Notice of Compliance Requirements Effective Immediately.

SUPERINTENDENT OF INSURANCE John G. Franchini 505-827-4299 [LOGO] NEW MEXICO | OFFICE OF SUPERINTENDENT OF INSURANCE DEPUTY SUPERINTENDENT Robert Doucette 505-827-5832 FILED 2017 DEC 29 | PM 2:57 NM OFFICE OF SUPERINTENDENT OF INSURANCE Bulletin 2017-017 December 29, 2017 TO: ALL PROPERTY BAIL BONDSMEN DOING BUSINESS IN NEW MEXICO RE: NOTICE OF COMPLIANCE REQUIREMENTS EFFECTIVE IMMEDIATELY THE FOLLOWING BULLETIN is issued pursuant to Section 59A-51-1 et seq. NMSA 1978 (“Bail Bondmen Licensing Law”) and Sections 1 through 23 of 13.20.2 NMAC (“Bail Bondsmen and Solicitors”). It has come to the attention of the New Mexico Office of Superintendent of Insurance that a number of Property Bail Bond companies have cancelled or failed to renew their letters of credit or surety bonds. Section 59A-51-8 NMSA of the Bail Bondsmen Licensing Law requires that letters of credit, a surety bond, a certificate of deposit, or securities be maintained on deposit with the Superintendent for the duration of the license and until all bonds that have been posted with all courts become exonerated. The Superintendent must be notified at least thirty (30) days prior to cancellation of a surety bond. Failure to maintain the required bond or deposit shall result in immediate cancellation of the license. See Section 59A-51-3 NMSA 1978. Furthermore, pursuant to Section 59A-51-11 NMSA 1978 all Property Bail Bondsmen doing business in New Mexico shall adhere to the following: A. Every license issued under the [Bail Bondsmen Licensing Law] is at all times the property of the state of New Mexico, and upon any expiration, termination, suspension or revocation thereof the licensee shall promptly return the license to the superintendent for holding (in case of suspension) or cancellation; and Main Phone: 505-827-4601 Toll Free: 1-855-4-ASK-OSI Main Fax: 505-827-4734 Mailing Address: P.O. Box 1689 Santa Fe, NM 8704-1689 Physical Address: 1120 Paseo de Peralta Santa Fe, NM 87501 B. Any property bondsman who discontinues writing bail bonds during the period for which he is licensed shall notify the clerks of the courts with whom he is registered of such discontinuance. Within thirty (30) days after such discontinuance the licensee shall return his license to the superintendent for cancellation. Forfeiture or termination of the license prior to exoneration of all posted bonds may result in the courts determining that the former bail bondsman shall be held personally liable for those bonds. In addition to mandatory compliance referenced above, all Bail Bonds companies must file a final Premium Tax report with the NM Office of Superintendent of Insurance, Financial Audit Bureau. See Section 59A-6-3 NMSA 1978. Any questions on this Bulletin may be directed to Ms. Lorinda Martinez, Producer Licensing Bureau Chief at lorinda.martinez@state.nm.us or at 505.827.4554. DONE AND ORDERED this 29th day of December, 2017. JOHN G. FRANCHINI Superintendent of Insurance Main Phone: 505-827-4601 Toll Free: 1-855-4-ASK-OSI Main Fax: 505-827-4734 Mailing Address: P.O. Box 1689 Santa Fe, NM 8704-1689 Physical Address: 1120 Paseo de Peralta Santa Fe, NM 87501