Section 58-32-604 – Change of control.
A. A licensee shall: (1) give the director notice in a record signed under penalty of perjury in a form and in a medium prescribed by the director of a proposed change of control within fifteen days after learning of the proposed change of control; (2) request approval by the director of the proposed change […]
Section 58-32-605 – Records.
A. A licensee shall maintain the following records for determining its compliance with the Uniform Money Services Act for at least three years: (1) a record of each payment instrument or stored-value obligation sold; (2) a general ledger posted at least monthly containing all asset, liability, capital, income and expense accounts; (3) bank statements and […]
Section 58-32-606 – Money laundering reports.
A. A licensee and an authorized delegate shall file with the New Mexico attorney general all reports required by federal currency reporting, recordkeeping and suspicious transaction reporting requirements as set forth in 31 U.S.C. Section 5311 et seq. (1994) or any successor law; and other federal and state laws pertaining to money laundering. B. The […]
Section 58-32-607 – Confidentiality.
A. Except as otherwise provided in Subsection B of this section, all information or reports obtained by the director from an applicant, licensee or authorized delegate and all information contained in or related to examination, investigation, operating or condition reports prepared by, on behalf of or for the use of the director, or financial statements, […]
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 58-32-204 – Issuance of license.
A. When an application is filed pursuant to Article 2 [58-32-201 to 58-32-206 NMSA 1978] of the Uniform Money Services Act, the director shall investigate the applicant’s financial condition and responsibility, financial and business experience, character and general fitness. The director may conduct an onsite investigation of the applicant, in New Mexico or in any […]
Section 58-32-205 – Renewal of license.
A. A license issued pursuant to Article 2 [58-32-201 to 58-32-206 NMSA 1978] of the Uniform Money Services Act shall expire on December 31 each year. A licensee pursuant to Article 2 of the Uniform Money Services Act shall pay an annual renewal fee of one thousand dollars ($1,000) and twenty-five dollars ($25.00) for each […]
Section 58-32-206 – Net worth.
A licensee pursuant to Article 2 [58-32-201 to 58-32-206 NMSA 1978] of the Uniform Money Services Act shall maintain a net worth of at least the following amounts determined in accordance with generally accepted accounting principles: A. for one to four locations of the licensee and authorized delegates in New Mexico, one hundred thousand dollars […]
Section 58-32-301 – License required.
A. A person shall not engage in check cashing or advertise, solicit or hold itself out as providing check cashing for which the person receives at least two thousand five hundred dollars ($2,500) within a thirty-day period unless the person: (1) is licensed pursuant to Article 3 of the Uniform Money Services Act; (2) is […]