A. In addition to the security deposited by a motor club at the time application for certificate of authority is made, the superintendent may require the motor club to establish and maintain reserves out of the receipts from the sale of motor club services under contract. The amount required, if any, may be established from time to time as the superintendent determines is reasonable and necessary for the protection of motor club members but in any event shall not exceed fifty percent of the receipts collected for the period of the service contract. Funds received under this section shall be placed in trust and released as directed by regulation or order of the superintendent.
B. Notwithstanding the provisions of Section 910 [59A-50-4 NMSA 1978] of this article and Subsection A of this section the superintendent may require additional general deposits, in a reasonable amount and in admitted assets of the types of securities authorized by law, whenever he deems it necessary.
History: Laws 1984, ch. 127, ยง 912.
Structure New Mexico Statutes
Section 59A-50-1 - Short title.
Section 59A-50-2 - Definitions.
Section 59A-50-3 - Certificate of authority required; fees.
Section 59A-50-4 - Requirements and application for certificate of authority.
Section 59A-50-5 - Issuance, refusal of certificate of authority; continuance or expiration.
Section 59A-50-6 - Additional security.
Section 59A-50-7 - Service contracts.
Section 59A-50-8 - Investigations, examinations.
Section 59A-50-9 - Suspension, revocation or refusal to continue certificate of authority.
Section 59A-50-10 - Name, trademarks, emblems.
Section 59A-50-11 - Violation hearings.
Section 59A-50-12 - Service of process; superintendent appointed attorney.
Section 59A-50-13 - Registered representatives required; qualifications for registration.
Section 59A-50-14 - Registration procedure and matters relating to registration of representatives.
Section 59A-50-15 - Motor club bound.
Section 59A-50-16 - Representing unauthorized motor club prohibited.
Section 59A-50-17 - Limitations upon advertising.
Section 59A-50-18 - Service contract and membership card.
Section 59A-50-19 - Administrative penalty.