Regulatory Alerts2021-02-13
Regulatory Alert Unlicensed Repo 2013
The New Mexico Financial Institutions Division issued this alert to inform small loan licensees that utilizing unlicensed repossessors is unlawful under state statute. The regulator highlights common misconceptions where licensees mistakenly rely on expired licenses, out-of-state authorizations, or Public Regulation Commission towing certificates for vehicle repossession. Small loan companies are required to verify that all repossessors hold a current license from the Financial Institutions Division before contracting their services.
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