The superintendent shall not license as an insurance producer, or permit any such license to continue, if the superintendent finds that the licensee did, or that the applicant for license intends to offer, give or sell stock or other ownership or participating interest in the agency or brokerage as inducement to or in connection with purchase of insurance. History: Laws 1984, ch. 127, § 212; 2016, ch. 89, § 30. ANNOTATIONSThe 2016 amendment, effective July 1, 2017, after 'shall not license as', deleted 'agent, broker or solicitor' and added 'an insurance producer', after 'license to continue', deleted 'in force', and after 'applicant for license', deleted 'probably will' and added 'intends to'. Severability. — Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
New Mexico Legal Code