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 even the director’s authorized representative shall make an study of the area of company of each and every licensee while the loans, deals, publications, papers and documents regarding the licensee insofar because they relate into the company certified beneath the brand new Mexico Small Loan Act of 1955 whilst the manager may deem necessary. The licensee shall spend to your manager for such yearly assessment a cost of $ 200 ($200).
B. Within a fair time following the conclusion of a study of an authorized workplace, the manager shall mail towards the licensee a duplicate for the report regarding the assessment, as well as any responses, exceptions, objections or criticisms of this manager regarding the conduct of this licensee additionally the procedure regarding the 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
(2) any kind of individual involved with the company described in Subsection A of part 58-15-3 NMSA 1978 or playing such company as major, representative, broker or elsewhere; and
(3) anyone who the manager has reasonable cause to believe is violating any supply regarding the brand brand New Mexico Small Loan Act of 1955, perhaps the person claims become in the authority or beyond the range of the work.
D. When it comes to purposes for this part, somebody who advertises, solicits or makes any representation to be ready to make loan deals in every quantity, except people, banking institutions or financing agencies running under charters or licenses given by circumstances or federal agency or under any unique statute, will be susceptible to research underneath the brand new Mexico Small Loan Act of 1955 and will probably be assumed become involved in business described in Subsection A of part 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 each and every licensed office, the licensee shall, in each licensed workplace, carry on file as an element of the documents associated with workplace all workplace manuals, communications or directives containing statements of loan policy to workplace supervisors and workers. If the licensee is a person, organization, trust or relationship payday loans in Maryland, the licensee shall retain in one or more workplace for information regarding the manager accurate documentation associated with a few people, organizations, beneficiaries of every trust and corporations deriving or getting any an element of the advantages, net gain or profits from the procedure associated with the licensee within brand new Mexico.
F. For the purposes for this part, the manager or even the manager’s authorized representative shall have and stay offered free use of the workplaces and places of business, files, safes and vaults of all 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 matter of any assessment, research or hearing as supplied when you look at the brand new Mexico Small Loan Act of 1955. Notices to seem prior to the manager for assessment under oath might be offered by authorized mail. In the event that celebration notified to seem could be the licensee, any person called from the face for the license being examined or any representative, worker or manager taking part in the licensee’s company plus the celebration does not appear for assessment or refuses to respond to questions submitted, the manager may, forthwith and without further notice towards the licensee, suspend the permit included pending conformity with all 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 can be so invoked by the director may, in the event of contumacy or refusal to obey any purchase for the region court issued to compel the attendance of the individual or even the creation of publications, documents, written instruments and documents, punish the individual in terms of contempt of court.