Section 58-32-1003 – Appointment of secretary of state as agent for service of process; forwarding of process; consent to jurisdiction.
A. A licensee, an authorized delegate or a person who knowingly engages in activities that are regulated by the Uniform Money Services Act and require a license, with or without filing an application or holding a license, is deemed to have: (1) consented to the jurisdiction of the courts of this state over the licensee, […]
Section 58-32-1004 – Money services regulatory fund; created; purpose; appropriation.
A. The “money services regulatory fund” is created as a nonreverting fund in the state treasury and shall be administered by the financial institutions division of the regulation and licensing department. The fund shall consist of application, licensing, renewal, investigation and any other fees received that are associated with the costs of administering the Uniform […]
Section 58-33-1 – Short title.
Chapter 58, Article 33 NMSA 1978 may be cited as the “New Mexico Work and Save Act”. History: Laws 2020, ch. 7, § 1; 2021, ch. 46, § 1. ANNOTATIONS Temporary provisions. — Laws 2020, ch. 7, § 13 provided: A. The New Mexico retirement plan marketplace shall be implemented no later than July 1, […]
Section 58-33-2 – Definitions.
As used in the New Mexico Work and Save Act: A. “board” means the New Mexico work and save board; B. “board member” means a member of the board; C. “covered employee” means a person who is at least eighteen years of age and who is employed by a covered employer, either full time or […]
Section 58-33-3 – Board created; organization.
A. The “New Mexico work and save board” is created and is administratively attached to the office of the state treasurer. The office of the state treasurer shall provide administrative support for the board in carrying out its duties pursuant to the New Mexico Work and Save Act. B. The board consists of the following […]
Section 58-33-4 – Board; scope of authority; powers and duties.
A. The board shall not directly or indirectly manage or maintain the funds or accounts of a program participant. The board shall contract with appropriate financial service providers to manage and maintain the funds and accounts of a program participant. B. In carrying out its duties to achieve the goals and objectives of the New […]
Section 58-32-901 – Powers of director.
A. The director may act on the director’s own initiative or in response to complaints and may receive complaints, take action to obtain voluntary compliance with the Uniform Money Services Act, refer cases to the office of the attorney general or any other state agency or agency of another state or the United States and […]
Section 58-32-902 – Hearings.
Except as otherwise provided in Subsection C of Section 205 [58-32-205 NMSA 1978], Subsection C of Section 304 [58-32-304 NMSA 1978], Subsection C of Section 404 [58-32-404 NMSA 1978] and Sections 803, 805 and 808 [58-32-803, 58-32-805, 58-32-808 NMSA 1978]of the Uniform Money Services Act, the director shall not suspend or revoke a license, place […]
Section 58-32-1001 – Uniformity of application and construction.
In applying and construing the Uniform Money Services Act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. History: Laws 2016, ch. 88, § 1001. ANNOTATIONS Effective dates. — Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 […]
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. […]