No collection agency license shall be issued to any foreign corporation or partnership unless it has fully complied with the laws of the state of New Mexico so as to entitle it to do business in the state; provided that the foreign corporation or partnership shall establish and maintain a collection agency in New Mexico at all times during the life of any collection agency license issued to the foreign corporation or partnership. All records of the collection agency located in New Mexico shall be maintained at the collection agency's principal office in New Mexico unless the collection agency records are maintained electronically, in which case, electronic records may be maintained at a location where the collection agency regularly maintains records.

History: Laws 1987, ch. 252, § 14; 2012, ch. 11, § 1.

The 2012 amendment, effective July 1, 2012, permitted a foreign collection agency to maintain electronic records at a location where the collection agency regularly maintains records; in the first sentence, after "establish and maintain a", deleted "full time bona fide", after "during the life of any", added "collection agency", and after "license issued to", deleted "it" and added "the foreign corporation or partnership"; and in the second sentence, after "All records of the collection agency", added "located in New Mexico shall", after "maintained at the", added "collection agency's", and after "principal office in New Mexico", deleted "of such agency" and added the remainder of the sentence.