Certificate Change Following A Transfer By Operation Of Law

This section shall apply whenever the ownership of, or interest in, a certificate passes to another by operation of law, such as upon inheritance, bequest, order in bankruptcy or insolvency, execution sale, repossession upon default of a loan, lease or executory sales contract. A. Notice: The personal representative, executor, administrator, receiver, trustee or other representative or successor in interest of the operating authority shall sign and submit to the department a notice of transfer by operation of law. The notice shall contain: (1) the name of the holder from whom the certificate is to be transferred; (2) the circumstances resulting in the transfer by operation of law; and (3) a certified copy of a court order or other document admissible pursuant to the New Mexico rules of evidence, establishing that the transfer by operation of law has occurred; (4) whether the successor intends to modify or continue operations under the certificate, or to voluntarily suspend or cancel the certificate. B. Department approval required: The successor must apply for, and receive, department approval for any change to, or continued operations under, the certificate. Approvals may be expedited under Subsection C of Section 65-2A-14 NMSA 1978. [18.3.8.8 NMAC - Rp, 18.3.8.8 NMAC, 7/1/2024] 18.3.8.9 CHANGE TO THE FORM OF LEGAL ENTITY, NAME OR CONTROL OF A CERTIFICATE HOLDER: A. An application for a change of name, form or control of legal entity, or control of a holder of the certificate shall be on the prescribed form accompanied by any required fee, and shall include updates to the information, documents and statements required for applications in 18.3.2.9 NMAC, and insurance filing forms in the new name, if applicable. B. The department shall conduct a legal review to ensure that the change does not involve a transfer or lease of authority for which a notice and hearing are required, and additional documents may be required for the purpose of such review. Once the application is deemed complete and appropriate to the situation, the department shall promptly issue a new certificate to reflect the change