Regulatory Alerts2021-02-09
State of New Mexico Financial Institutions Division Order Denying License Renewal for CFS2, Inc.
The Director of the New Mexico Financial Institutions Division denied the collection agency license renewal for CFS2, Inc. due to the respondent's failure to meet statutory net worth requirements. The order cites NMSA 1978 Section 61-18A-9, noting that CFS2, Inc. reported negative equity exceeding six million dollars and failed to maintain the required minimum net worth of ten thousand dollars. This decision follows an investigation into the company's incomplete and financially non-compliant renewal applications submitted in 2015.
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