2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 15 - Small Loan Business › Section 58-15-6 - Contents and posting of license; limitation of authority granted by license; effective date of license; minimum assets.

A. Each license shall state the address at which the business is to be conducted and shall state fully the name of the licensee if an individual, and if a corporation the name, date and place of incorporation, and if a copartnership, trust or association or other legal entity, the names of all the copartners and all the members and beneficiaries thereof, and the trade name under which the licensee may desire to conduct such business. Each license shall be kept conspicuously posted in the licensed place of business and shall not be transferable or assignable.
B. No licensee hereunder, except a national or state banking corporation, shall use the words "bank", "banker" or "banking" in its name or refer to itself as a bank or banker in any of its advertising.
No licensee hereunder, except a national or state banking corporation, shall accept deposits or issue certificates of deposit, provided, however, that the foregoing prohibition shall not limit the right of any licensee to borrow money or to issue notes, bonds, debentures or similar evidences of indebtedness labeled as such for the purpose of obtaining capital for use in its business.
Except as a stockholder in a licensed corporation, no person whose name does not specifically appear on the face of the license shall have or hold any interest direct or otherwise in any license and shall not be deemed a licensee hereunder.
C. Each license shall remain in full force until June 30 next following its date of issue, unless sooner surrendered, revoked or suspended as herein provided, but shall expire and terminate on June 30 following its issue unless renewed and reissued as herein provided. Such license shall entitle the person or persons whose names appear on the face of the license, and no others, to enjoy and exercise the revocable privileges and immunities provided for in the New Mexico Small Loan Act of 1955, but only in the manner and subject to the restrictions herein provided for.
D. Every licensee shall maintain at all times cash or its equivalent, convertible securities or receivables of thirty thousand dollars ($30,000), or any combination thereof, as set forth in Subsection B of Section 58-15-5 NMSA 1978.
History:
1953 Comp., § 48-17-35, enacted by Laws 1955, ch. 128, § 6; 1977, ch. 307, § 3.
ANNOTATIONS
Effect of death of licensee.
— Since both the general law and the statutes of New Mexico make it clear that a license to only one person is a personal privilege to that person alone, it must follow that the privilege dies with the named person. Therefore, the business cannot continue to operate. This, of course, does not mean that the loans outstanding at the time of death may not be collected at the small loan rate. All contracts prior to the death of the licensee are valid contracts if legally made in the first instance. 1966 Op. Att'y Gen. No. 66-70.
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, 6.