Installment loans guidelines. 50th legislature – STATE OF NEW MEXICO – 2nd session

Installment loans guidelines. 50th legislature – STATE OF NEW MEXICO – 2nd session

AREA 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. One or more times every year, the manager or the director’s authorized representative shall make a study of the area of business of every licensee plus the loans, deals, publications, documents and documents associated with the licensee insofar because they relate to your business certified beneath the brand new Mexico Small Loan Act of 1955 while the manager may deem necessary. The licensee shall spend towards the manager for such examination that is annual cost of 200 dollars ($200).

B. Within a fair time following the conclusion of an study of an authorized workplace, the manager shall mail towards the licensee a duplicate for the report associated with assessment, as well as any reviews, exceptions, objections or criticisms associated with the manager in regards to the conduct regarding the licensee while the procedure associated with licensed workplace.

C. The director or the director’s authorized representative may at any time investigate the business and examine the books, accounts, papers and records used therein, including income tax returns or other reports filed in the office of the director of the revenue processing division of the taxation and revenue department of for the purpose of discovering violations of the New Mexico Small Loan Act of 1955 or of securing information lawfully required under that act

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