2020 New Mexico Statutes
Chapter 59A - Insurance Code
Article 51 - Bail Bondsmen Licensing
Section 59A-51-16 - Administrative fine in lieu.

Universal Citation: NM Stat § 59A-51-16 (2020)

A. The superintendent may, in the superintendent's discretion, in lieu of license suspension, revocation or refusal, and except on a second offense, impose upon the licensee an administrative penalty of one hundred dollars ($100), or, if the superintendent has found wilful misconduct or wilful violation on the part of the licensee, an administrative penalty not to exceed one thousand dollars ($1,000).

B. The superintendent may allow the licensee a reasonable period, not to exceed thirty days, within which to pay to superintendent the amount of the penalty so imposed. If the licensee fails to pay the penalty in its entirety to the superintendent within the period so allowed, the license of the licensee shall stand suspended or revoked, or continuation refused, as the case may be, upon expiration of such period and without any further proceedings.

History: Laws 1984, ch. 127, § 943; 2014, ch. 21, § 8.

ANNOTATIONS

The 2014 amendment, effective May 21, 2014, increased the maximum amount of the administrative penalty; and in Subsection A, after "an administrative penalty", deleted "of five hundred dollars ($500)" and added "not to exceed one thousand dollars ($1,000)".

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