After notice and hearing by the superintendent, the superintendent may impose by administrative penalty upon a person who violates a provision of the Self-Service Storage Insurance License Act the following:
A. a fine not to exceed one thousand dollars ($1,000) per violation and not to exceed a total of ten thousand dollars ($10,000);
B. suspension of transacting self-service storage insurance at specific locations where violations have occurred;
C. suspension or revocation of the rights of individual employees or authorized representatives of a self-service storage insurance producer to act under the license; or
D. suspension or revocation of the self-service storage insurance producer's or supervising entity's license to transact insurance in this state.
History: Laws 2019, ch. 219, § 11.
Effective dates. — Laws 2019, ch. 219, § 14 made Laws 2019, ch. 219 effective July 1, 2019.
Structure New Mexico Statutes
Article 62 - Self-Service Storage Insurance License
Section 59A-62-1 - Short title.
Section 59A-62-2 - Definitions.
Section 59A-62-3 - Self-service storage insurance producer license.
Section 59A-62-4 - Registry of authorized locations.
Section 59A-62-5 - Disclosure of terms.
Section 59A-62-6 - Authorized employees and representatives.
Section 59A-62-7 - Commissions.
Section 59A-62-8 - Required training programs.
Section 59A-62-9 - Collection of fees.