HOUSE BILL 276

53rd legislature - STATE OF NEW MEXICO - first session, 2017

INTRODUCED BY

James R.J. Strickler and Sharon Clahchischilliage

and Georgene Louis and Derrick J. Lente

AN ACT

RELATING TO FINANCIAL INSTITUTIONS; INCREASING THE THRESHOLD AMOUNT OF REVENUE EARNED FROM CHECK CASHING SERVICES THAT REQUIRES A PERSON TO BE LICENSED PURSUANT TO THE UNIFORM MONEY SERVICES ACT; DECREASING APPLICATION AND LICENSURE FEES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. Section 58-32-301 NMSA 1978 (being Laws 2016, Chapter 88, Section 301) is amended to read:

     "58-32-301. LICENSE REQUIRED.--

          A. A person shall not engage in check cashing or

advertise, solicit or hold itself out as providing check

cashing for which the person receives at least [five hundred

dollars ($500)] two thousand dollars ($2,000) within a thirty-day period unless the person:

                (1) is licensed pursuant to Article 3 of the

Uniform Money Services Act;

                (2) is licensed for money transmission

pursuant to Article 2 of the Uniform Money Services Act;

                (3) is licensed for currency exchange

pursuant to Article 4 of the Uniform Money Services Act; or

                (4) is an authorized delegate of a person

licensed pursuant to Article 2 of the Uniform Money Services

Act.

          B. A license pursuant to Article 3 of the Uniform

Money Services Act is not transferable or assignable."

     SECTION 2. Section 58-32-302 NMSA 1978 (being Laws 2016, Chapter 88, Section 302) is amended to read:

     "58-32-302. APPLICATION FOR LICENSE.--

          A. A person applying for a license pursuant to Article 3 of the Uniform Money Services Act shall apply in a record signed under penalty of perjury that shall be in a form and in a medium required by the director. Each form shall contain content as set forth by rule, instruction or procedure of the director. The form shall include the following information:

                (1) the legal name and residential and business addresses of the applicant if the applicant is an individual or, if the applicant is not an individual, the name of each partner, executive officer, manager and director;

                (2) the location of the principal office of the applicant;

                (3) complete addresses of other locations in New Mexico where the applicant proposes to engage in check cashing or currency exchange, including all limited stations and mobile locations;

                (4) a description of the source of money and credit to be used by the applicant to engage in check cashing and currency exchange; and

                (5) other information the director reasonably requires with respect to the applicant, but not more than the director may require pursuant to Article 2 of the Uniform Money Services Act.

          B. In connection with an application for licensing pursuant to Article 3 of the Uniform Money Services Act, the applicant shall, at a minimum, furnish to the nationwide mortgage licensing system and registry the following information in a form and medium prescribed by the nationwide mortgage licensing system and registry:

                (1) the applicant's history and experience; and

                (2) an authorization for the nationwide mortgage licensing system and registry and the director to obtain:

                     (a) an independent credit report; and

                     (b) information related to any administrative, civil or criminal findings by any governmental jurisdiction.

          C. A nonrefundable application fee of [two thousand dollars ($2,000)] two hundred fifty dollars ($250) and a nonrefundable license fee of [two thousand dollars ($2,000)] two hundred fifty dollars ($250) shall accompany an application for a license pursuant to Article 3 of the Uniform Money Services Act."

     SECTION 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2017.

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