N.M. Admin. Code § 15.1.21.9

Current through Register Vol. 35, No. 17, September 10, 2024

Section 15.1.21.9 - APPLICATION FOR APPROVAL TO ENFORCE SECURITY INTEREST

A. Except as otherwise provided in this rule, a secured party must apply for approval to enforce a security interest in gaming property collateral using such forms as the board may require or approve. The application for approval must include:

(1) a complete description of the gaming property collateral that is the subject of the security interest;

(2) copies of the security agreement and documents evidencing the obligation secured by the gaming property collateral;

(3) a statement by the secured party identifying the act of default by the licensee that is the basis for seeking to enforce the security interest, including notice of default sent to the licensee; and

(4) any other information requested by the board.

B. The board will investigate the facts and circumstances related to the application for approval to enforce a security interest. The investigation may include:

(1) review of all pertinent documents;

(2) analysis of the impact on the licensee if the board approves enforcement of the security interest, including an evaluation of the effect of enforcement of the security interest upon the continued operation of the licensed gaming establishment;

(3) review of the transaction to determine whether the security interest was given in violation of the Act or this title, or an attempt to evade the requirements of the Act or this title regarding the sale, assignment, transfer or other disposition of an interest in a gaming operation or in the type of property subject to this rule; and

(4) any other data or information the board deems relevant to the application.

N.M. Admin. Code § 15.1.21.9

N, 4/30/99; 15.1.21.9 NMAC - Rn, 15 NMAC 1.21.9, 2/14/02