reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 31 - Spaceport Development › Section 58-31-10 - Security for bonds, notes or certificates of indebtedness.

The principal of and interest on any bonds, notes or other certificates of indebtedness issued pursuant to the provisions of the Spaceport Development Act shall be secured by a pledge of the revenues out of which the bonds shall be made payable, may be secured by a mortgage, deed of trust note or other certificate of indebtedness covering all or part of the project from which the revenues so pledged may be derived, and may be secured by a pledge of any lease or installment sale agreement or other fees or revenues with respect to the project. The resolution of the authority under which bonds, notes, or other certificates of indebtedness are authorized to be issued or any mortgage, notes or certificates of indebtedness may contain any agreement and provisions customarily contained in instruments securing bonds, notes or certificates of indebtedness, including:
A. provisions respecting the fixing and collection of all revenues from any project covered by the proceedings or mortgage;
B. the terms to be incorporated in any lease or installment sale agreement with respect to the project;
C. the maintenance and insurance of the project; and
D. the creation and maintenance of special funds from the revenues with respect to the project and the rights and remedies available in the event of default to the bondholders, to the trustee under a mortgage, deed of trust or trust indenture or to a lender, all as the authority deems advisable and not in conflict with the provisions of the Spaceport Development Act. In making the agreements or provisions, the authority shall not have the power to obligate itself except with respect to the project and the application of the revenues from the project and shall not have the power to incur a pecuniary liability or charge upon the state general credit or against the state taxing powers. The resolution authorizing any bonds and any mortgage securing such bonds, any note or other certificate of indebtedness shall set forth the procedure and remedies in the event of default in payment of the principal of or the interest on the bond, note or certificate of indebtedness or in the performance of any agreement. A breach of any agreement shall not impose any pecuniary liability upon the state or any charge upon its general credit or against its taxing powers.
History:
Laws 2005, ch. 128, § 10.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 128 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 17, 2005, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 31 - Spaceport Development › Section 58-31-12 - Use of proceeds from sale of bonds.

A. The proceeds from the sale of any bonds issued pursuant to the Spaceport Development Act shall be applied only for the purpose for which the bonds were issued; provided that:
(1) any accrued interest and premiums received in any sale shall be applied to the payment of the principal of or the interest on the bonds sold;
(2) if for any reason any portion of such proceeds are not needed for the purpose for which the bonds were issued, the balance of the proceeds shall be applied to the payment of the principal of or the interest on the bonds; and
(3) any portion of the proceeds from the sale of the bonds or any accrued interest and premium received in any such sale may, in the event the money will not be needed or cannot be used effectively to the advantage of the authority for the purposes provided pursuant to the Spaceport Development Act, be invested in short-term interest-bearing securities if such investment will not interfere with the use of the funds for the primary purpose of the project.
B. The cost of acquiring any project shall be deemed to include the following:
(1) the actual cost of construction of any part of a project, including architect, attorney and engineer fees;
(2) the purchase price of any part of a project that may be acquired by purchase;
(3) the actual cost of the extension of any utility to the project site and all expenses in connection with the authorization, sale and issuance of the bonds to finance such acquisition; and
(4) the interest on those bonds for a reasonable time prior to construction, during construction and not exceeding six months after completion of construction.
History:
Laws 2005, ch. 128, § 12.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 128 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 17, 2005, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 31 - Spaceport Development › Section 58-31-13 - Spaceport authority revenue bonds; refunding authorization.

A. The authority may issue refunding revenue bonds for the purpose of refinancing, paying and discharging all or any part of outstanding authority revenue bonds:
(1) for the acceleration, deceleration or other modification of payment of such obligations, including, without limitation, any capitalization of any interest in arrears or about to become due for any period not exceeding one year from the date of the refunding bonds;
(2) of reducing interest costs or effecting other economies; or
(3) of modifying or eliminating restrictive contractual limitations pertaining to the issuance of additional bonds, otherwise concerning the outstanding bonds or to any facilities relating to the bonds.
B. The authority may pledge irrevocably for the payment of interest and principal on refunding bonds the appropriate pledged revenues that may be pledged to an original issue of bonds.
C. Bonds for refunding and bonds for any purpose permitted by the Spaceport Development Act may be issued separately or issued in a combination of one series or more.
History:
Laws 2005, ch. 128, § 13.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 128 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 17, 2005, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 31 - Spaceport Development › Section 58-31-15 - Authority refunding revenue bonds; terms.

[The] authority [when] refunding revenue bonds:
A. may have interest or appreciated principal value payable at intervals or at maturity;
B. may be subject to prior redemption at the authority's option at such time or times and upon such terms and conditions with or without the payment of premiums;
C. may be serial in form and maturity;
D. may consist of a single bond payable in one or more installments; and
E. shall be exchanged for the bonds and any mature unpaid interest being refunded at not less than par or sold at public or negotiated sale at, above or below par and at a price that results in a net effective interest rate that does not exceed the maximum permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978].
History:
Laws 2005, ch. 128, § 15.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 128 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 17, 2005, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 31 - Spaceport Development › Section 58-31-16 - Exemption from taxation.

Bonds authorized pursuant to the Spaceport Development Act and the income from those bonds, all mortgages or other security instruments executed as security for those bonds, all lease and installment purchase agreements made pursuant to the provisions of that act and revenue derived from any lease or sale by the authority shall be exempt from all taxation by the state or any subdivision thereof.
History:
Laws 2005, ch. 128, § 16.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 128 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 17, 2005, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 31 - Spaceport Development › Section 58-31-17 - Spaceport authority fund created.

A. The "spaceport authority fund" is created in the state treasury. Separate accounts within the fund may be created for any project. Money in the fund is appropriated to the authority for the purposes of carrying out the provisions of the Spaceport Development Act. Money in the fund shall not revert at the end of a fiscal year.
B. Except as provided in this section, money received by the authority shall be deposited in the fund, including, but not limited to:
(1) the proceeds of bonds issued by the authority or from a loan to the authority made pursuant to the Spaceport Development Act;
(2) interest earned upon money in the fund;
(3) property or securities acquired through the use of money belonging to the fund;
(4) all earnings of property or securities acquired pursuant to Paragraph (3) of this subsection;
(5) all lease or rental payments received from the authority from a project;
(6) all of the money received by the authority from a public or private source; and
(7) fees, rents or other charges imposed and collected by the authority.
C. Fees, rents or other charges imposed and collected by the authority in excess of those imposed and collected for an approved project and for all debt service and reserves for the bonds that financed the project may be expended only as appropriated pursuant to vouchers signed by the executive director of the authority or the director's designee pursuant to the Spaceport Development Act; provided that, in the event the position of executive director is vacant, vouchers may be signed by the chair of the authority.
D. Earnings on the balance in the fund shall be credited to the fund. In addition, in the event that the proceeds from the issuance of bonds or from money borrowed by the authority are deposited in the state treasury, interest earned on that money during the period commencing with the deposit in the state treasury until actual transfer of the money to the fund shall be credited to the fund.
E. All proceeds from issuing revenue bonds shall be placed in such funds as shall be established in the resolution of the authority authorizing the issuance of the bonds.
History:
Laws 2005, ch. 128, § 17; 2006, ch. 15, § 20.
ANNOTATIONS
Cross references.
— For the Regional Spaceport District Act,
see
5-15-1 NMSA 1978.
The 2006 amendment,
effective May 17, 2006, adds the provision in Paragraph (4) of Subsection B that earnings acquired pursuant to Paragraph (3) of Subsection B shall be deposited in the spaceport authority fund; and adds Subsection E to provide that proceeds from revenue bonds shall be placed in funds established by the authority authorizing the issuance of the bonds.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 31 - Spaceport Development › Section 58-31-18 - Information not subject to inspection.

A. The following information obtained by the authority is not subject to inspection pursuant to the Inspection of Public Records Act [Chapter 14, Article 2 NMSA 1978]:
(1) proprietary technical or business information, or information that is related to the possible relocation, expansion or operations of its aerospace customers, for which it is demonstrated, based on specific factual evidence, that disclosure of the information would cause substantial competitive harm to the aerospace customer;
(2) trade secrets, as defined in Subsection D of Section 57-3A-2 NMSA 1978; and
(3) information that would compromise the physical security or cybersecurity of authority facilities or an aerospace customer of the authority.
B. The presence in a record of information that need not be disclosed pursuant to Subsection A of this section does not exempt the record from disclosure.
History:
Laws 2018, ch. 61, § 3.
ANNOTATIONS
Effective dates.
— Laws 2018, ch. 61 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 16, 2018, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 1 - GENERAL PROVISIONS › Section 58-32-101 - Short title.

This act [58-32-101 to 58-32-1004 NMSA 1978] may be cited as the "Uniform Money Services Act".
History:
Laws 2016, ch. 88, § 101.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
Temporary provisions.
— Laws 2016, ch. 88, § 1005 provided that the director of the financial institutions division of the regulation and licensing department shall promulgate such rules as are necessary to transition licensees pursuant to 58-20-1 NMSA 1978 to the licensing provisions of the Uniform Money Services Act.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 1 - GENERAL PROVISIONS › Section 58-32-103 - Exclusions.

The Uniform Money Services Act does not apply to:
A. the United States or a department, agency or instrumentality thereof;
B. money transmission by the United States postal service or by a contractor on behalf of the United States postal service;
C. a state, county, city or any other governmental agency or governmental subdivision of a state;
D. a bank, bank holding company, office of an international banking corporation, branch of a foreign bank, corporation organized pursuant to the federal Bank Service Company Act or corporation organized pursuant to the federal Edge Act;
E. electronic funds transfer of governmental benefits for a federal, state, county or governmental agency by a contractor on behalf of the United States or a department, agency or instrumentality thereof, or a state or governmental subdivision, agency or instrumentality thereof;
F. a board of trade designated as a contract market pursuant to the federal Commodity Exchange Act or a person that, in the ordinary course of business, provides clearance and settlement services for a board of trade to the extent of its operation as or for such a board;
G. a registered futures commission merchant under the federal commodities laws to the extent of its operation as such a merchant;
H. a person that provides clearance or settlement services pursuant to a registration as a clearing agency or an exemption from such registration granted under the federal securities laws to the extent of its operation as such a provider;
I. an operator of a payment system to the extent that it provides processing, clearing or settlement services, between or among persons excluded by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearinghouse transfers or similar funds transfers;
J. a person registered as a securities broker-dealer under federal or state securities laws to the extent of its operation as such a broker-dealer;
K. an attorney or title company that, in connection with a real property transaction, receives and disburses domestic currency or issues an escrow or trust fund check only on behalf of a party to the transaction;
L. a credit union regulated and insured by the national credit union association; or
M. any other person, transaction or class of persons or transactions exempted by the director's rule or any other person or transaction exempted by the director's order pursuant to a finding that the licensing of the person or transaction is not necessary to achieve the purposes of the Uniform Money Services Act.
History:
Laws 2016, ch. 88, § 103.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
Cross references.
— For the federal Bank Service Company Act,
see
12 USC §§ 1861 to 1867.
For the federal Edge Act,
see
12 USC § 632.
For the federal Commodity Exchange Act,
see
7 USC § 1.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 2 - MONEY TRANSMISSION LICENSES › Section 58-32-201 - License required.

A. A person shall not engage in the business of money transmission or advertise, solicit or hold itself out as providing money transmission unless the person:
(1) is licensed pursuant to Article 2 [58-32-201 to 58-32-206 NMSA 1978] of the Uniform Money Services Act; or
(2) is an authorized delegate of a person licensed pursuant to Article 2 of the Uniform Money Services Act.
B. A license pursuant to Article 2 of the Uniform Money Services Act is not transferable or assignable.
History:
Laws 2016, ch. 88, § 201.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
Temporary provisions.
— Laws 2016, ch. 88, § 1005 provided that the director of the financial institutions division of the regulation and licensing department shall promulgate such rules as are necessary to transition licensees pursuant to 58-20-1 NMSA 1978 to the licensing provisions of the Uniform Money Services Act.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 2 - MONEY TRANSMISSION LICENSES › Section 58-32-203 - Security.

A. Except as otherwise provided in Subsection B of this section, a surety bond, letter of credit, or other similar security acceptable to the director shall accompany an application for a license pursuant to Article 2 [58-32-201 to 58-32-206 NMSA 1978] of the Uniform Money Services Act. Except as otherwise provided in Subsections D and F of this section, the required security shall be in the amount of three hundred thousand dollars ($300,000) or an amount equal to one percent of the licensee's total yearly dollar volume of money transmission business in this state or the applicant's projected total volume of business in this state for the first year of licensure, whichever is greater, up to a maximum of two million dollars ($2,000,000).
B. The security shall be in form and substance and from an issuer satisfactory to the director and payable to New Mexico for the benefit of any claimant against the licensee to secure the faithful performance of the obligations of the licensee with respect to money transmission.
C. The aggregate liability on a surety bond shall not exceed the principal sum of the bond. A claimant against a licensee may maintain an action on the bond or the director may maintain an action on behalf of the claimant.
D. A surety bond shall cover claims for so long as the director specifies, but for at least five years after the licensee ceases to provide money services in New Mexico. However, the director may permit the amount of security to be reduced or eliminated before the expiration of that time to the extent the amount of the licensee's payment instruments or stored-value obligations outstanding in New Mexico is reduced. The director may permit a licensee to substitute another form of security acceptable to the director for the security effective at the time the licensee ceases to provide money services in New Mexico.
E. In lieu of the security prescribed in this section, an applicant for a license or a licensee may provide security in form and substance and from an issuer prescribed by the director.
F. The director may increase the amount of security required to a maximum of five million dollars ($5,000,000) if the financial condition of a licensee so requires, as evidenced by reduction of net worth, financial losses or other relevant criteria.
History:
Laws 2016, ch. 88, § 203.
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 2 - MONEY TRANSMISSION LICENSES › Section 58-32-204 - Issuance of license.

A. When an application is filed pursuant to Article 2 [58-32-201 to 58-32-206 NMSA 1978] of the Uniform Money Services Act, the director shall investigate the applicant's financial condition and responsibility, financial and business experience, character and general fitness. The director may conduct an onsite investigation of the applicant, in New Mexico or in any other state or country, the reasonable cost of which the applicant shall pay. The director shall issue a license to an applicant pursuant to Article 2 of the Uniform Money Services Act if the director finds that all of the following conditions have been fulfilled:
(1) the applicant has complied with Sections 202, 203 and 206 [58-32-202, 58-32-203, 58-32-206 NMSA 1978] of the Uniform Money Services Act; and
(2) the financial condition and responsibility, financial and business experience, competence, character and general fitness of the applicant and the competence, experience, character and general fitness of the executive officers, managers, directors and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission.
B. When an application for an original license pursuant to Article 2 of the Uniform Money Services Act is complete, the director shall promptly notify the applicant in a record of the date on which the application was determined to be complete and:
(1) the director shall approve or deny the application within one hundred twenty days after that date; or
(2) if the application is not approved or denied within one hundred twenty days after that date:
(a) the application is deemed approved; and
(b) the license takes effect as of the first business day after expiration of the one-hundred-twenty-day period.
C. The director may for good cause extend the application period.
D. An applicant whose application is denied by the director pursuant to Article 2 of the Uniform Money Services Act may appeal the denial, within thirty days after receipt of the notice of the denial, and request a hearing.
History:
Laws 2016, ch. 88, § 204.
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 2 - MONEY TRANSMISSION LICENSES › Section 58-32-205 - Renewal of license.

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

A licensee pursuant to Article 2 [58-32-201 to 58-32-206 NMSA 1978] of the Uniform Money Services Act shall maintain a net worth of at least the following amounts determined in accordance with generally accepted accounting principles:
A. for one to four locations of the licensee and authorized delegates in New Mexico, one hundred thousand dollars ($100,000); and
B. for five or more locations of the licensee and authorized delegates in New Mexico or for an internet-based money services business, five hundred thousand dollars ($500,000).
History:
Laws 2016, ch. 88, § 206.
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 3 - CHECK CASHING LICENSES › Section 58-32-301 - License required.

A. A person shall not engage in check cashing or advertise, solicit or hold itself out as providing check cashing for which the person receives at least two thousand five hundred dollars ($2,500) within a thirty-day period unless the person:
(1) is licensed pursuant to Article 3 of the Uniform Money Services Act;
(2) is licensed for money transmission pursuant to Article 2 of the Uniform Money Services Act;
(3) is licensed for currency exchange pursuant to Article 4 of the Uniform Money Services Act; or
(4) is an authorized delegate of a person licensed pursuant to Article 2 of the Uniform Money Services Act.
B. A license pursuant to Article 3 of the Uniform Money Services Act is not transferable or assignable.
History:
Laws 2016, ch. 88, § 301; 2017, ch. 104, § 1.
ANNOTATIONS
The 2017 amendment,
effective July 1, 2017, increased the threshold amount of revenue earned from check cashing services that requires a person to be licensed pursuant to the Uniform Money Services Act; and in Subsection A, deleted "five hundred dollars ($500)" and added "two thousand five hundred dollars ($2,500)".
Temporary provisions.
— Laws 2016, ch. 88, § 1005 provided that the director of the financial institutions division of the regulation and licensing department shall promulgate such rules as are necessary to transition licensees pursuant to 58-20-1 NMSA 1978 to the licensing provisions of the Uniform Money Services Act.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 3 - CHECK CASHING LICENSES › Section 58-32-302 - Application for license.

A. A person applying for a license pursuant to Article 3 of the Uniform Money Services Act shall apply in a record signed under penalty of perjury that shall be in a form and in a medium required by the director. Each form shall contain content as set forth by rule, instruction or procedure of the director. The form shall include the following information:
(1) the legal name and residential and business addresses of the applicant if the applicant is an individual or, if the applicant is not an individual, the name of each partner, executive officer, manager and director;
(2) the location of the principal office of the applicant;
(3) complete addresses of other locations in New Mexico where the applicant proposes to engage in check cashing or currency exchange, including all limited stations and mobile locations;
(4) a description of the source of money and credit to be used by the applicant to engage in check cashing and currency exchange; and
(5) other information the director reasonably requires with respect to the applicant, but not more than the director may require pursuant to Article 2 of the Uniform Money Services Act.
B. In connection with an application for licensing pursuant to Article 3 of the Uniform Money Services Act, the applicant shall, at a minimum, furnish to the nationwide multistate licensing system and registry the following information in a form and medium prescribed by the nationwide multistate licensing system and registry:
(1) the applicant's history and experience; and
(2) an authorization for the nationwide multistate licensing system and registry and the director to obtain:
(a) an independent credit report; and
(b) information related to any administrative, civil or criminal findings by any governmental jurisdiction.
C. A nonrefundable application fee of two thousand dollars ($2,000) and a nonrefundable license fee of two thousand dollars ($2,000) shall accompany an application for a license pursuant to Article 3 of the Uniform Money Services Act.
History:
Laws 2016, ch. 88, § 302; 2019, ch. 144, § 19.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry"; and after each occurrence of "nationwide", deleted "mortgage" and added "multistate".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 3 - CHECK CASHING LICENSES › Section 58-32-303 - Issuance of license.

A. When an application is filed pursuant to Article 3 [58-32-301 to 58-32-304 NMSA 1978] of the Uniform Money Services Act, the director shall investigate the applicant's financial condition and responsibility, financial and business experience, character and general fitness. The director may conduct an onsite investigation of the applicant, in New Mexico or in any other state or country, the reasonable cost of which the applicant shall pay. The director shall issue a license to an applicant pursuant to Article 3 of the Uniform Money Services Act if the director finds that all of the following conditions have been fulfilled:
(1) the applicant has complied with Section 302 [58-32-302 NMSA 1978] of the Uniform Money Services Act; and
(2) the financial condition and responsibility, financial and business experience, competence, character and general fitness of the applicant and the competence, experience, character and general fitness of the executive officers, managers, directors and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in check cashing.
B. When an application for an original license pursuant to Article 3 of the Uniform Money Services Act is complete, the director shall promptly notify the applicant in a record of the date on which the application was determined to be complete and:
(1) the director shall approve or deny the application within one hundred twenty days after that date; or
(2) if the application is not approved or denied within one hundred twenty days after that date:
(a) the application is deemed approved; and
(b) the director shall issue the license, pursuant to Article 3 of the Uniform Money Services Act, to take effect as of the first business day after expiration of the one-hundred-twenty-day period.
C. The director may for good cause extend the application period.
D. An applicant whose application is denied by the director pursuant to Article 3 of the Uniform Money Services Act may appeal the denial, within thirty days after receipt of the notice of the denial, and request a hearing.
History:
Laws 2016, ch. 88, § 303.
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 3 - CHECK CASHING LICENSES › Section 58-32-304 - Renewal of license.

A. A license issued pursuant to Article 3 [58-32-301 to 58-32-304 NMSA 1978] of the Uniform Money Services Act shall expire on December 31 each year. A licensee pursuant to Article 3 of the Uniform Money Services Act shall pay an annual renewal fee of one thousand dollars ($1,000) before November 1 of each year or, if November 1 is not a business day, on the next business day.
B. A licensee pursuant to Article 3 of the Uniform Money Services Act shall submit a renewal report with the renewal fee in a record signed under penalty of perjury that shall be in a form and in a medium prescribed by the director. The renewal report shall state or contain:
(1) a description of each material change in information submitted by the licensee in its original license application that has not been reported to the director on any required report; and
(2) a list of the locations in New Mexico where the licensee or an authorized delegate of the licensee engages in check cashing or currency exchange, including limited stations and mobile locations.
C. If a licensee does not file a renewal report or pay its renewal fee by the renewal date or any extension of time granted by the director, the director shall send the licensee a notice of suspension. Unless the licensee files the report and pays the renewal fee before expiration of ten days after the notice is sent, the licensee's license is suspended ten days after the director sends the notice of suspension. The suspension shall be lifted if, within twenty days after its license is suspended, the licensee:
(1) files the report and pays the renewal fee; and
(2) pays one hundred dollars ($100) for each day after suspension that the director did not receive the renewal report and the renewal fee.
D. The director for good cause may grant an extension of the renewal date.
History:
Laws 2016, ch. 88, § 304.
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 4 - CURRENCY EXCHANGE LICENSES › Section 58-32-401 - License required.

A. A person shall not engage in currency exchange or advertise, solicit or hold itself out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person:
(1) is licensed pursuant to Article 4 [58-32-401 to 58-32-404 NMSA 1978] of the Uniform Money Services Act;
(2) is licensed for money transmission pursuant to Article 2 [58-32-201 through 58-32-206 NMSA 1978] of the Uniform Money Services Act;
(3) is licensed for check cashing pursuant to Article 3 [58-32-301 to 58-32-304 NMSA 1978] of the Uniform Money Services Act; or
(4) is an authorized delegate of a person licensed pursuant to Article 2 of the Uniform Money Services Act.
B. A license pursuant to Article 4 of the Uniform Money Services Act is not transferable or assignable.
History:
Laws 2016, ch. 88, § 401.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
Temporary provisions.
— Laws 2016, ch. 88, § 1005 provided that the director of the financial institutions division of the regulation and licensing department shall promulgate such rules as are necessary to transition licensees pursuant to 58-20-1 NMSA 1978 to the licensing provisions of the Uniform Money Services Act.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 4 - CURRENCY EXCHANGE LICENSES › Section 58-32-402 - Application for license.

A. A person applying for a license pursuant to Article 4 of the Uniform Money Services Act shall apply in a record signed under penalty of perjury that shall be in a form and in a medium required by the director. Each form shall contain content as set forth by rule, instruction or procedure of the director. The form shall include the following information:
(1) the legal name and residential and business addresses of the applicant if the applicant is an individual or, if the applicant is not an individual, the name of each partner, executive officer, manager and director;
(2) the location of the principal office of the applicant;
(3) complete addresses of other locations in New Mexico where the applicant proposes to engage in currency exchange or check cashing, including all limited stations and mobile locations;
(4) a description of the source of money and credit to be used by the applicant to engage in check cashing and currency exchange; and
(5) other information the director reasonably requires with respect to the applicant, but not more than the director may require pursuant to Article 2 of the Uniform Money Services Act.
B. In connection with an application for licensing pursuant to Article 4 of the Uniform Money Services Act, the applicant shall, at a minimum, furnish to the nationwide multistate licensing system and registry the following information in a form and medium prescribed by the nationwide multistate licensing system and registry:
(1) the applicant's history and experience; and
(2) an authorization for the nationwide multistate licensing system and registry and the director to obtain:
(a) an independent credit report; and
(b) information related to any administrative, civil or criminal findings by any governmental jurisdiction.
C. A nonrefundable application fee of two thousand dollars ($2,000) and a nonrefundable license fee of two thousand dollars ($2,000) shall accompany an application for a license pursuant to Article 4 of the Uniform Money Services Act.
History:
Laws 2016, ch. 88, § 402; 2019, ch. 144, § 20.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry"; and after each occurrence of "nationwide", deleted "mortgage" and added "multistate".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 32 - Uniform Money Services › Article 4 - CURRENCY EXCHANGE LICENSES › Section 58-32-403 - Issuance of license.

A. When an application is filed pursuant to Article 4 [58-32-401 to 58-32-404 NMSA 1978] of the Uniform Money Services Act, the director shall investigate the applicant's financial condition and responsibility, financial and business experience, character and general fitness. The director may conduct an onsite investigation of the applicant, in New Mexico or in any other state or country, the reasonable cost of which the applicant shall pay. The director shall issue a license to an applicant pursuant to Article 4 of the Uniform Money Services Act if the director finds that all of the following conditions have been fulfilled:
(1) the applicant has complied with Section 402 [58-32-402 NMSA 1978] of the Uniform Money Services Act; and
(2) the financial condition and responsibility, financial and business experience, competence, character and general fitness of the applicant and the competence, experience, character and general fitness of the executive officers, managers, directors and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in currency exchange.
B. When an application for an original license pursuant to Article 4 of the Uniform Money Services Act is complete, the director shall promptly notify the applicant in a record of the date on which the application was determined to be complete and:
(1) the director shall approve or deny the application within one hundred twenty days after that date; or
(2) if the application is not approved or denied within one hundred twenty days after that date:
(a) the application is deemed approved; and
(b) the director shall issue the license, pursuant to Article 4 of the Uniform Money Services Act, to take effect as of the first business day after expiration of the one-hundred-twenty-day period.
C. The director may for good cause extend the application period.
D. An applicant whose application is denied a license by the director pursuant to Article 4 of the Uniform Money Services Act may appeal the denial, within thirty days after receipt of the notice of the denial, and request a hearing.
History:
Laws 2016, ch. 88, § 403.
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 4 - CURRENCY EXCHANGE LICENSES › Section 58-32-404 - Renewal of license.

A. A license issued pursuant to Article 4 [58-32-401 to 58-32-404 NMSA 1978] of the Uniform Money Services Act shall expire on December 31 each year. A licensee pursuant to Article 4 of the Uniform Money Services Act shall pay an annual renewal fee of one thousand dollars ($1,000) before November 1 of each year or, if November 1 is not a business day, on the next business day.
B. A licensee pursuant to Article 4 of the Uniform Money Services Act shall submit a renewal report with the renewal fee in a record signed under penalty of perjury that shall be in a form and in a medium prescribed by the director. The renewal report shall state or contain:
(1) a description of each material change in information submitted by the licensee in its original license application that has not been reported to the director on any required report; and
(2) a list of the locations in New Mexico where the licensee or an authorized delegate of the licensee engages in currency exchange or check cashing, including limited stations and mobile locations.
C. If a licensee does not file a renewal report and pay its renewal fee by the renewal date or any extension of time granted by the director, the director shall send the licensee a notice of suspension. Unless the licensee files the report and pays the renewal fee before expiration of ten days after the notice is sent, the licensee's license is suspended ten days after the director sends the notice of suspension. The suspension shall be lifted if, within twenty days after its license is suspended, the licensee:
(1) files the report and pays the renewal fee; and
(2) pays one hundred dollars ($100) for each day after suspension that the director did not receive the renewal report and the renewal fee.
D. The director for good cause may grant an extension of the renewal date.
History:
Laws 2016, ch. 88, § 404.
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 5 - AUTHORIZED DELEGATES › Section 58-32-501 - Relationship between licensee and authorized delegate.

A. As used in this section, "remit" means:
(1) to make direct payments of money to a licensee or its representative authorized to receive money; or
(2) to deposit money in a bank in an account specified by the licensee.
B. A contract between a licensee and an authorized delegate shall require the authorized delegate to operate in full compliance with the Uniform Money Services Act. The licensee shall furnish in a record to each authorized delegate policies and procedures sufficient for compliance with the Uniform Money Services Act.
C. For each authorized delegate, the licensee shall maintain records that demonstrate the licensee conducted a reasonable background investigation of each authorized delegate. A licensee shall preserve those records for at least five years after the authorized delegate's most recent designation by the licensee.
D. An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate.
E. If a license is suspended or revoked or a licensee does not renew its license, the director shall notify all authorized delegates of the licensee whose names are in a record filed with the director of the suspension, revocation or nonrenewal. After notice is sent or publication is made, an authorized delegate shall immediately cease to provide money services as a delegate of the licensee.
F. An authorized delegate shall not provide money services outside the scope of activity permissible pursuant to the contract between the authorized delegate and the licensee, except activity in which the authorized delegate is authorized to engage pursuant to Article 2 [58-32-201 to 58-32-206 NMSA 1978], 3 [58-32-301 to 58-32-304 NMSA 1978] or 4 [58-32-401 to 58-32-404 NMSA 1978] of the Uniform Money Services Act. An authorized delegate of a licensee holds in trust for the benefit of the licensee all money net of fees received from money transmission.
G. An authorized delegate shall not use a subdelegate to conduct money services on behalf of a licensee.
H. Whenever a licensee first advises the director of the identity of a proposed delegate, the licensee shall pay a nonrefundable fee of twenty-five dollars ($25.00) for each proposed delegate.
History:
Laws 2016, ch. 88, § 501.
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 5 - AUTHORIZED DELEGATES › Section 58-32-502 - Unauthorized activity.

A person shall only act as a delegate for a licensee. A person that provides money services on behalf of a person not licensed pursuant to the Uniform Money Services Act is considered to act in its own capacity and may be subject to civil and criminal penalties for providing money services without a license.
History:
Laws 2016, ch. 88, § 502.
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 58-32-601 - Authority to conduct examinations.

A. The director may conduct an annual examination of a licensee or of any of its authorized delegates upon forty-five days' notice in a record to the licensee.
B. The director may examine a licensee or its authorized delegate at any time, without notice, if the director has reason to believe that the licensee or authorized delegate is engaging in an unsafe or unsound practice or has violated or is violating the Uniform Money Services Act or a rule adopted or an order issued pursuant to that act.
C. If the director concludes that an onsite examination is necessary pursuant to Subsection A of this section, in New Mexico or in any other state or country, the licensee shall pay the reasonable cost of the examination.
D. Information obtained during an examination pursuant to the Uniform Money Services Act may be disclosed only as provided in Section 607 [58-32-607 NMSA 1978] of that act.
History:
Laws 2016, ch. 88, § 601.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.