A. Every licensed office of a collection agency, whether a principal or branch office, shall be under the active charge of a licensed manager. Each manager's license shall be issued by the director upon qualification by the applicant and shall be renewed annually upon application accompanied by the manager's renewal license fee, which application is to be filed with the division on or before November 30 of each year. Unless so renewed, each manager's license shall expire on January 1 unless previously revoked or canceled.
B. As used in this section, "under the active charge of a licensed manager" means that a licensed manager shall be physically present at the licensee's office at least seventy-five percent of the time during which the office is open for business.
History: Laws 1987, ch. 252, § 22; 2019, ch. 144, § 29.
The 2019 amendment, effective July 1, 2019, revised the deadline for renewing an office management license, and changed the expiration month for an office management license that is not renewed by the deadline; in Subsection A, after "on or before", deleted "May 31" and added "November 30", and after "shall expire", deleted "June 30" and added "January 1"; and in Subsection B, after "licensed manager", deleted "must" and added "shall".
Structure New Mexico Statutes
Chapter 61 - Professional and Occupational Licenses
Article 18A - Collection Agencies
Section 61-18A-1 - Short title.
Section 61-18A-2 - Definitions.
Section 61-18A-3 - Administration and enforcement.
Section 61-18A-4 - Rules and regulations; violations.
Section 61-18A-6 - Penalty for violations.
Section 61-18A-7 - Application for license.
Section 61-18A-8 - Applications; required information.
Section 61-18A-9 - Financial statement.
Section 61-18A-10 - Manager's license and examination.
Section 61-18A-11 - Qualification of manager applicants.
Section 61-18A-12 - Approval of applications.
Section 61-18A-13 - Denial of applications.
Section 61-18A-14 - License to foreign corporation or partnership.
Section 61-18A-15 - Surety bond.
Section 61-18A-16 - Information to be included in collection agency license.
Section 61-18A-17 - Right granted by license.
Section 61-18A-19 - Change of location; ownership or name; duplicate license.
Section 61-18A-20 - Temporary license.
Section 61-18A-21 - Branch office.
Section 61-18A-22 - Office management; license.
Section 61-18A-23 - Loss of qualified person.
Section 61-18A-25 - Unauthorized practice as collection agency.
Section 61-18A-26 - Assignments; right to sue.
Section 61-18A-27 - Renewal of license; fee.
Section 61-18A-28 - Remittance of collections to clients.
Section 61-18A-28.1 - Additional collection from debtors.
Section 61-18A-31 - Deposit of moneys in general fund.