2020 New Mexico Statutes
Chapter 59A - Insurance Code
Article 45 - Premium Financing
Section 59A-45-5 - Exemptions.
A. The provisions of this article shall not limit the authority of the following institutions to engage in insurance premium financing or apply to:
(1) any life insurer authorized to do business in the state;
(2) any national banking institution;
(3) any state bank;
(4) any savings and loan association;
(5) any small loan company; or
(6) any credit union.
B. The licensing and bonding provisions of this article shall not apply to:
(1) any insurer, other than those exempt from this article pursuant to Paragraph A(1); and
(2) any insurance agent licensed by this state.
C. This article shall not apply to the financing of insurance premiums in connection with a transaction under the Motor Vehicle Sales Finance Act [58-19-1 to 58-19-12 NMSA 1978], or under Sections 56-1-1 to 56-1-15 NMSA 1978.
History: Laws 1984, ch. 127, ยง 835.
ANNOTATIONS
