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. 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 examination that is annual charge of 200 dollars ($200).
B. Within a fair time following the conclusion of an study of an authorized workplace, the manager shall mail into the licensee a duplicate associated with the report regarding the assessment, as well as any remarks, exceptions, objections or criticisms for the manager in regards to the conduct regarding the licensee in addition to procedure associated with the licensed workplace.
C. For the intended purpose of discovering violations for the 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 tax statements or any other reports filed at work associated with manager associated with the income processing unit associated with the taxation and income division of:
(2) just about any 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) any person who the manager has cause that is reasonable think is breaking any supply associated with brand brand New Mexico Small Loan Act of 1955, perhaps the person claims become in the authority or beyond the scope of this 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. To facilitate the exams and investigations because of 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 regarding the workplace all workplace manuals, communications or directives containing statements of loan policy to workplace managers 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. For the purposes of the area, the manager or even the manager’s authorized representative shall have and stay provided free use of the workplaces and places of company, files, safes and vaults of most licensees and shall have authority https://cashlandloans.net/payday-loans-ct/ to need the attendance of any individual 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 seem ahead of the manager for assessment under oath might be served by subscribed mail. Any person named on the face of the license being investigated or any agent, employee or manager participating in the licensee’s business and the party fails to appear for examination or refuses to answer questions submitted, the director may, forthwith and without further notice to the licensee, suspend the license involved pending compliance with the notice if the party notified to appear is the licensee. 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 refusal or contumacy to obey any purchase of this 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.