(a) Except as otherwise provided in Subsection (b) of this section, a holder required to file a report under Section 7 [7-8A-7 NMSA 1978] of the Uniform Unclaimed Property Act (1995) shall maintain the records containing the information required to be included in the report for ten years after the holder files the report, unless a shorter period is provided by rule of the administrator.
(b) A business association or financial organization that sells, issues, or provides to others for sale or issue in this state, traveler's checks, money orders, or similar instruments other than third-party bank checks, on which the business association or financial organization is directly liable, shall maintain a record of the instruments while they remain outstanding, indicating the state and date of issue, for three years after the holder files the report.
History: Laws 1997, ch. 25, § 21.
Effective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 21 effective July 1, 1997.
Structure 2021 New Mexico Statutes
Article 8A - Uniform Unclaimed Property Act
Section 7-8A-2 - Presumptions of abandonment.
Section 7-8A-3 - Contents of safe deposit box or other safekeeping depository.
Section 7-8A-4 - Rules for taking custody.
Section 7-8A-5 - Dormancy charge.
Section 7-8A-6 - Burden of proof as to property evidenced by record of check or draft.
Section 7-8A-7 - Report of abandoned property.
Section 7-8A-8 - Payment or delivery of abandoned property.
Section 7-8A-9 - Notice and publication of lists of abandoned property.
Section 7-8A-10 - Custody by state; recovery by holder; defense of holder.
Section 7-8A-10.1 - Exercise of due diligence; liability; notice.
Section 7-8A-11 - Crediting of dividends, interest and increments to owner's account.
Section 7-8A-12 - Public sale of abandoned property.
Section 7-8A-13 - Deposit of funds.
Section 7-8A-14 - Claim of another state to recover property.
Section 7-8A-15 - Filing claim with administrator; handling of claims by administrator.
Section 7-8A-16 - Appeal; action to establish claim.
Section 7-8A-17 - Election to take payment or delivery.
Section 7-8A-19 - Periods of limitation.
Section 7-8A-20 - Requests for reports and examination of records.
Section 7-8A-21 - Retention of records.
Section 7-8A-22 - Enforcement.
Section 7-8A-24 - Interest and penalties.
Section 7-8A-25 - Agreement to locate property.
Section 7-8A-26 - Foreign transactions.
Section 7-8A-27 - Transitional provisions.
Section 7-8A-29 - Uniformity of application and construction.