A. The superintendent may issue a limited insurance producer license to individual applicants employed full time by a vendor of merchandise or other property, or by a financial institution making consumer loans on terms with respect to which credit life insurance, credit disability insurance, credit property insurance or credit involuntary unemployment insurance under a master, corporate, group or individual policy is customarily required of or offered to the purchaser or borrower, covering only that credit life, credit disability, credit property or credit involuntary unemployment insurance.

B. The superintendent may issue a limited insurance producer license to vendors in accordance with the provisions of the Portable Electronics Insurance Act [59A-60-1 to 59A-60-7 NMSA 1978]. The application shall provide:

(1) the name, residence address and other information required by the superintendent for an employee or officer of the vendor that is designated by the applicant as the individual responsible for the vendor's compliance with the requirements of the Portable Electronics Insurance Act. If the vendor derives more than fifty percent of its revenue from the sale of portable electronics insurance, the information noted above shall be provided for all officers, directors and shareholders of record having beneficial ownership of ten percent or more of any class of securities registered under the federal securities law; and

(2) the location of the applicant's home office.

History: Laws 1984, ch. 127, § 219; 2002, ch. 24, § 1; 2002, ch. 87, § 1; 2007, ch. 282, § 7; 2007, ch. 283, § 1; 2011, ch. 136, § 1; 2013, ch. 140, § 2; 2016, ch. 89, § 36.

The 2016 amendment, effective July 1, 2017, clarified requirements for limited insurance producer's licenses; in the catchline, deleted "license" and added "lines"; in Subsection A, after "issue a limited", deleted "agent's" and added "insurance producer", after "insurance, credit", deleted "health" and added "disability", after "unemployment insurance under", deleted "individual" and added "a master, corporate, group or individual policy", and after "life, credit", deleted "health" and added "disability"; in Subsection B, in the introductory paragraph, after "issue a limited", deleted "agent's" and added "insurance producer", in Paragraph (1), after "by the applicant as the", deleted "person" and added "individual", and after "Electronics Insurance Act.", deleted "However, if" and added "If"; and deleted Subsection C.

Severability. — Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.

The 2013 amendment, effective July 1, 2013, provided for limited licenses for persons who sell credit property insurance, credit involuntary unemployment insurance, and insurance for portable electronics; deleted former Paragraph (1) of Subsection A, which provided for limited licenses for persons who sell travel insurance; in Subsection A, after "credit life insurance", deleted "or" and added "credit", after "life insurance, credit health insurance", added "credit property insurance or credit involuntary unemployment"; deleted former Subsection B, which provided for the issuance of limited licenses to persons who sell portable electronics or services; and added Subsection B.

The 2011 amendment, effective June 17, 2011, permitted employees and representatives of licensees to sell insurance for portable electronics; prohibited licensees and their employees from performing any activities except licensed activities; required licensees to keep records of their business locations; and defined "portable electronics".

The 2007 amendment, effective April 2, 2007, amended Subsection B to require the licensee to provide for the training of its employees who are authorized to sell insurance and to provide that the conduct of the licensee's business under the limited license by its employees shall be attributed to the licensee.

The 2002 amendment, effective May 15, 2002, substituted "Chapter 59A, Article 12 NMSA 1978" for "this article" in Subsection A; added Subsection B and redesignated the following subsection as Subsection C; and in Subsection C, added "issued pursuant to this section".