SB 262 — UNIFORM MONEY SERVICES ACT CHANGES

SENATEAN BILLACT 262RELATING 54THTO LEGISLATUREFINANCIAL -INSTITUTIONS; STATE OF NEW MEXICO - FIRST SESSIO, 2019 INTRODUCED BY William H.

Payne 6 8 10 AN ACT RELATING TO FINANCIAL INSTITUTIONS;

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

e t 17 "58-32-803.

ORDERS TO CEASE AND DESIST.-- w l n d 18 A.

If the director determines that a violation of = = 19 the Uniform Money Services Act, or of a rule adopted or an a l i a e r 20 order issued pursuant to that act, by a licensee or authorized a t m m 21 delegate is likely to cause immediate and irreparable harm to d r e 22 the licensee, its customers or the public as a result of the c e s k 23 violation, or causes insolvency or significant dissipation of e a n b 24 assets of the licensee, the director may issue an order u [ requiring the licensee or authorized delegate to cease and .210864.1 desist from the violation.

An order to cease and desist remains effective and enforceable pending the completion of an administrative proceedingSB pursuant262 toPage Section1 [801proceeding orpursuant 802to ofSection the Uniform Money Services Act] 58-32-901 or 58-32-902 NMSA 1978.

A licensee or an authorized delegate that is served with an order to cease and desist may petition the district court for a judicial order setting aside, limiting or suspending the enforcement, operation or effectiveness of the order pending the completion of an administrative proceeding pursuant to Section [801 or 802 of the Uniform Money Services e e 17 Act] 58-32-901 or 58-32-902 NMSA 1978.

e e n d 18 E.

An order to cease and desist expires unless the = = l ] 19 director commences an administrative proceeding pursuant to a l r i 20 Section [801 or 802 of the Uniform Money Services Act ] t e a t 58-32-901 or 58-32-902 NMSA 1978 within ten days after it is m m 21 e d r e 22 issued." cSB e262 rPage c 23 - 2 -25 e a n b 24 u [ .210864.1