Section 59A-62-10 – Fiduciary funds.
A. Self-service storage insurance producers billing and collecting charges shall comply with the fiduciary requirements set forth in Section 59A-12-22 NMSA 1978, except that, pursuant to Paragraph (1) of Subsection B of Section 59A-12-22 NMSA 1978, the self-service storage insurance producer may remit received premiums, less applicable commissions, if any, and return premiums to the […]
Section 59A-62-11 – Penalties.
After notice and hearing by the superintendent, the superintendent may impose by administrative penalty upon a person who violates a provision of the Self-Service Storage Insurance License Act the following: A. a fine not to exceed one thousand dollars ($1,000) per violation and not to exceed a total of ten thousand dollars ($10,000); B. suspension […]
Section 59A-62-1 – Short title.
Sections 1 through 11 [59A-62-1 to 59A-62-11 NMSA 1978] of this act may be cited as the “Self-Service Storage Insurance License Act”. History: Laws 2019, ch. 219, § 1. ANNOTATIONS Effective dates. — Laws 2019, ch. 219, § 14 made Laws 2019, ch. 219 effective July 1, 2019.
Section 59A-62-2 – Definitions.
As used in the Self-Service Storage Insurance License Act: A. “occupant” means a person who is entitled to the use of storage space at a self-service storage facility, to the exclusion of others, under terms of a rental agreement, including a sublessee, successor or assignee; B. “owner” means the owner, operator, franchisee, lessor or sublessor […]
Section 59A-62-3 – Self-service storage insurance producer license.
A. The superintendent may issue a self-service storage insurance producer license to an applicant who is qualified to solicit or sell self-service storage insurance. B. An owner shall not sell, solicit or offer self-service storage insurance unless the owner has complied with the requirements of the Self-Service Storage Insurance License Act and has been issued […]
Section 59A-62-4 – Registry of authorized locations.
A. Before offering self-service storage insurance at a location, a self-service storage insurance producer shall provide the superintendent with a complete list of each location where the self-service storage insurance producer will offer self-service storage insurance. The supervising entity shall maintain a registry of each location at which a self-service storage insurance producer is authorized […]
Section 59A-62-5 – Disclosure of terms.
A. A self-service storage insurance producer shall not sell, solicit or offer self-service storage insurance to occupants at any location unless the licensee makes available a brochure or other written or electronic material that: (1) discloses that self-service storage insurance may provide a duplication of coverage already provided by an occupant’s homeowner’s insurance policy, renter’s […]
Section 59A-62-6 – Authorized employees and representatives.
A. At the time of filing a self-service storage insurance producer license application, the applicant shall establish a list of the names of all employees and authorized representatives whose duties may include offering and selling self-service storage insurance. The list shall be: (1) maintained by the licensee in a form prescribed by the superintendent; (2) […]
Section 59A-62-7 – Commissions.
A self-service storage insurance producer shall not compensate an employee or authorized representative based primarily on the number of occupants that purchase self-service storage insurance from the self-service storage insurance producer unless that compensation is incidental to the employee’s or authorized representative’s overall compensation. History: Laws 2019, ch. 219, § 7. ANNOTATIONS Effective dates. — […]
Section 59A-62-8 – Required training programs.
A. The supervising entity shall supervise the administration of the self-service storage insurance program, including development of a training program approved by the superintendent for employees and authorized representatives of the self-service storage insurance producer. B. The training program shall be provided to an employee or authorized representative of a self-service storage insurance producer prior […]