New Mexico Statutes
Article 58 - Service Contract Regulation
Section 59A-58-5 - Registration requirements.

A. A provider who wishes to issue, sell or offer for sale service contracts in this state must submit to the superintendent:
(1) a registration application on a form prescribed by the superintendent;
(2) proof that the provider has complied with the requirements for security pursuant to Section 59A-58-6 NMSA 1978;
(3) the name, address and telephone number of each administrator with whom the provider intends to contract, if any; and
(4) provided that House Bill 248 of the first session of the fifty-fifth legislature:
(a) becomes law, the registration renewal fee provided in Section 59A-6-1 NMSA 1978; or
(b) does not become law, a fee of five hundred dollars ($500).
B. A provider's registration is valid for one year after the date the registration is filed. A provider may renew the provider's registration if, before the registration expires, the provider submits to the superintendent an application on a form prescribed by the superintendent and, provided that House Bill 248 of the first session of the fifty-fifth legislature:
(1) becomes law, the registration renewal fee provided in Section 59A-6-1 NMSA 1978; or
(2) does not become law, a fee of five hundred dollars ($500).
C. The provisions of this section shall not apply to major manufacturing companies' service contracts.
D. Service contract forms are not required to be filed with the superintendent.
History: Laws 2001, ch. 206, § 5; 2017, ch. 125, § 4; 2021, ch. 108, § 36.
The 2021 amendment, effective July 1, 2021, revised registration requirements to issue, sell or offer for sale service contracts, conditioned on the passage of House Bill 248 of the first session of the fifty-fifth legislature; in Subsection A, added Paragraph A(4); and in Subsection B, after "superintendent and", added "provided that House Bill 248 of the first session of the fifty-fifth legislature", and added Paragraphs B(1) and B(2).
The 2017 amendment, effective June 16, 2017, specified that service contract forms are not required to be filed with the superintendent of insurance, and made certain technical changes; in Subsection A, in Paragraph A(2), changed "7 of the Service Contract Regulation Act" to "59A-58-6 NMSA 1978", in Paragraph A(3), after "contract", added "if any"; and added Subsection D.