AREA https://cartitleloans.biz/payday-loans-il/ 7. Section 58-15-9 NMSA 1978 (being Laws 1955, Chapter 128, Section 9, as amended) is amended to see:

“58-15-9. STUDY OF LICENSEE’S BOOKS AND RECORDS–WITNESSES.–

A. The director or the director’s authorized representative shall make an examination of the place of business of each licensee and the loans, transactions, books, papers and records of the licensee insofar as they pertain to the business licensed under the New Mexico Small Loan Act of 1955 as the director may deem necessary at least once each year. The licensee shall spend towards the manager for such yearly assessment a cost of 200 dollars ($200).

B. The director shall mail to the licensee a copy of the report of the examination, together with any comments, exceptions, objections or criticisms of the director concerning the conduct of the licensee and the operation of the licensed office inside a reasonable time following the conclusion of a study of a licensed workplace.

C. For the true purpose of discovering violations associated with brand new Mexico Small Loan Act of 1955 or of securing information lawfully needed under that work, the manager or perhaps the director’s authorized representative may whenever you want investigate the business enterprise and examine the books, records, documents and documents utilized therein, including earnings taxation statements or other reports filed at work for the manager regarding the income processing unit associated with taxation and income division of:

(2) any kind of individual involved in the company described in Subsection A of part 58-15-3 NMSA 1978 or taking part in such company as major, representative, broker or elsewhere; and

(3) anybody who the manager has cause that is reasonable think is violating any supply associated with the brand New Mexico Small Loan Act of 1955, perhaps the person claims to be in the authority or beyond the range of the work.

D. When it comes to purposes of the part, somebody who advertises, solicits or makes any representation to be prepared to make loan deals in almost any quantity, except individuals, finance institutions or financing agencies running under charters or licenses granted by a situation or federal agency or under any unique statute, will probably be at the mercy of research beneath the brand new Mexico Small Loan Act of 1955 and will be assumed become involved in the company described in Subsection A of area 58-15-3 NMSA 1978 as to your loans of two thousand five hundred bucks ($2,500) or less .

E. To facilitate the exams and investigations by the manager and completely reveal the operations and ways of procedure of every licensed office, the licensee shall, in each licensed workplace, carry on file as an element of the documents of this workplace all workplace manuals, communications or directives containing statements of loan policy to workplace supervisors and workers. The licensee shall keep in at least one office for information of the director a record of the several individuals, firms, beneficiaries of any trust and corporations deriving or receiving any part of the benefits, net income or profits from the operation of the licensee within New Mexico if the licensee is an individual, corporation, trust or association.

F. When it comes to purposes with this part, the manager or perhaps the manager’s authorized representative shall have and stay provided free use of the workplaces and places of company, files, safes and vaults of all of the licensees and shall have authority to need the attendance of every individual and also to examine the individual under oath in accordance with such loans or company or even to the topic case of any assessment, research or hearing as supplied within the brand new Mexico Small Loan Act of 1955. Notices to look ahead of the manager for assessment under oath might be offered by subscribed mail. In the event that celebration notified to seem may be the licensee, anybody called in the face for the permit being examined or any representative, worker or supervisor taking part in the licensee’s company additionally the celebration does not appear for assessment or does not want to respond to questions submitted, the manager may, forthwith and without further notice to your licensee, suspend the permit included pending conformity using the notice. The director may apply to and invoke the aid of any district court of New Mexico in compelling the attendance and testimony of any such person and the production of books, records, written instruments and documents relating to the business of the licensee upon failure of any other person to appear or to answer questions. The region court whoever help is indeed invoked by the manager may, in case there is contumacy or refusal to obey any purchase associated with the region court issued to compel the attendance of the individual or perhaps the manufacturing of books, documents, written instruments and documents, punish the individual in terms of contempt of court.