Can I offer a referral program for my customers in New Mexico? What are the requirements?

Based on the information provided in the context documents, it appears that referral programs are allowed in New Mexico, but there are specific requirements that must be met.

Requirements for Referral Programs in New Mexico

According to [1.2]" >16.61.27.9 NMAC, when a New Mexico associate broker or qualifying broker makes a referral to or receives a referral from a foreign broker for the purpose of receiving a fee, commission, or any other consideration, the qualifying broker of the New Mexico brokerage and the foreign broker shall execute a written, transaction-specific referral agreement at the time of the referral. This means that a written agreement must be in place at the time of the referral, and it must be specific to the transaction.

It is unclear from the context documents whether there are additional requirements for referral programs beyond what is stated in [1.2]" >16.61.27.9 NMAC. However, it is recommended that you consult with a legal professional to ensure that your referral program complies with all applicable laws and regulations.

Additionally, if you are a small loan business operating one or more marketing or business sites in New Mexico, you must comply with the marketing site requirements in [2.1]" >12.18.10.8 NMAC and business site requirements in [2.2]" >12.18.10.9 NMAC, respectively. These requirements include providing mandatory disclosures and consumer information on a New Mexico specific web page, making the most current small loan license certificate easily accessible and available for review within the business site, and providing a disclosure in an easily accessible and visible location for consumers to report any problems or complaints with the lender.

Therefore, to answer your question, you can offer a referral program for your customers in New Mexico, but you must ensure that you comply with the requirements stated in [1.2]" >16.61.27.9 NMAC. Additionally, if you are a small loan business operating one or more marketing or business sites in New Mexico, you must comply with the marketing site requirements in [2.1]" >12.18.10.8 NMAC and business site requirements in [2.2]" >12.18.10.9 NMAC, respectively.

Please note that this response is based solely on the information provided in the context documents, and it is recommended that you consult with a legal professional to ensure that your referral program complies with all applicable laws and regulations.

Source(s):

• [2.1] MARKETING SITE REQUIREMENTS
• [2.2] BUSINESS SITE REQUIREMENTS
• [1.2] FOREIGN BROKERS

Jurisdiction

New Mexico

• General