A. No licensee shall conduct the business of making loans provided for by the New Mexico Small Loan Act of 1955 under any name, or at any place of business within this state, other than that stated in the license.
B. No licensee shall conduct the business of making loans under the New Mexico Small Loan Act of 1955 within any building, office, suite, room or place of business in which any other business is solicited, or engaged in, by the licensee or any employee, agent or associate, or in association or conjunction with any other business, unless authority to do so is specifically given in writing by the director upon written application for such authority submitted by the licensee.
Upon receipt of written application for such authority which shall be accompanied by or have included therein, if the other business is the sale of insurance in connection with loans made under the New Mexico Small Loan Act of 1955, the written consent of the licensee to abide by and be bound by all regulations then in effect or thereafter promulgated by the director relating to tie-in sales of such insurance and small loans, the director shall investigate the facts and circumstances and if he finds that the character of the licensee and the nature of the other business warrants the belief that the conduct of such business would not tend to conceal violation or evasion of the New Mexico Small Loan Act of 1955, or of regulations lawfully made hereunder, including regulations relating to tie-in sales of insurance, he shall enter an order granting such authority. If he shall not so find he shall enter an order denying such authority in the manner specified in and subject to the provisions of Section 58-15-5 NMSA 1978.
History: 1953 Comp., § 48-17-42, enacted by Laws 1955, ch. 128, § 13; 1977, ch. 245, § 70.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 53A Am. Jur. 2d Money Lenders and Pawnbrokers § 11 et seq.
58 C.J.S. Money Lenders § 5.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 15 - Small Loan Business
Section 58-15-1 - Objects and purposes of act.
Section 58-15-2 - Definitions.
Section 58-15-3 - Applicability of act; exemptions; evasions; penalty.
Section 58-15-4 - Application, investigation and fee; agent for service of process.
Section 58-15-7 - Place of business; change; residence of borrower.
Section 58-15-8 - Revocation, suspension and reinstatement of licenses.
Section 58-15-9 - Examination of licensee's books and records; witnesses.
Section 58-15-10 - Books and records; annual reports; additional information.
Section 58-15-10.1 - Licensee reporting requirements; penalties.
Section 58-15-10.2 - Reporting of credit required.
Section 58-15-11 - Regulations and orders; certified copies.
Section 58-15-12 - Advertising.
Section 58-15-13 - Licensed offices; other business.
Section 58-15-14.1 - Charges; method of computation.
Section 58-15-15.1 - No prepayment penalty on small loans.
Section 58-15-16 - Loan insurance allowable; financing certain premiums prohibited.
Section 58-15-19 - Loans under other laws.
Section 58-15-20 - Fees and costs.
Section 58-15-21 - What constitutes loan of money; wage purchases.
Section 58-15-22 - [Assignments; validity; amount collectible.]
Section 58-15-23 - Violation of general usury laws.
Section 58-15-24 - Loans made elsewhere.
Section 58-15-26 - Status of preexisting licensees.
Section 58-15-28 - Status of preexisting obligations.
Section 58-15-29 - Director to keep record of fees, expenses and disposition of money.
Section 58-15-30 - Penalties; general.
Section 58-15-31 - Short title.
Section 58-15-39 - Duties of division.
Section 58-15-40 - Financial literacy fund.