Chapter 58 — Chapter 58

It is unlawful for a person, in connection with the offer, sale or purchase of a security, directly or indirectly: A. to employ a device, scheme or artifice to defraud; B. to make an untrue statement of a material fact or to omit to state a material fact necessary in order to mak…

A. It is unlawful for a person that advises others for compensation, either directly or indirectly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing or selling securities or that, for compensation and as part of a r…

A. In a civil action or administrative proceeding pursuant to the New Mexico Uniform Securities Act, a person claiming an exemption, exception, preemption or exclusion has the burden to prove the applicability of the claim. B. In a criminal proceeding pursuant to the New Mexico U…

A. Except as otherwise provided in Subsection B of this section, a rule adopted or order issued pursuant to the New Mexico Uniform Securities Act may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature or other advertising record r…

It is unlawful for a person to make or cause to be made, in a record that is used in an action or proceeding or filed pursuant to the New Mexico Uniform Securities Act, a statement that, at the time and in the light of the circumstances pursuant to which it is made, is false or m…

exemption. The filing of an application for registration, a registration statement, a notice filing pursuant to the New Mexico Uniform Securities Act, the registration of a person, the notice filing by a person or the registration of a security pursuant to that act does not const…

A broker-dealer, agent, investment adviser, federal covered investment adviser or investment adviser representative is not liable to another broker-dealer, agent, investment adviser, federal covered investment adviser or investment adviser representative for defamation relating t…

A. A person who willfully violates Section 501 [58-13C-501 NMSA 1978] or 502 [58- 13C-502 NMSA 1978] of the New Mexico Uniform Securities Act is guilty of a third degree felony and, upon conviction, shall be fined not more than five thousand dollars ($5,000) or imprisoned not mor…

A. Enforcement of civil liability pursuant to this section is subject to the federal Securities Litigation Uniform Standards Act of 1998 (P.L. 105-353, 112 Stat. 3227, et seq.). B. A person is liable to the purchaser if the person sells a security in violation of Section 301 [58-…

A purchaser, seller or recipient of investment advice shall not maintain an action pursuant to Section 509 [58-13C-509 NMSA 1978] of the New Mexico Uniform Securities Act if: A. the purchaser, seller or recipient of investment advice receives in a record, before the action is ins…

A. The director shall administer the New Mexico Uniform Securities Act. The director shall be appointed by the superintendent of regulation and licensing subject to confirmation by the senate. The director shall be chosen solely on the basis of fitness to perform the duties of th…

A. The director may: (1) conduct public or private investigations within or outside of New Mexico that the director considers necessary or appropriate to determine whether a person has violated, is violating or is about to violate the New Mexico Uniform Securities Act, or a rule …

A. If the director believes that a person has engaged, is engaging or is about to engage in an act, practice or course of business constituting a violation of the New Mexico Uniform Securities Act or a rule adopted or order issued pursuant to that act or that a person has, is or …

A. If the director determines that a person has engaged, is engaging or is about to engage in an act, practice or course of business constituting a violation of the New Mexico Uniform Securities Act or a rule adopted or order issued pursuant to that act or that a person has mater…

hearings. A. The director may: (1) issue forms and orders and, after notice and comment, may adopt and amend rules necessary or appropriate to carry out the New Mexico Uniform Securities Act and may repeal rules, including rules and forms governing registration statements, applic…

A. The director shall maintain, or designate a person to maintain, a register of applications for registration of securities; registration statements; notice filings; applications for registration of broker-dealers, agents, investment advisers and investment adviser representativ…

A. Except as otherwise provided in Subsection B of this section, records obtained by the director or filed pursuant to the New Mexico Uniform Securities Act, including a record contained in or filed with a registration statement, application, notice filing or report, are public r…

A. The director may, in the director's discretion, cooperate, coordinate, consult and, subject to Section 607 [58-13C-607 NMSA 1978] of the New Mexico Uniform Securities Act, share records and information with the securities regulator of another state, Canada, a Canadian province…

A. A final order issued by the director pursuant to the New Mexico Uniform Securities Act is subject to judicial review in accordance with 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 specifical…

A. Sections 301 [58-13C-301 NMSA 1978] and 302 [58-13C-302 NMSA 1978] of the New Mexico Uniform Securities Act, Subsection A of Section 401 [58-13C-401 NMSA 1978] of that act, Subsection A of Section 402 [58-13C-402 NMSA 1978] of that act, Subsection A of Section 403 [58-13C-403 …

A. A consent to service of process complying with this section shall be signed and filed in the form required by a rule or order pursuant to the New Mexico Uniform Securities Act. A consent appointing the director as the person's agent for service of process in a noncriminal acti…

rights and duties. A. The predecessor act exclusively governs all actions or proceedings that are pending on the effective date of the New Mexico Uniform Securities Act or may be instituted on the basis of conduct occurring before the effective date of the New Mexico Uniform Secu…

This act [58-13D-1 to 58-13D-8 NMSA 1978] may be cited as the "Protecting Vulnerable Adults from Financial Exploitation Act". History: Laws 2017, ch. 106, § 1.

As used in the Protecting Vulnerable Adults from Financial Exploitation Act: A. "agencies" means the securities division of the regulation and licensing department and the adult protective services division of the aging and long-term services department; B. "agent" means an indiv…

A. If a broker-dealer, investment adviser or qualified individual reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted or is being attempted, a broker-dealer, investment adviser or qualified individual: (1) shall promptly…

A broker-dealer, investment adviser or qualified individual who, in exercising reasonable care, complies with Section 3 [58-13D-3 NMSA 1978] of the Protecting Vulnerable Adults from Financial Exploitation Act and has completed the training required pursuant to Section 7 [58-13D-7…

A. A broker-dealer or investment adviser may delay a disbursement or transaction from an account of an eligible adult or an account on which an eligible adult is a beneficiary if: (1) the broker-dealer, investment adviser or qualified individual reasonably believes, after initiat…

A broker-dealer or investment adviser that, in exercising reasonable care, complies with Section 5 [58-13D-5 NMSA 1978] of the Protecting Vulnerable Adults from Financial Exploitation Act and has completed the training required pursuant to Section 7 [58-13D-7 NMSA 1978] of that a…

A. The director of the securities division of the regulation and licensing department shall promulgate, by rule, training guidelines or a standardized training curriculum that broker-dealers and investment advisers may use. A broker-dealer or investment adviser may develop the br…

A broker-dealer or investment adviser shall provide access to or copies of records that are relevant to the suspected or attempted financial exploitation of an eligible adult to the agencies and to law enforcement, either as part of a referral to the agencies, as part of a referr…

The following are hereby declared to be the objects and purposes of this act: A. there exists among citizens of this state a widespread demand for small loans. The scope and intensity of this demand have been increased progressively by many social and economic forces; B. the expe…

information. A. Each licensee shall keep and use in the business such books, accounts and records in accordance with sound accounting practices that will enable the director to determine whether the licensee is complying with the provisions of the New Mexico Small Loan Act of 195…

A. Licensees shall file with the director each year reports containing at least the following information for the preceding calendar year ending December 31 in an aggregated, nonidentifying consumer manner as specified below: (1) a description of each loan product offered by the …

A. For each installment loan issued pursuant to Paragraph (1) of Subsection F of Section 58-15-2 NMSA 1978 and refund anticipation loan made pursuant to the New Mexico Small Loan Act of 1955, a lender shall report to a consumer reporting agency the terms of the loan and the borro…

A. The director has authority to make reasonable regulations and orders for the administration and enforcement of the New Mexico Small Loan Act of 1955 and is expressly authorized to make regulations and orders governing the conduct of all licensees' operations, including the met…

A licensee or other person subject to the New Mexico Small Loan Act of 1955 shall not advertise, display, distribute or broadcast or cause or permit to be advertised, displayed, distributed or broadcast in any manner whatsoever a false, misleading or deceptive statement or repres…

A. No licensee shall conduct the business of making loans provided for by the New Mexico Small Loan Act of 1955 under any name, or at any place of business within this state, other than that stated in the license. B. No licensee shall conduct the business of making loans under th…

ANNOTATIONS Repeals. — Laws 1981, ch. 263, § 4, repealed 58-15-14 NMSA 1978, relating to the rates of charges on loans, effective July 1, 1983. For present provisions, see 58-15-14.1 NMSA 1978. Compiler's notes. — Laws 1981, ch. 263, § 6, revived 58-15-14 NMSA 1978, effective Jul…

The simple interest method shall be used for loans made under the New Mexico Small Loan Act of 1955. Interest charges shall not be paid, deducted or received in advance. Interest charges shall not be compounded. However, if part or all of the consideration for a loan contract is …

History: 1953 Comp., § 48-17-43.1, enacted by Laws 1959, ch. 201, § 1; 1977, ch. 245, § 72; 1980, ch. 73, § 2; 2007, ch. 86, § 22.

No provision in a loan or the evidence of indebtedness of a loan made under the New Mexico Small Loan Act of 1955 requiring a penalty or premium for prepayment of the balance of the indebtedness is enforceable. History: 1978 Comp., § 58-15-15.1, enacted by Laws 1980, ch. 73, § 3.

prohibited. A. It is unlawful for any person licensed under the New Mexico Small Loan Act of 1955, in connection with the making of a loan under that act: (1) to sell life insurance other than a term policy or credit life insurance on the principal borrowers; (2) to sell term or …

instruments; limitations on charges after judgment and interest. A. Every licensee shall: (1) at the time a consumer becomes contractually obligated on a loan pursuant to the New Mexico Small Loan Act of 1955, deliver to the borrower or, if there are two or more borrowers on the …

History: 1953 Comp., § 48-17-45, enacted by Laws 1955, ch. 128, § 16; 1977, ch. 245, § 73; repealed by Laws 2017, ch. 110, § 25.

Any licensee hereunder may make loans in accordance with and not in violation of the general laws of this state governing money and usury to any borrower not having a loan with the lender under this act, provided no charge authorized to be made under the provisions hereof shall b…

The following words and terms when used in the New Mexico Small Loan Act of 1955 have the following meanings unless the context clearly requires a different meaning. The meaning ascribed to the singular form applies also to the plural: A. "consumer" means a person who resides in …

A. Notwithstanding any provision of the New Mexico Small Loan Act of 1955, lawful fees, if any, actually and necessarily paid out by the licensee to a public officer for the filing, recording or releasing in a public office of an instrument securing the loan may be charged to the…

funds; permitted charges. A. If there are insufficient funds to pay a check or other type of debit on the date of presentment by the licensee, a check or debit authorization request shall not be presented to a financial institution by a licensee for payment more than one time per…

The payment of ten thousand dollars ($10,000) or less in money, credit, goods or things in action, as consideration for any sale or assignment of or order for the payment of wages, salary, commission or other compensation for services, whether earned or to be earned, shall, for t…

A. Validity and payment of assignment. No assignment of or order for payment of any salary, wages, commissions or other compensation for services earned or to be earned, given to secure any loan made by any licensee, shall be valid unless the amount of such loan is paid to the bo…