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 […]
Section 58-32-602 – Cooperation.
The director may consult and cooperate with other state agencies, agencies of another state or of the United States or the nationwide multistate licensing system and registry in enforcing and administering the Uniform Money Services Act. They may jointly pursue examinations and take other official action that they are otherwise empowered to take. History: Laws […]
Section 58-32-603 – Reports.
A. A licensee shall file with the director a record signed under penalty of perjury that shall be in a form and in a medium prescribed by the director and that shall contain any material change in information provided in the licensee’s application or the information provided by the licensee to the nationwide multistate licensing […]
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 58-32-403 – Issuance of license.
A. When an application is filed pursuant to Article 4 [58-32-401 to 58-32-404 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 […]