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Can I collect financial information from participants in New Mexico? What are the requirements?
Yes, you can collect financial information from participants in New Mexico. However, there are specific requirements that must be followed.
To verify resources of individuals applying for assistance programs in New Mexico, you must follow the Financial Verification Standards outlined in 8.100.130.23 NMAC [2.1]. This document provides guidance on how to verify resources, including acceptable documents such as bank statements, investment records, and property deeds.
If you are collecting financial information from individuals who are required to file a Financial Disclosure Statement (FDS), you must follow the guidelines outlined in 1.10.31.8 NMAC [2.1]. This document provides instructions on how to file an FDS, including what information must be disclosed, such as the filer’s full name, residential address, and mailing address, as well as sources of gross income over $5,000.
If you are an investment adviser in New Mexico, you must have at least one designated supervisor who has passed the general securities principal examination or the general securities sales supervisor qualification examination, as outlined in 12.11.5.18 NMAC [2.1].
Additionally, an individual applying to be registered as an investment adviser or investment adviser representative under the New Mexico Uniform Securities Act must provide the director with proof of obtaining a passing score on either the uniform investment adviser law examination (series 65 - post 1999 version) or the general securities representative examination (series 7) and the uniform combined state law examination (series 66 - post 1999 version), as outlined in 12.11.5.14 NMAC [1.2].
Therefore, to collect financial information from participants in New Mexico, you must follow the specific guidelines outlined in each document.
Source(s):
Jurisdiction
New Mexico