N.M. Admin. Code § 15.1.21.10 - PRIOR LICENSING REQUIREMENT

A. Where applicable, prior licensing of the secured party seeking to enforce a security interest is required. The board will not approve the enforcement of any security interest in gaming property collateral unless all persons have been licensed, registered, or found suitable by the board, as applicable.

B. The board may grant a temporary or permanent waiver of the requirement of prior licensing, registration, or finding of suitability upon written request by the secured party and recommendation by the Executive Director. The board may grant such temporary or permanent waiver only if the board makes a written finding that the waiver of licensing, registration or finding of suitability is consistent with the Act and State policy.

Notes

N.M. Admin. Code § 15.1.21.10

N, 4/30/99; 15.1.21.10 NMAC - Rn, 15 NMAC 1.21.10, 2/14/02