SECTION 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 charge of $ 200 ($200).
B. Within a fair time following the conclusion of a https://cashnetusaapplynow.com/payday-loans-il/ study of an authorized workplace, the manager shall mail into the licensee a duplicate of this report regarding the assessment, along with any remarks, exceptions, objections or criticisms associated with manager regarding the conduct associated with licensee while 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 principal, representative, broker or perhaps; and
(3) anybody who the manager has cause that is reasonable think is breaking any supply associated with the New Mexico Small Loan Act of 1955, perhaps the person claims to be inside the authority or beyond the range of the work.
D. A person who advertises, solicits or makes any representation as being willing to make loan transactions in any amount, except persons, financial institutions or lending agencies operating under charters or licenses issued by a state or federal agency or under any special statute, shall be subject to investigation under the New Mexico Small Loan Act of 1955 and shall be presumed to be engaged in the business described in Subsection A of Section 58-15-3 NMSA 1978 as to any loans of two thousand five hundred dollars ($2,500) or less for the purposes of this section.
E. The licensee shall, in each licensed office, keep on file as part of the records of the office all office manuals, communications or directives containing statements of loan policy to office managers and employees to facilitate the examinations and investigations by the director and fully disclose the operations and methods of operation of each licensed office. 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. For the purposes for this area, the manager or even the manager’s authorized representative shall have and become provided free usage of the workplaces and places of business, 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 the topic case of any assessment, research or hearing as supplied into the brand new Mexico Small Loan Act of 1955. Notices to show up ahead of the director for assessment under oath may be offered by authorized mail. In the event that party notified appearing could be the licensee, anybody known as regarding the face associated with permit being examined or any representative, worker or supervisor taking part in the licensee’s company together with celebration does not appear for assessment or will not respond to questions submitted, the manager may, forthwith and without further notice into the licensee, suspend the permit included pending conformity because of the notice. Upon failure of any other individual to seem or even to respond to questions, the manager may connect with and invoke aid from any region court of the latest Mexico in compelling the attendance and testimony of any such individual while the manufacturing of publications, documents, written instruments and papers concerning the company of this licensee. The region court whoever help can be so invoked because of the manager may, in the event of refusal or contumacy to obey any purchase for the region court issued to compel the attendance of the individual or even the creation of publications, records, written instruments and documents, punish the individual in terms of contempt of court.