Fiduciary funds
NMSA 1978, § 59A-62-10
in effect59A-62-10. Fiduciary funds
A. Self-service storage insurance producers billing and collecting charges shall comply with the fiduciary requirements set forth in Section 59A-12-22 NMSA 1978, except that, pursuant to Paragraph (1) of Subsection B of Section 59A-12-22 NMSA 1978, the self-service storage insurance producer may remit received premiums, less applicable commissions, if any, and return premiums to the insurer or supervising entity within a time established by contract with the insurer or supervising entity, not to exceed sixty days after such receipt.
B. All money received by a self-service storage insurance producer or its employees or authorized representatives from an occupant for the sale of self-service storage insurance shall be held by the self-service storage insurance producer in a fiduciary capacity for the benefit of the insurer. A self-service storage insurance producer may receive compensation for billing and collection services, as established by contract with the insurer or supervising entity.
Laws 2019, ch. 219, § 10.
Source: New Mexico Compilation Commission (nmonesource.com)URL: https://nmonesource.com/nmos/nmsa-unanno/en/item/18562/index.do#!b/59A-62-10Fetched: 10/20/2026