N.M. Admin. Code § 18.19.4.16

Current through Register Vol. 35, No. 17, September 10, 2024

Section 18.19.4.16 - VALID CORPORATE SURETY BOND REQUIRED AS A CONDITION OF LICENSE

A. The corporate surety bond required by Section 66-4-7 NMSA 1978 shall be continuous in form and must remain in effect throughout the period for which the license is issued.

B. If the corporate surety bond is allowed to lapse or is otherwise rendered ineffective or invalid, the department may demand, by certified mail or in person, that a new, original corporate surety bond be provided to the department. if the licensee does not comply within five (5) business days, the license issued by the department is deemed invalid and the department may institute proceedings to enjoin that licensee from engaging in business in New Mexico in accordance with the provisions of Section 66-4-1 NMSA 1978.

7/19/94, 9/14/96; 18.19.4.16 NMAC - Rn & A, 18 NMAC 19.4.14.1, 9/14/00