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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Check Casher License This license is required for any company or person engaging in the business of check cashing or advertising, soliciting or holding itself out as providing check cashing for which the person receives at least two thousand five hundred dollars ($2,500) within a thirty-day period. Check cashing means receiving compensation for taking payment instruments or stored value, other than traveler’s checks, in exchange for money, payment instruments or stored value delivered to the person delivering the payment instrument or stored value at the time and place of delivery without an agreement specifying when the person taking the payment instrument will present it for collection. Statutory References: Uniform Money Services Act § 58-32-301 (A)(1) through (4) NMSA 1978 and §58-32-102 (D) NMSA 1978
Collection Agency License Any person engaging in business for the purpose of collecting or attempting to collect, directly or indirectly, debts owed or due or asserted to be owed or due another, where such person is so engaged by two or more creditors. The term also includes any creditor who, in the process of collecting his own debts, uses any name other than his own which would indicate that a third person is collecting or attempting to collect such debts. Upon receipt of the license, the licensee has the right to conduct the business of a collection agency with all the powers and privileges applicable thereto, contained in but subject always to all the provisions of the Collection Agency Regulatory Act [61-18A-1 NMSA 1978] and any rules and regulations established thereunder. Statutory References: New Mexico Collection Agency Regulatory Act § 61-18A-5.
Currency Exchange License This license is required for any company or person engaging in the business of currency exchange or advertising, soliciting or holding itself out as providing currency exchange for which the person receives revenues equal or greater than five percent of the total revenues. Currency exchange means receipt of revenues from the exchange of money of one government for money of another government. Statutory References: Uniform Money Services Act § 58-32-401 (A)(1) through (4) NMSA 1978 and §58-32-102 (F) NMSA 1978
Money Transmission License This license is required for any company or person engaging in the business of money transmission or advertising, soliciting or holding itself out as providing money transmission. Money transmission means selling or issuing payment instruments, stored value or receiving money or monetary value for transmission. “Money transmission: does not include the provision solely of delivery, online or telecommunications services or network access. Statutory References: Uniform Money Services Act § 58-32-201 (A)(1-2) NMSA 1978 and §58-32-102 (Q) NMSA 1978
Mortgage Loan Company License This License is required of any company or sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly accepts or offers to accept an application, negotiates or offers to negotiate the terms of a mortgage loan or solicits, processes, originates, brokers or makes mortgage loans for others.
Motor Vehicle Sales Finance Out of State No person shall engage in the business of a sales finance company in this state without a license therefor as provided in the Motor Vehicle Sales Finance Act [58-19-1 NMSA 1978]. This license is for a Motor Vehicle Sales Finance Company that is located out of state. A Motor Vehicle Sales Finance Company means a person engaged in whole or in part in the business of purchasing retail installment contracts from one or more retail sellers. The term includes but is not limited to a bank, trust company, private banker, small loan licensee, industrial bank or investment company, if so engaged; the term also includes a retail seller engaged in whole or in part in the business of creating and holding retail installment contracts that exceed a total aggregate outstanding indebtedness of one hundred thousand dollars ($100,000);.
Motor Vehicle Sales In State No person shall engage in the business of a sales finance company in this state without a license therefor as provided in the Motor Vehicle Sales Finance Act [58-19-1 NMSA 1978]. This license is for a Motor Vehicle Sales Finance Company that is located in New Mexico. A Motor Vehicle Sales Finance Company means a person engaged in whole or in part in the business of purchasing retail installment contracts from one or more retail sellers. The term includes but is not limited to a bank, trust company, private banker, small loan licensee, industrial bank or investment company, if so engaged; the term also includes a retail seller engaged in whole or in part in the business of creating and holding retail installment contracts that exceed a total aggregate outstanding indebtedness of one hundred thousand dollars ($100,000).
Repossessor This license is required for any company or person engaged solely in the business of repossessing personal property for others for a fee. The term does not include a duly licensed collection agency. Statutory References: New Mexico Collection Agency Regulatory Act § 61-18A-5, NMSA 1978.1978
Branch Licenses Description Requirements Checklist
Collection Agency Branch Licensed collection agencies who intend to operate branch locations. This license should only be applied for by a company that also holds or is applying for Collection Agency License. Statutory References: New Mexico Collection Agency Regulatory Act § 61-18A-5.
Mortgage Loan Company Branch License This License is required for all offices, other than the main office identified on the Mortgage Loan Company License, whether located in New Mexico or not, which conducts the business of or holds itself out by any means to the public as a mortgage loan company making mortgage loans in New Mexico.
Motor Vehicle Sales Finance Branch In State No person shall engage in the business of a sales finance company in this state without a license therefor as provided in the Motor Vehicle Sales Finance Act [58-19-1 NMSA 1978]. This license is for a Motor Vehicle Sales Finance Company branch that is located in New Mexico. A Motor Vehicle Sales Finance Company means a person engaged in whole or in part in the business of purchasing retail installment contracts from one or more retail sellers. The term includes but is not limited to a bank, trust company, private banker, small loan licensee, industrial bank or investment company, if so engaged; the term also includes a retail seller engaged in whole or in part in the business of creating and holding retail installment contracts that exceed a total aggregate outstanding indebtedness of one hundred thousand dollars ($100,000); This license should only be applied for by a company that also holds or is applying for Motor Vehicle Sales Finance Company (either In State or Out of State) License main location.
Motor Vehicle Sales Finance Branch Out of State No person shall engage in the business of a sales finance company in this state without a license therefor as provided in the Motor Vehicle Sales Finance Act [58-19-1 NMSA 1978]. This license is for a Motor Vehicle Sales Finance Company branch that is located out of this state. A Motor Vehicle Sales Finance Company means a person engaged in whole or in part in the business of purchasing retail installment contracts from one or more retail sellers. The term includes but is not limited to a bank, trust company, private banker, small loan licensee, industrial bank or investment company, if so engaged; the term also includes a retail seller engaged in whole or in part in the business of creating and holding retail installment contracts that exceed a total aggregate outstanding indebtedness of one hundred thousand dollars ($100,000); This license should only be applied for by a company that also holds or is applying for Motor Vehicle Sales Finance Company (either In State or Out of State) License main location.
Individual Licenses Description Requirements Checklist
Collection Agency Manager Any person engaging in business for the purpose of collecting or attempting to collect, directly or indirectly, debts owed or due or asserted to be owed or due another, where such person is so engaged by two or more creditors. The term also includes any creditor who, in the process of collecting his own debts, uses any name other than his own which would indicate that a third person is collecting or attempting to collect such debts. Upon receipt of the license, the licensee has the right to conduct the business of a collections agency manager with all the powers and privileges applicable thereto, contained in but subject always to all the provisions of the Collection Agency Regulatory Act [61-18A-1 NMSA 1978] and any rules and regulations established thereunder. The New Mexico Financial Institutions Division will no longer issue paper licenses for this license type.
Mortgage Loan Originator License This License is required of any natural person who: (a) for compensation or gain, or in the expectation of compensation or gain, directly or indirectly takes a residential mortgage loan application or negotiates or offers to negotiate the terms of a residential mortgage loan; and (b) is employed or associated with not more than one mortgage loan company licensee regulated by the Division.
 

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