8 - ENFORCEMENT › Section 58-32-806 - Civil penalties.

The director may assess a civil penalty against a person that violates the Uniform Money Services Act or a rule adopted or an order issued pursuant to that act in an amount not to exceed one thousand dollars ($1,000) per day for each day the violation is outstanding.
History:
Laws 2016, ch. 88, § 806.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 8 - ENFORCEMENT › Section 58-32-807 - Criminal penalties.

A. A person who intentionally makes a false statement, misrepresentation or false certification in a record filed or required to be maintained pursuant to the Uniform Money Services Act or who intentionally makes a false entry or omits a material entry in such a record is guilty of a fourth degree felony.
B. A person who knowingly engages in an activity for which a license is required pursuant to the Uniform Money Services Act without being licensed pursuant to that act and who receives more than two thousand five hundred dollars ($2,500) in compensation within a thirty-day period from this activity is guilty of a fourth degree felony.
C. A person who knowingly engages in an activity for which a license is required pursuant to the Uniform Money Services Act without being licensed pursuant to that act and who receives two thousand five hundred dollars ($2,500) or less in compensation within a thirty-day period from this activity is guilty of a misdemeanor.
History:
Laws 2016, ch. 88, § 807.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 8 - ENFORCEMENT › Section 58-32-808 - Unlicensed persons.

A. If the director has reason to believe that a person has violated or is violating Section 201, 301 or 401 [58-32-201, 58-32-301, 58-32-401 NMSA 1978] of the Uniform Money Services Act, the director may issue an order to show cause why an order to cease and desist should not issue requiring that the person cease and desist from the violation of Section 201, 301 or 401 of that act.
B. In an emergency, the director may petition the district court for the issuance of a temporary restraining order ex parte pursuant to the rules of civil procedure.
C. An order to cease and desist becomes effective upon service of it upon the person.
D. An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to Sections 901 and 902 [58-32-901, 58-32-902 NMSA 1978] of the Uniform Money Services Act.
E. A person that is served with an order to cease and desist for violating Section 201, 301 or 401 of the Uniform Money Services Act may petition the district court for a judicial order setting aside, limiting or suspending the enforcement, operation or effectiveness of the order pending the completion of an administrative proceeding pursuant to Sections 901 and 902 of that act.
F. An order to cease and desist expires unless the director commences an administrative proceeding within ten days after it is issued.
History:
Laws 2016, ch. 88, § 808.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 9 - ADMINISTRATIVE PROCEDURES › Section 58-32-901 - Powers of director.

A. The director may act on the director's own initiative or in response to complaints and may receive complaints, take action to obtain voluntary compliance with the Uniform Money Services Act, refer cases to the office of the attorney general or any other state agency or agency of another state or the United States and seek or provide remedies as provided in the Uniform Money Services Act.
B. The director may investigate and examine, in New Mexico or in any other state or country, by subpoena or otherwise, the activities, books, accounts and records of a person that provides or offers to provide money services, or a person to which a licensee has delegated its obligations pursuant to an agreement or the Uniform Money Services Act, to determine compliance with the Uniform Money Services Act. Information that identifies individuals who have agreements with the licensee shall not be disclosed to the public. In connection with the investigation, the director may:
(1) charge the person the reasonable expenses necessarily incurred to conduct the examination; and
(2) require or permit a person to file a statement under oath as to all the facts and circumstances of a matter to be investigated.
C. The director may enter into cooperative arrangements with other state agencies or agencies of another state or of the United States, or the nationwide multistate licensing system and registry, and may exchange with any of those entities information about a licensee, including information obtained during an examination of the licensee.
D. The director may bring an action to enforce the Uniform Money Services Act in New Mexico or in any other state or country.
E. The director may recover the reasonable expenses of enforcing the Uniform Money Services Act pursuant to Article 8 of that act, including nongovernmental attorney and expert witness fees based on the hours reasonably expended and the hourly rates for attorneys and expert witnesses of comparable experience in the community.
History:
Laws 2016, ch. 88, § 901; 2019, ch. 144, § 23.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry"; and in Subsection C, after "nationwide", deleted "mortgage" and added "multistate".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 9 - ADMINISTRATIVE PROCEDURES › Section 58-32-902 - Hearings.

Except as otherwise provided in Subsection C of Section 205 [58-32-205 NMSA 1978], Subsection C of Section 304 [58-32-304 NMSA 1978], Subsection C of Section 404 [58-32-404 NMSA 1978] and Sections 803, 805 and 808 [58-32-803, 58-32-805, 58-32-808 NMSA 1978]of the Uniform Money Services Act, the director shall not suspend or revoke a license, place a licensee in receivership, issue an order to cease and desist, suspend or revoke the designation of an authorized delegate or assess a civil penalty without notice and an opportunity to be heard. The director shall also hold a hearing when requested to do so by an applicant whose application for a license is denied.
History:
Laws 2016, ch. 88, § 902.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 10 - MISCELLANEOUS PROVISIONS › Section 58-32-1001 - Uniformity of application and construction.

In applying and construing the Uniform Money Services Act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
History:
Laws 2016, ch. 88, § 1001.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 10 - MISCELLANEOUS PROVISIONS › Section 58-32-1002 - Rules.

The director may promulgate rules to administer and enforce the Uniform Money Services Act, including rules necessary or appropriate to:
A. implement and clarify the Uniform Money Services Act;
B. preserve and protect the safety and soundness of money services businesses;
C. protect the interests of purchasers of money services and of the public;
D. protect against drug trafficking, terrorist funding and money laundering, structuring or a related financial crime; and
E. recover the cost of administering and enforcing the Uniform Money Services Act and other applicable law by imposing and collecting proportionate and equitable fees and costs for notices, applications, examinations, investigations and other actions required to achieve the purposes of that act.
History:
Laws 2016, ch. 88, § 1002.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 10 - MISCELLANEOUS PROVISIONS › Section 58-32-1003 - Appointment of secretary of state as agent for service of process; forwarding of process; consent to jurisdiction.

A. A licensee, an authorized delegate or a person who knowingly engages in activities that are regulated by the Uniform Money Services Act and require a license, with or without filing an application or holding a license, is deemed to have:
(1) consented to the jurisdiction of the courts of this state over the licensee, authorized delegate or person for all actions arising pursuant to the Uniform Money Services Act;
(2) consented to the venue in New Mexico for all actions arising pursuant to the Uniform Money Services Act, as venue is provided pursuant to Chapter 38, Article 3 NMSA 1978, and to the convenient forum of the courts in any such venue; and
(3) appointed the secretary of state as the lawful agent of the licensee, authorized delegate or person for the purpose of accepting service of process in all actions arising pursuant to the Uniform Money Services Act.
B. Within three business days after service of process upon the secretary of state, the secretary of state shall transmit by certified mail copies of all lawful process accepted by the secretary of state as an agent to that person at the person's last known address. Service of process shall be deemed complete three business days after the secretary of state deposits the copies of the documents in the United States mail.
C. The provisions of this section are cumulative and do not diminish the provisions of any other law that:
(1) provide for the New Mexico courts to have jurisdiction over a person;
(2) provide for venue in New Mexico of any action; or
(3) provide for any other method of serving process upon a person.
History:
Laws 2016, ch. 88, § 1003.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 10 - MISCELLANEOUS PROVISIONS › Section 58-32-1004 - Money services regulatory fund; created; purpose; appropriation.

A. The "money services regulatory fund" is created as a nonreverting fund in the state treasury and shall be administered by the financial institutions division of the regulation and licensing department. The fund shall consist of application, licensing, renewal, investigation and any other fees received that are associated with the costs of administering the Uniform Money Services Act and any money that is appropriated or donated or that otherwise accrues to the fund. Money in the fund shall be invested by the state investment officer in the manner that land grant permanent funds are invested pursuant to Chapter 6, Article 8 NMSA 1978. Income from investment of the fund shall be credited to the fund.
B. Money in the money services regulatory fund is subject to appropriation by the legislature to the financial institutions division of the regulation and licensing department to carry out the provisions of the Uniform Money Services Act.
C. Money shall be disbursed from the money services regulatory fund only on warrant of the secretary of finance and administration upon vouchers signed by the director of the financial institutions division or the director's authorized representative. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.
History:
Laws 2016, ch. 88, § 1004.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 33 - New Mexico Work and Save › Section 58-33-1 - Short title.

Chapter 58, Article 33 NMSA 1978 may be cited as the "New Mexico Work and Save Act".
History:
Laws 2020, ch. 7, § 1; 2021, ch. 46, § 1.
ANNOTATIONS
Temporary provisions.
— Laws 2020, ch. 7, § 13 provided:
A. The New Mexico retirement plan marketplace shall be implemented no later than July 1, 2021.
B. New Mexico work and save shall be implemented so that covered employees may begin contributing to New Mexico work and save no later than January 1, 2022.
The 2021 amendment,
effective June 18, 2021, deleted "This act" and added "Chapter 58, Article 33 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 33 - New Mexico Work and Save › Section 58-33-5 - Confidentiality of participant and account information; application of other laws.

A. Information obtained by the board that is proprietary or information about covered employees or participants in the New Mexico retirement plan marketplace is confidential and not subject to inspection pursuant to the Inspection of Public Records Act [Chapter 14, Article 3 NMSA 1978].
B. Individual account information of New Mexico work and save program participants, including names, addresses, telephone numbers, email addresses, personal identification information, investments, contributions and earnings, is confidential and shall be maintained as confidential:
(1) except to the extent necessary to administer New Mexico work and save in a manner consistent with the New Mexico Work and Save Act, the tax laws of this state and the Internal Revenue Code; or
(2) unless the person who provides the information or is the subject of the information expressly agrees in writing to the disclosure of the information.
History:
Laws 2020, ch. 7, § 5.
ANNOTATIONS
Cross references.
— For Internal Revenue Code,
see
26 U.S.C. § 1 et seq.
Effective dates.
— Laws 2020, ch. 7 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 20, 2020, 90 days after adjournment of the legislature.
Temporary provisions.
— Laws 2020, ch. 7, § 13 provided:
A. The New Mexico retirement plan marketplace shall be implemented no later than July 1, 2021.
B. New Mexico work and save shall be implemented so that covered employees may begin contributing to New Mexico work and save no later than January 1, 2022.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 33 - New Mexico Work and Save › Section 58-33-6 - Executive director; powers and duties.

A. The executive director of New Mexico work and save may:
(1) hire, fire and recommend to the board compensation for staff, as needed; and
(2) contract for legal, fiscal, investment and other expert advisors and service providers, none of whom shall be board members and all of whom shall serve at the pleasure of the board.
B. The executive director shall:
(1) oversee requests for proposals at the board's direction;
(2) develop and disseminate educational information and tools designed to improve financial literacy and educate program participants, covered employers, covered employees and other state residents about the benefits of saving for retirement and help them decide the level of participation and savings strategies that may be appropriate for them;
(3) if necessary, determine the eligibility of an employer or employee to participate in New Mexico work and save; and
(4) perform other duties as assigned by the board.
History:
Laws 2020, ch. 7, § 6.
ANNOTATIONS
Effective dates.
— Laws 2020, ch. 7 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 20, 2020, 90 days after adjournment of the legislature.
Temporary provisions.
— Laws 2020, ch. 7, § 13 provided:
A. The New Mexico retirement plan marketplace shall be implemented no later than July 1, 2021.
B. New Mexico work and save shall be implemented so that covered employees may begin contributing to New Mexico work and save no later than January 1, 2022.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 33 - New Mexico Work and Save › Section 58-33-11 - Protection for covered employers.

A. The New Mexico work and save IRA program is not an employer-sponsored plan. A covered employer does not bear responsibility for:
(1) the decision by a covered employee to participate or not to participate in the New Mexico work and save IRA program;
(2) the performance of a specific savings option selection made by a program participant and facilitated through the New Mexico work and save IRA program;
(3) investment decisions made by a program participant;
(4) the administration, investment, investment returns or investment performance of an IRA savings option facilitated through the New Mexico work and save IRA program, including interest rate or other rate of return on a contribution or individual retirement account balance;
(5) the design or administration of the New Mexico work and save IRA program or the benefits paid to or the earnings or losses of program participants;
(6) a program participant's awareness of or compliance with the conditions and other provisions of the tax laws that determine which persons are eligible to make tax-favored contributions to individual retirement accounts, in what amount and in what time frame and manner; or
(7) loss, failure to realize gain or other adverse consequences, including adverse tax consequences or loss of favorable tax treatment, public assistance or other benefits incurred by a program participant as a result of participating in the New Mexico work and save IRA program.
B. No covered employer shall be or shall be considered to be a fiduciary under the New Mexico work and save IRA program.
History:
Laws 2020, ch. 7, § 11; 2021, ch. 46, § 8.
ANNOTATIONS
The 2021 amendment,
effective June 18, 2021, clarified that covered employees are not responsible for the performance of a specific savings option selection made by a program participant and facilitated through the New Mexico work and save IRA program; after each occurrence of "New Mexico work and save", added "IRA program" throughout; in Subsection A, Paragraph A(1), after "the decision", added "by a covered employee", in Paragraph A(2), added "the performance of", after "specific", and deleted "election under" and added "savings option selection made by a program participant and facilitated through the", in Paragraph A(4), after "performance of", added "an IRA savings option facilitated through the", and after "contribution or", deleted "Roth", and in Paragraph A(5), after "paid to", added "or the earnings or losses of".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 33 - New Mexico Work and Save › Section 58-33-11.1 - Board and state not guarantors.

The board, each board member and the state shall not guarantee any rate of return or interest rate on any contribution made by a New Mexico work and save IRA program participant or New Mexico retirement plan marketplace participant.
History:
Laws 2021, ch. 46, § 10.
ANNOTATIONS
Effective dates.
— Laws 2021, ch. 46 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 2021, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 33 - New Mexico Work and Save › Section 58-33-12 - Annual report.

The board shall prepare an annual report on the operation of the New Mexico work and save IRA program and the New Mexico retirement plan marketplace and shall provide the report to the governor, the state treasurer and appropriate legislative interim committees and shall make the report available to all program participants, participating employers and the general public.
History:
Laws 2020, ch. 7, § 12; 2021, ch. 46, § 9.
ANNOTATIONS
The 2021 amendment,
effective June 18, 2021, required the New Mexico work and save board to prepare an annual report on the operation of the New Mexico work and save IRA program and the New Mexico retirement plan marketplace, to provide the report to the governor, the state treasurer and appropriate legislative interim committees, and to make the report available to program participants, participating employers and the general public; and after "New Mexico work and save", added "IRA program and the New Mexico retirement plan marketplace and shall provide the report", and after "interim committees and", deleted "made" and added "shall make the report".
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 1 - Insurance Code › Section 59A-1-1 - Short title.

Chapter 59A NMSA 1978 [except for 59A-30A-1 to 59A-30A-18 NMSA 1978, and 59A-42A-1 to 59A-42A-9 NMSA 1978] shall be known and may be cited as the New Mexico Insurance Code and, in this chapter, may also be referred to as the "Insurance Code".
History:
1978 Comp., § 59A-1-1, enacted by Laws 1993, ch. 320, § 1.
ANNOTATIONS
Repeals and reenactments.
— Laws 1993, ch. 320, § 1 repealed former 59A-1-1 NMSA 1978, as enacted by Laws 1984, ch. 127, § 1, and enacted a new section, effective June 18, 1993.
Compiler's notes.
— Laws 1984, ch. 127, § 994, provided that any laws of New Mexico remaining in force after the effective date of the act (January 1, 1985) and which refer to provisions repealed in Section 997 of the act (primarily provisions in Chapter 59 NMSA 1978 are repealed) shall be deemed to refer to those provisions of the act which are substantially the same as the repealed provisions.
Laws 1984, ch. 127, § 996, provided that the various article numbers and titles, the descriptive headings, subheadings and catchlines immediately preceding texts of or in individual sections do not constitute part of the act and are included only for purpose of convenient reference.
Laws 1993, ch. 320, § 1 repealed and reenacted this section, making all of the extant provisions of Chapter 59A NMSA 1978 part of the Insurance Code. Subsequent additions to Chapter 59A have also been additions to the Insurance Code, except for 59A-17A-1 to 59A-17A-10 NMSA 1978, as enacted by Laws 2005, Chapter 275, 59A-30A-1 to 59A-30A-18 NMSA 1978 as enacted by Laws 1999, Chapter 60, and 59A-42A-1 to 59A-42A-9 NMSA 1978 as enacted by Laws 1997, Chapter 107. Definitions in the Insurance Code are not applicable to those sections excluded from the scope of the code.
Law reviews.
— For comment, "Survey of New Mexico Law: Insurance Law," see 15 N.M.L. Rev. 327 (1985).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Scope of provision in liability policy issued to municipal corporation or similar governmental body limiting coverage to injuries arising out of construction, maintenance or repair work, 30 A.L.R.5th 699.
Construction and application of pre-emption exemption, under Employee Retirement Income Security Act (29 USCS § 1001 et seq.), for state laws regulating insurance, banking, or securities (29 USCS § 1144(b)(2)), 87 A.L.R. Fed. 797.
Exemption or immunity from federal antitrust liability under McCarran-Ferguson Act (15 USCS §§ 1011-1013) and state action and Noerr-Pennington doctrines for business of insurance and persons engaged in it, 116 A.L.R. Fed. 163.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 1 - Insurance Code › Section 59A-1-2 - Definitions.

Unless context otherwise requires, words and terms defined in this article and elsewhere in the Insurance Code shall for the purposes of the Insurance Code have the meaning there ascribed.
History:
Laws 1984, ch. 127, § 2.
ANNOTATIONS
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 1 - Insurance Code › Section 59A-1-3 - "Insurance Code".

"Insurance Code" means the New Mexico Insurance Code.
History:
Laws 1984, ch. 127, § 3.
ANNOTATIONS
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 1 - Insurance Code › Section 59A-1-4 - Repealed.

History:
Laws 1984, ch. 127, § 4; 1998, ch. 108, § 31; repealed by Laws 2013, ch. 74, § 40.
ANNOTATIONS
Repeals.
— Laws 2013, ch. 74, § 40 repealed 59A-1-4 NMSA 1978, as enacted by Laws 1984, ch. 127, § 4, relating to the public regulation commission, effective March 29, 2013. For provisions of former section,
see
the 2012 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 1 - Insurance Code › Section 59A-1-6 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1998, ch. 108, § 81 repealed 59A-1-6 NMSA 1978, as enacted by Laws 1984, ch. 127, § 6, relating to the definition of "insurance board" effective January 1, 1999. For provisions of former section,
see
the 1997 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 1 - Insurance Code › Section 59A-1-7 - Insurance department.

"Insurance department", "insurance division" or "division" means the office of superintendent of insurance.
History:
Laws 1984, ch. 127, § 7; 1998, ch. 108, § 32; 2013, ch. 74, § 8.
ANNOTATIONS
The 2013 amendment,
effective March 29, 2013, changed the definition to mean the office of superintendent of insurance; after "means the", added "office of superintendent of"; and after "insurance", deleted "division of the commission".
The 1998 amendment,
effective January 1, 1999, rewrote this section, which read "'Insurance department' means the department of insurance of the corporation division."
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 1 - Insurance Code › Section 59A-1-8 - "Insurer"; "authorized insurer".

A. "Insurer" includes every person engaged as principal and as indemnitor, surety or contractor in the business of entering into contracts of insurance.
B. An "authorized insurer" is a [an] insurer holding a valid and subsisting certificate of authority, issued by the superintendent, to transact insurance in this state.
History:
Laws 1984, ch. 127, § 8.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 1 - Insurance Code › Section 59A-1-8.2 - Deliver or delivery; definition.

"Deliver" or "delivery" means send to by:
A. email and retain an email delivery confirmation;
B. electronic transmission through a dedicated two-way communication portal and retain delivery confirmation;
C. fax and retain a fax delivery confirmation;
D. regular mail; or
E. personal delivery."
History:
1978 Comp., § 59A-1-8.2, enacted by Laws 2021, ch. 108, § 1.
ANNOTATIONS
Effective dates.
— Laws 2021, ch. 108, § 38 made Laws 2021, ch. 108, § 1 effective July 1, 2021.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 1 - Insurance Code › Section 59A-1-10 - "Person"; "individual".

A. "Person" includes an individual, association, organization, reciprocal or Lloyds plan insurer, partnership, firm, syndicate, trust, corporation and every legal entity.
B. An "individual" is a natural person, a human being.
History:
Laws 1984, ch. 127, § 10.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 1 - Insurance Code › Section 59A-1-12 - Superintendent.

"Superintendent" means the superintendent of insurance or the superintendent's duly authorized representative acting in official capacity.
History:
Laws 1984, ch. 127, § 12; 1998, ch. 108, § 33.
ANNOTATIONS
The 1998 amendment,
effective January 1, 1999, substituted "superintendant of insurance" for "superintendent of the insurance department, as designated as such by the corporation commission," near the middle of the section.