This article [Chapter 59A, Article 35 NMSA 1978] constitutes and may be cited as the “Sale of Insurance Securities Law”. History: Laws 1984, ch. 127, § 591. ANNOTATIONS Law reviews. — For article, “A Survey of the Securities Act of New Mexico,” see 2 N.M.L. Rev. 1 (1972). Am. Jur. 2d, A.L.R. and C.J.S. references. […]
A. The superintendent shall expeditiously examine a newly-filed registration statement and make such investigation of the registrant and related matters as he deems advisable. B. Unless the superintendent finds that the permit should be denied on any of the grounds stated in Subsection C of this section, he shall promptly issue to the registrant a […]
A. Each such securities permit issued by the superintendent shall, or may, contain provisions, as applicable, as follows: (1) it shall state the securities which are to be offered, the number and selling price thereof; (2) it may require that the purchase price shall be payable in lawful money of the United States or in […]
A. The granting of a securities permit is permissive only and shall not constitute an endorsement or approval by the superintendent or any other agency or department of the state of New Mexico of any person or thing related to the offering of securities or constitute evidence of the completeness or accuracy of information presented […]
A. No registrant, issuer, or other person proposing to sell in this state any securities covered by a securities permit issued by the superintendent under this article shall publish or disseminate in this state in any manner any advertising, announcement or literature regarding the offering unless the proposed advertising, announcement or literature has first been […]
The superintendent may for cause modify a securities permit theretofore issued; and may after a hearing thereon revoke the permit for violation of law or the terms of the permit or any proper order of the superintendent, or for material misrepresentation or practices injurious to the public interest in the offering or sale of the […]
Securities registered with the superintendent under this article shall not be subject to registration or similar filing with any other governmental department or agency, or under any other law, of this state. History: Laws 1984, ch. 127, § 604.
No person shall in this state solicit subscription to or purchase of any security covered by a securities permit issued under this article unless such securities salesperson is licensed therefor. If the security is not one to be issued by a newly-formed or proposed new domestic insurer or holding company proposing to acquire or form […]
A. Applicants for license as securities salesperson shall be qualified as follows: (1) be an individual not less than twenty-one years of age; (2) be honest and trustworthy, of good personal and business reputation and financially responsible; (3) take and pass an examination as given by the superintendent, reasonably testing the knowledge of the applicant […]
Any person violating any of the following provisions of this article shall upon conviction thereof be guilty of a felony punishable by a fine of not less than five hundred dollars ($500) or more than twenty thousand dollars ($20,000): A. Section 595 [59A-35-6 NMSA 1978] (registration of security, permit required); B. Subsection B of Section […]
This article shall apply as to sale or offer of sale in this state of any insurance security issued or proposed to be issued by any corporation or person whether or not organized under the laws of this state or authorized to transact business in this state. History: Laws 1984, ch. 127, § 590.
For the purposes of this article and except as context requires otherwise, “security” means any note, stock, treasury stock, share, bond, debenture, evidence of indebtedness, surplus note, contribution certificate, certificate of deposit for a security, certificate of interest or participation, voting trust certificate, reorganization certificate, investment contract (whether or not included as a provision in […]
For the purposes of this article an “affiliate” is a person controlling or controlled by or under common control with an insurer or issuer of securities. History: Laws 1984, ch. 127, § 593.
For the purposes of this article a “promoter” is any person who, acting alone or with others, initiates or participates in founding an insurer or organization to acquire financial interest in or to finance, manage or control an insurer, other than as policyholder. History: Laws 1984, ch. 127, § 594.
No person shall sell or offer for sale in this state any security not exempt under Section 596 [59A-35-7 NMSA 1978] of this article, unless registered with the superintendent, covered by a subsisting securities permit issued by the superintendent and otherwise in compliance with requirements of this article. History: Laws 1984, ch. 127, § 595. […]
No such registration or permit shall be required as to: A. isolated sales of securities in private transactions, whether or not effected through a broker-dealer; B. non-issuer distribution of an outstanding security by a registered broker-dealer; C. transactions in due and regular discharge of responsibilities and duties by an executor, administrator, sheriff, marshal, receiver, trustee […]
A. The person desiring to register a security under this article shall file with the superintendent a registration statement in form as prescribed and furnished by the superintendent appropriate to the proposed offering. In prescribing the registration statement form the superintendent shall give due consideration to the circumstances of the offering, whether by a newly-formed […]
A. With filing of the registration statement the superintendent shall collect, and the registrant shall pay to the superintendent the applicable registration statement filing fee in amount as follows: (1) for registration by coordination or similar thereto, one hundred dollars ($100); (2) for registration by notification or similar thereto, one hundred dollars ($100); (3) for […]
