New Mexico Statutes 59A-38-13. Illegal transactions; penalty
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Any attorney-in-fact of Lloyds Plan underwriters or representative of such attorney- in-fact who exchanges or solicits or negotiates the exchange of any automobile insurance contract without compliance by the attorney-in-fact with the provisions of this article, shall be deemed guilty of a misdemeanor and upon conviction shall be punished by a fine of not to exceed five thousand dollars ($5,000).
Terms Used In New Mexico Statutes 59A-38-13
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Contract: A legal written agreement that becomes binding when signed.
- Conviction: A judgement of guilt against a criminal defendant.