A. The director has the power to make such investigations as he deems necessary and, to the extent necessary for this purpose, may examine any licensee or any other person and has the power to compel the production of all relevant books, records, accounts and documents.
B. Any retail buyer having reason to believe that the Motor Vehicle Sales Finance Act relating to his retail installment contract has been violated may file with the director a written complaint setting forth the details of the alleged violation; and the director, upon receipt of the complaint, may inspect the pertinent books, records, letters and contracts of the licensee and of the retail seller involved.
C. As a fee for conducting any examination or investigation pursuant to this section, a sales finance company shall pay to the director the costs of such examination or investigation, as determined by the director.
History: 1953 Comp., § 50-15-5, enacted by Laws 1959, ch. 204, § 5; 1979, ch. 388, § 4; 1987, ch. 292, § 7.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 2 Am. Jur. 2d Administrative Law § 122 et seq.
73 C.J.S. Public Administrative Law and Procedure §§ 76 to 86.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 19 - Motor Vehicle Sales Finance
Section 58-19-1 - Short title.
Section 58-19-2 - Definitions.
Section 58-19-4 - Suspension or revocation of licenses; renewal license denied; appeals.
Section 58-19-5 - Investigations; complaints; examinations; fees.
Section 58-19-6 - Powers of director.
Section 58-19-7 - Retail installment contracts; requirements; prohibitions.
Section 58-19-9 - Credit upon anticipation of payments.
Section 58-19-10 - Refinancing retail installment contract.
Section 58-19-10.1 - Loan to refinance motor vehicle sale.
Section 58-19-13 - Creditor compliance with federal regulation deemed compliance with this act.