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.
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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) […]
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. — […]
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 […]
A. Charges for self-service storage insurance coverage may be billed and collected by a self-service storage insurance producer. B. A charge to an occupant for coverage that is not included in the cost associated with the rental of storage space shall be separately itemized on the occupant’s bill. C. If self-service storage insurance coverage is […]
