New Mexico Statutes 58-17-18. Establishing a cemetery authority
A. A person establishing or acquiring a cemetery subject to the Endowed Care Cemetery Act shall file an initial registration with the director that contains the following information:
Terms Used In New Mexico Statutes 58-17-18
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(1) a detailed financial statement of the proposed owners;
(2) a current credit report of the person establishing or acquiring the cemetery and a resume for each principal;
(3) the full name and address of the registrant, if an individual; of every member, if the registrant is a partnership or an association; of every officer, if the registrant is a corporation; and of any person owning ten percent or more of the cemetery;
(4) a plot plan that identifies the endowed care sections of the cemetery and all plans for future expansion of the cemetery;
(5) a copy of the form of contracts or instruments to be used in the sales of endowed care lots, graves, crypts or niches;
(6) proof of ability to make the initial deposit or secure a surety bond as required by Section 58-17-11 N.M. Stat. Ann.;
(7) a registration fee in the amount of fifty dollars ($50.00); and
(8) any other information requested by the director.
B. Failure to submit the information specified in Subsection A of this section shall result in the denial of the registration to sell endowed care. Until a registration to operate a cemetery is approved by the director, a person establishing or acquiring a cemetery authority shall not advertise, represent, guarantee, promise or contract that perpetual care, endowed care or any similar care will be furnished.