A. No person shall engage in the business of financing insurance premiums in this state without first having obtained an insurance premium financing license from the superintendent.
B. The annual license fee shall be as stated in Section 101 [59A-6-1 NMSA 1978] (fee schedule) of the Insurance Code. Licenses may be renewed from year to year as of the first day of May of each year upon payment of the fee specified in such Section 101.
C. Licensing procedures and requirements shall be established by the superintendent by rule and regulation.
History: Laws 1984, ch. 127, ยง 833.
Structure New Mexico Statutes
Article 45 - Premium Financing
Section 59A-45-1 - Short title.
Section 59A-45-2 - Definitions.
Section 59A-45-3 - Licensing requirements.
Section 59A-45-4 - Bonding requirements for licensees.
Section 59A-45-5 - Exemptions.
Section 59A-45-6 - Books and records.
Section 59A-45-7 - Form of premium finance agreement.
Section 59A-45-8 - Additional requirements.
Section 59A-45-9 - Assignee subject to defenses.
Section 59A-45-10 - Delinquency charges.
Section 59A-45-11 - Cancellation of insurance contract upon default.
Section 59A-45-12 - Exemption from any filing requirement.
Section 59A-45-13 - Revocation and suspension of licenses.
Section 59A-45-14 - Cease and desist order from the superintendent.