A. The director shall promulgate rules in accordance with the State Rules Act [Chapter 14, Article 4 NMSA 1978] and enforce those rules as are reasonable or necessary for the examination and licensing of collection agencies, repossessors, managers and solicitors, for the conduct of such persons and for the general enforcement of the various provisions of the Collection Agency Regulatory Act in the protection of the public. B. The violation of any provisions of the Collection Agency Regulatory Act or of rules promulgated by the director is sufficient ground for revocation of a license or for other disciplinary action as provided in the Uniform Licensing Act [Chapter 61, Article 1 NMSA 1978]. C. A provision of the Collection Agency Regulatory Act imposing a liability shall not apply to an act done or omitted in good faith in conformity with a rule of the director, notwithstanding that after the act or omission has occurred, the rule is amended, rescinded or determined by judicial or other authority to be invalid for any reason. History: Laws 1987, ch. 252, § 4; 2022, ch. 39, § 84. The 2022 amendment, effective May 18, 2022, clarified that the director of the financial institutions division is required to follow the provisions of the State Rules Act when promulgating rules and the provisions of the Uniform Licensing Act in disciplinary matters; in the section heading, deleted "and regulations"; in Subsection A, after "The director shall", deleted "establish" and added "promulgate rules in accordance with the State Rules Act"; and in Subsection B, after "any provisions of", deleted "that" and added "the Collection Agency Regulatory", after "rules", deleted "and regulations established" and added "promulgated", and after "other disciplinary action", added "as provided in the Uniform Licensing Act".
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