N.M. Admin. Code § 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.
Notes
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