SECTION 7. Section 58-15-9 NMSA 1978 (being Laws 1955, Chapter 128, Section 9, as amended) is amended to read through:
“58-15-9. STUDY OF LICENSEE’S BOOKS AND RECORDS–WITNESSES.–
A. The director or the director’s authorized representative shall make an examination of the place of business of each licensee and the loans, transactions, books, papers and records of the licensee insofar as they pertain to the business licensed under the New Mexico Small Loan Act of 1955 as the director may deem necessary at least once each year. The licensee shall spend towards the manager for such examination that is annual charge of 200 dollars ($200).
B. The director shall mail to the licensee a copy of the report of the examination, together with any comments, exceptions, objections or criticisms of the director concerning the conduct of the licensee and the operation of the licensed office https://autotitleloansplus.com/payday-loans-mi/ inside a reasonable time following the conclusion of a study of a licensed office.
C. For the true purpose of discovering violations of this brand new Mexico Small Loan Act of 1955 or of securing information lawfully needed under that work, the manager or even the director’s authorized representative may whenever you want investigate the business enterprise and examine the books, records, papers and documents utilized therein, including earnings taxation statements or any other reports filed at the office regarding the manager of this income processing unit of this taxation and income division of:
(2) any kind of individual involved with the company described in Subsection A of area 58-15-3 NMSA 1978 or taking part in such company as major, representative, broker or else; and
(3) anyone who the manager has reasonable cause to think is breaking any supply associated with the brand brand brand New Mexico Small Loan Act of 1955, perhaps the person claims become inside the authority or beyond the range of the work.
D. A person who advertises, solicits or makes any representation as being willing to make loan transactions in any amount, except persons, financial institutions or lending agencies operating under charters or licenses issued by a state or federal agency or under any special statute, shall be subject to investigation under the New Mexico Small Loan Act of 1955 and shall be presumed to be engaged in the business described in Subsection A of Section 58-15-3 NMSA 1978 as to any loans of two thousand five hundred dollars ($2,500) or less for the purposes of this section.
E. The licensee shall, in each licensed office, keep on file as part of the records of the office all office manuals, communications or directives containing statements of loan policy to office managers and employees to facilitate the examinations and investigations by the director and fully disclose the operations and methods of operation of each licensed office. The licensee shall keep in at least one office for information of the director a record of the several individuals, firms, beneficiaries of any trust and corporations deriving or receiving any part of the benefits, net income or profits from the operation of the licensee within New Mexico if the licensee is an individual, corporation, trust or association.
F. For the purposes for this part, the manager or the manager’s authorized representative shall have and start to become provided free usage of the workplaces and places of company, files, safes and vaults of most licensees and shall have authority to need the attendance of every individual also to examine anyone under oath in accordance with such loans or company or even to the topic question of any assessment, research or hearing as supplied into the brand new Mexico Small Loan Act of 1955. Notices to show up prior to the manager for examination under oath might be served by subscribed mail. In the event that celebration notified to look could be the licensee, any person called in the face for the permit being examined or any representative, worker or supervisor taking part in the licensee’s company while the celebration does not appear for assessment or will not respond to questions submitted, the manager may, forthwith and without further notice to your licensee, suspend the permit included pending conformity using the notice. The director may apply to and invoke the aid of any district court of New Mexico in compelling the attendance and testimony of any such person and the production of books, records, written instruments and documents relating to the business of the licensee upon failure of any other person to appear or to answer questions. The region court whoever help can be so invoked because of the manager may, in the event of refusal or contumacy to obey any purchase of this region court issued to compel the attendance of the individual or even the creation of publications, documents, written instruments and documents, punish the individual in terms of contempt of court.