New Mexico Statutes 59A-20A-4. License denial, suspension, revocation or refusal to renew
A. The superintendent may deny, suspend, revoke or refuse to renew the license of a provider or broker if the superintendent finds that:
Terms Used In New Mexico Statutes 59A-20A-4
- Contract: A legal written agreement that becomes binding when signed.
- Conviction: A judgement of guilt against a criminal defendant.
- Fraud: Intentional deception resulting in injury to another.
- Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(1) there was any material misrepresentation in the application for the license; (2) the licensee, including any officer, partner, member, key management personnel or representative of the licensee, has been convicted of fraudulent or dishonest practices, is subject to a final administrative action or is otherwise shown to be untrustworthy or incompetent;
(3) the licensee has pleaded guilty or nolo contendere, or been found guilty of, any felony or a misdemeanor involving fraud or moral turpitude, regardless of whether a judgment of conviction has been entered by the court;
(4) the licensee no longer meets the requirements for initial licensure;
Act;
(5) the licensee has performed any act prohibited by the Viatical Settlements (6) the provider demonstrates a pattern of unreasonable payments to viators;
(7) the provider has entered into a viatical settlement contract that has not been approved in accordance with the Viatical Settlements Act;
(8) the provider has failed to honor contractual obligations set out in a viatical settlement contract; or
(9) the provider has assigned, transferred or pledged a viaticated policy to a person other than another provider licensed in New Mexico or a financing entity.
B. Before the superintendent suspends, revokes or refuses to renew the license of a provider or broker, the superintendent shall conduct a hearing in accordance with N.M. Stat. Ann. Chapter 59A, Article 4.
C. Any person aggrieved by denial of an application may request a hearing before the superintendent in accordance with the provisions of N.M. Stat. Ann. Chapter 59A, Article 4.