New Mexico Statutes 61-18A-6. Penalty for violations
Current as of: 2023 | Check for updates
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A. In addition to any other penalty, any person or any officer or director of any partnership, corporation or association conducting business as a collection agency or repossessor without first having been licensed pursuant to the Collection Agency Regulatory Act or who carries on such business after the revocation or expiration of any license which the director has refused to renew, is guilty of a fourth degree felony.
Attorney's Note
Under the New Mexico Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| fourth degree felony | up to 18 months | up to $5,000 |
Terms Used In New Mexico Statutes 61-18A-6
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
B. Any person violating any other provision of that act is guilty of a misdemeanor.