Section 59A-45-8 – Additional requirements.
The following additional provisions shall be applicable to an insurance premium finance agreement: A. a premium finance company shall not charge, contract for, receive or collect a rate other than permitted pursuant to this article; B. the rate is to be computed on the balance of the premium due, after subtracting the down payment made […]
Section 59A-45-9 – Assignee subject to defenses.
An assignee of the rights of a creditor under an insurance premium finance agreement, for the purchase of insurance primarily for personal, family or household purposes, is a holder within the meaning of the Uniform Commercial Code (55-1-101 to 55-9-507 NMSA 1978) and is subject to all defenses of the insured notwithstanding that there is […]
Section 59A-45-10 – Delinquency charges.
A premium finance agreement may provide for the payment by the insured of a delinquency charge on each installment in default for a period of more than ten days and in an amount not to exceed five percent of each installment, or five dollars ($5.00), whichever is less, or in lieu thereof, interest after maturity […]
Section 59A-45-11 – Cancellation of insurance contract upon default.
A. When a premium finance agreement contains a power of attorney enabling the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be cancelled by the premium finance company unless such cancellation is made in accordance with this article. B. Not less than […]
Section 59A-45-12 – Exemption from any filing requirement.
No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchasers, pledges and encumbrances, successor or assigns. History: Laws 1984, ch. 127, § 843.
Section 59A-45-13 – Revocation and suspension of licenses.
A. The superintendent may revoke or suspend the insurance premium financing license of any person when after investigation it appears to the superintendent that: (1) any license issued to such person was obtained by fraud; (2) there was any misrepresentation in the application of the license; (3) the holder of such license has otherwise shown […]
Section 59A-45-14 – Cease and desist order from the superintendent.
Upon a determination by hearing that a person has violated any provision of this article or any rules or regulations adopted thereunder, the superintendent may issue an order requiring the person to cease and desist from engaging in such violation. If the alleged violator fails to comply with the cease and desist order from the […]
Section 59A-45-15 – Civil penalties.
In addition to any penalties imposed pursuant to Sections 844 or 845 [59A-45-13 or 59A-45-14 NMSA 1978] of this article, the district court may, in an action filed by the superintendent, impose the following civil penalties: A. for each violation of this article a penalty of not more than one thousand dollars ($1,000) but not […]
Section 59A-45-16 – Other code provisions applicable.
The following additional articles and provisions of the Insurance Code shall also apply, as applicable, to insurance premium finance companies and their operations: A. Article 1 [Chapter 59A, Article 1 NMSA 1978] (scope of code, initial definitions, general penalty); B. Article 2 [Chapter 59A, Article 2 NMSA 1978] (department of insurance); C. Article 4 [Chapter […]
Section 59A-45-5 – Exemptions.
A. The provisions of this article shall not limit the authority of the following institutions to engage in insurance premium financing or apply to: (1) any life insurer authorized to do business in the state; (2) any national banking institution; (3) any state bank; (4) any savings and loan association; (5) any small loan company; […]