AREA 7. Section 58-15-9 NMSA 1978 (being Laws 1955, Chapter 128, Section 9, as amended) is amended to see:

“58-15-9. STUDY OF LICENSEE’S BOOKS AND RECORDS–WITNESSES.–

A. One or more times every year, the manager or the director’s authorized representative shall make a study of the area of company of every licensee and also the loans, deals, publications, documents and documents associated with the licensee insofar because they relate to your company certified under the brand new Mexico Small Loan Act of 1955 because the manager may deem necessary. The licensee shall spend to your manager for such yearly assessment a cost of 200 dollars ($200).

B. Within an acceptable time following the conclusion of a study of an authorized workplace, the manager shall mail towards the licensee a duplicate associated with report regarding the assessment, as well as any remarks, exceptions, objections or criticisms of this manager in regards to the conduct associated with the licensee in addition to procedure associated with the licensed workplace.

C. For the intended purpose of discovering violations regarding the brand new Mexico Small Loan Act of 1955 or of securing information lawfully needed under that work, the manager or even the director’s authorized representative may whenever you want investigate the business enterprise and examine the books, reports, documents and documents utilized therein, including earnings tax statements or any other reports filed at work of the manager associated with income processing unit of this taxation and income division of:

(2) some other individual involved with business described in Subsection A of section NMSA that is 58-15-3 1978 playing such company as major, representative, broker or elsewhere; and

(3) anybody who the manager has reasonable cause to believe is breaking any supply for the New Mexico Small Loan Act of 1955, whether or not the person claims become inside the authority or beyond the range of the work.

D. A person who advertises, solicits or makes any representation as being willing to make loan transactions in any amount, except persons, financial institutions or lending agencies operating under charters or licenses issued by a state or federal agency or under any special statute, shall be subject to investigation under the New Mexico Small Loan Act of 1955 and shall be presumed to be engaged in the business described in Subsection A of Section 58-15-3 NMSA 1978 as to any loans of two thousand five hundred dollars ($2,500) or less for the purposes of this section.

E. To facilitate the exams and investigations by the manager and completely reveal the operations and types of procedure of each and every licensed office, the licensee shall, in each licensed workplace, carry on file as an element of the documents associated with the workplace all workplace manuals, communications or directives containing statements of loan policy to office supervisors and workers. The licensee shall keep in at least one office for information of the director a record of the several individuals, firms, beneficiaries of any trust and corporations deriving or receiving any part of the benefits, net income or profits from the operation of the licensee within New Mexico if the licensee is an individual, corporation, trust or association.

F. For the purposes for this part, the manager or even the manager’s authorized representative shall have and become offered free use of the workplaces and places of company, files, safes and vaults of all of the licensees and shall have authority to need the attendance of every individual online payday AZ also to examine the individual under oath in accordance with such loans or company or even the niche question of any assessment, research or hearing as supplied within the brand new Mexico Small Loan Act of 1955. Notices to seem prior to the manager for assessment under oath might be offered by authorized mail. In the event that celebration notified to seem may be the licensee, anybody called regarding the face regarding the permit being examined or any representative, worker or supervisor taking part in the licensee’s company plus the celebration does not appear for assessment or does not want to respond to questions submitted, the manager may, forthwith and without further notice towards the licensee, suspend the permit included pending conformity with all the notice. The director may apply to and invoke the aid of any district court of New Mexico in compelling the attendance and testimony of any such person and the production of books, records, written instruments and documents relating to the business of the licensee upon failure of any other person to appear or to answer questions. The region court whoever help can be so invoked because of the director may, in the event of contumacy or refusal to obey any purchase associated with region court issued to compel the attendance of the individual or even the manufacturing of publications, documents, written instruments and documents, punish the individual in terms of contempt of court.