N.M. Admin. Code § 15.6.4.16

Current through Register Vol. 35, No. 21, November 5, 2024

Section 15.6.4.16 - DUTY TO PROVIDE A SURETY BOND

A. A licensed promoter, whether a person, party or corporation, must furnish to the commission a surety bond to guarantee that he will pay all participants any rents, leasing amounts, utility bills, ticket printing invoices, advertising costs, and any other legitimate expenses incurred in conjunction with each program, event, match, exhibition, or televised viewing promoted by the promoter.

B. Before a promoter distributes the receipts of any contest or exhibition, he must first deduct all sums due for the privilege tax due to the state.

C. A licensed promoter, whether a person, party, or corporation, in default of any of its debts or obligations, shall be suspended by the commission.

D. The commission may reinstate the promoter if the promoter meets the following conditions:

(1) the promoter provides the commission with proof that all the subject debts and obligations have been paid in full; and

(2) the promoter must provide proof of a valid surety bond, in an amount to be determined by the commission.

N.M. Admin. Code § 15.6.4.16

15.6.4.16 NMAC - N, 03-23-2002; A, 08-26-2012