Section 58-32-805 – Emergency orders.
A. The director may issue an emergency order, without prior notice and an opportunity for hearing, if the director finds that: (1) the action, violation or condition that is the basis for the order: (a) has caused or is likely to cause the insolvency of the licensee; (b) has caused or is likely to cause […]
Section 58-32-806 – Civil penalties.
The director may assess a civil penalty against a person that violates the Uniform Money Services Act or a rule adopted or an order issued pursuant to that act in an amount not to exceed one thousand dollars ($1,000) per day for each day the violation is outstanding. History: Laws 2016, ch. 88, § 806. […]
Section 58-32-807 – Criminal penalties.
A. A person who intentionally makes a false statement, misrepresentation or false certification in a record filed or required to be maintained pursuant to the Uniform Money Services Act or who intentionally makes a false entry or omits a material entry in such a record is guilty of a fourth degree felony. B. A person […]
Section 58-32-808 – Unlicensed persons.
A. If the director has reason to believe that a person has violated or is violating Section 201, 301 or 401 [58-32-201, 58-32-301, 58-32-401 NMSA 1978] of the Uniform Money Services Act, the director may issue an order to show cause why an order to cease and desist should not issue requiring that the person […]
Section 58-32-701 – Maintenance of permissible investments.
A. A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored-value obligations issued or sold in all states and money transmitted from all states by the licensee. […]
Section 58-32-702 – Types of permissible investments.
A. Except to the extent otherwise limited by the director pursuant to Section 701 [58-32-701 NMSA 1978] of the Uniform Money Services Act, the following investments are permissible pursuant to Section 701 of that act: (1) cash, a certificate of deposit or senior debt obligation of an insured depository institution as defined in Section 3 […]
Section 58-32-404 – Renewal of license.
A. A license issued pursuant to Article 4 [58-32-401 to 58-32-404 NMSA 1978] of the Uniform Money Services Act shall expire on December 31 each year. A licensee pursuant to Article 4 of the Uniform Money Services Act shall pay an annual renewal fee of one thousand dollars ($1,000) before November 1 of each year […]
Section 58-32-501 – Relationship between licensee and authorized delegate.
A. As used in this section, “remit” means: (1) to make direct payments of money to a licensee or its representative authorized to receive money; or (2) to deposit money in a bank in an account specified by the licensee. B. A contract between a licensee and an authorized delegate shall require the authorized delegate […]
Section 58-32-502 – Unauthorized activity.
A person shall only act as a delegate for a licensee. A person that provides money services on behalf of a person not licensed pursuant to the Uniform Money Services Act is considered to act in its own capacity and may be subject to civil and criminal penalties for providing money services without a license. […]
Section 58-32-601 – Authority to conduct examinations.
A. The director may conduct an annual examination of a licensee or of any of its authorized delegates upon forty-five days’ notice in a record to the licensee. B. The director may examine a licensee or its authorized delegate at any time, without notice, if the director has reason to believe that the licensee or […]