This act [58-13A-1 to 58-13A-22 NMSA 1978] may be cited as the “Model State Commodity Code”. History: Laws 1985, ch. 163, § 1. ANNOTATIONS Cross references. — For rules promulgated pursuant to the Model State Commodity Code, see 12.12.1.9 NMAC.
The Model State Commodity Code may be construed and implemented to effectuate its general purpose to protect investors, to prevent and prosecute illegal and fraudulent schemes involving commodities and to maximize coordination with federal and other states’ law and the administration and enforcement thereof. History: Laws 1985, ch. 163, § 10.
A. The director may make investigations, within or without this state, as he finds necessary or appropriate to: (1) determine whether any person has violated, or is about to violate, any provision of the Model State Commodity Code or any rule or order of the director; or (2) aid in enforcement of that code. B. […]
A. If the director believes, whether or not based upon an investigation conducted under Section 11 [58-13A-11 NMSA 1978] of the Model State Commodity Code, that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of that code or any rule or order under […]
A. (1) Upon a proper showing by the director that a person has violated, or is about to violate, any provision of the Model State Commodity Code or any rule or order of the director, the district court may grant appropriate legal or equitable remedies. (2) Upon showing of violation of the Model State Commodity […]
A. Any person who willfully violates any provision of the Model State Commodity Code is guilty of a third degree felony. B. Any person who willfully and knowingly violates any rule or order of the director under the Model State Commodity Code is guilty of a third degree felony. C. The director may refer such […]
A. The Model State Commodity Code shall be administered by the director. B. Neither the director nor any employees of the director shall use any information which is filed with or obtained by the director which is not public information for personal gain or benefit, nor shall the director nor any employees of the director […]
A. To encourage uniform application and interpretation of the Model State Commodity Code and securities regulation and enforcement in general, the director and the employees of the director may cooperate, including bearing the expense of the cooperation, with the securities agencies or administrator of another jurisdiction, Canadian province or territory or such other agencies administering […]
A. In addition to specific authority granted elsewhere in the Model State Commodity Code, the director may make, amend and rescind rules, forms and orders as are necessary to carry out the provisions of that code. Such rules or forms shall include, but need not be limited to, the following: rules defining any terms, whether […]
A. Every applicant for registration under the Model State Commodity Code shall file with the director, in such form as he by rule prescribes, an irrevocable consent appointing the director or his successor in office to be his attorney to receive service of any lawful process in any non-criminal suit, action or proceeding against him […]
A. (1) Sections 3, 6 and 7 [58-13A-3, 58-13A-6, 58-13A-7 NMSA 1978] of the Model State Commodity Code apply to persons who sell or offer to sell when: (a) an offer to sell is made in this state; or (b) an offer to buy is made and accepted in this state. (2) Sections 3, 6 […]
As used in the Model State Commodity Code: A. “director” means the chief of the securities bureau of the financial institutions division of the regulation and licensing department; B. “Commodity Exchange Act” means the act of congress known as the Commodity Exchange Act, as amended to the effective date of the Model State Commodity Code; […]
A. The director shall commence an administrative proceeding under the Model State Commodity Code by entering either a notice of intent to do a contemplated act or a summary order. The notice of intent or summary order may be entered without notice, without opportunity for hearing, and need not be supported by findings of fact […]
A. Any person aggrieved by a final order of the director may obtain a review of the order in the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978. B. The filing of an appeal pursuant to Subsection A of this section does not, unless specifically ordered by the court, operate as a […]
It shall not be necessary to negate any of the exemptions of the Model State Commodity Code in any complaint, information or indictment, or any writ or proceeding brought under that code; and the burden of proof of any such exemption shall be upon the party claiming the same. History: Laws 1985, ch. 163, § […]
A. Except as otherwise provided in Paragraph (1) of Subsection A of Section 5 [58-13A-5 NMSA 1978] of the Model State Commodity Code, no person shall offer to enter into, enter into or confirm the execution of any transaction for the delivery of any commodity under a commodity contract commonly known as a margin account, […]
The prohibition in Subsection B of Section 3 [58-13A-3 NMSA 1978] of the Model State Commodity Code shall not apply to any of the following persons, or any employee, officer or director thereof acting solely in that capacity: A. a person registered with the commodity futures trading commission as a futures commission merchant or as […]
A. The prohibitions in Section 3 [58-13A-3 NMSA 1978] of the Model State Commodity Code shall not apply to the following: (1) a transaction within the exclusive jurisdiction of the commodity futures trading commission as granted under the Commodity Exchange Act; (2) a commodity contract for the purchase of one or more precious metals which […]
A. No person shall engage in a trade or business or otherwise act as a commodity merchant unless such person: (1) is registered or temporarily licensed with the commodity futures trading commission for each activity constituting such person as a commodity merchant and such registration or temporary license shall not have expired, nor been suspended […]
No person shall, directly or indirectly: A. cheat or defraud, or attempt to cheat or defraud, any other person or employ any device, scheme or artifice to defraud any other person; B. make any false report, enter any false record or make any untrue statement of a material fact or omit to state a material […]
