All collection agencies shall remit to their clients the proceeds of all collections, after deducting their commission, other lawful expenses and any amounts collected pursuant to Section 61-18A-28.1 NMSA 1978, within forty days of such collection unless otherwise provided by regulation.
History: Laws 1987, ch. 252, § 28; 1992, ch. 36, § 1.
The 1992 amendment, effective May 20, 1992, substituted "shall remit" for "must remit", inserted "and any amounts collected pursuant to Section 61-18A-28.1 NMSA 1978", and made a stylistic change.
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.