2006 New Mexico Statutes - Section 61-27A-11 — Bond required — (Repealed effective July 1, 2012.)

61-27A-11. Bond required. (Repealed effective July 1, 2012.)

A.     A license, except a manager's license and polygraph examiner's license, shall not be issued under the Private Investigators and Polygraphers Act [Chapter 61, Article 27A NMSA 1978] unless the applicant files with the department:   

(1)     a surety bond executed by a surety company authorized to do business in this state; or   

(2)     a certificate of deposit in the sum of two thousand dollars ($2,000), conditioned for the faithful and lawful conduct of business by the applicant.   

The form of bond, its execution and the sufficiency of the surety shall be verified by the department.   

B.     A licensee shall maintain the surety bond, and, upon failure to do so, the license of the licensee shall be suspended and shall not be reinstated until an application in the form prescribed by the department is filed together with a proper surety bond.  The department may deny the application notwithstanding the applicant's compliance with this section:   

(1)     for any reason that would justify a refusal to issue or a suspension or a revocation of a license; or   

(2)     for the performance by the applicant of any practice while under suspension for failure to keep his bond in force for which a license under the Private Investigators and Polygraphers Act is required.   

C.     Bonds executed and filed with the department pursuant to the Private Investigators and Polygraphers Act shall remain in force until the surety company has terminated future liability by thirty-day notice to the department.