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Section 59A-45-5 - Exemptions.

NM Stat § 59A-45-5 (2019) (N/A)
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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, § 835.

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Section 59A-45-4 - Bonding requirements for licensees.
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Section 59A-45-6 - Books and records.