New Mexico Administrative Code

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Financial Institutions Division of the Regulation and Licensing Department.

Small loan licensees conducting business in New Mexico.

Section 58-15-11 NMSA 1978.

Permanent.

September 15, 2018, unless a later date is cited at the end of a section.

The objective of this part is to establish regulations governing the conduct of small loan licensees.

A. Venue for all hearings held pursuant to the New Mexico Small Loan Act of 1955 shall be in Santa Fe, New Mexico unless the director, upon motion by a party, finds that it would be appropriate to hold the hearing elsewhere in New Mexico. B. Service of subpoenas, summary orders, …

Financial Institutions Division of the Regulation and Licensing Department.

Loan companies conducting business in New Mexico.

Section 58-15-11 NMSA 1978.

Permanent.

September 15, 2018, unless a later date is cited at the end of a section.

The objective of this part is to define the requirements for licensure for persons conducting a business of making small loans to residents of New Mexico solely from locations outside of New Mexico.

A. When the proceeds of a small loan in the amount or of the value of $10,000 or less have been delivered to a New Mexico resident borrower by mail within New Mexico or have been otherwise made available to a New Mexico resident borrower within New Mexico, by a lender who solicit…

Financial Institutions Division of the Regulation and Licensing Department.

Loan companies conducting refund anticipation loans in the state of New Mexico.

Section 58-15-11 NMSA 1978.

Permanent.

September 15, 2018, unless a later date is cited at the end of a section.

The objective of this part is to require a small loan licensee engaged in the business of making refund anticipation loans to provide the consumer with a disclosure of the loan information on a form as prescribed by the director.

All small loan companies engaged in the business of making refund anticipation loans must provide a form to consumers that includes the following: A. a statement that "refund anticipation loan" means a loan that is secured by or that the creditor arranges or expects to be repaid,…

All small loan licensees engaged in the business of making refund anticipation loans shall not: A. directly or indirectly represent a refund anticipation loan as a refund or tax credit; B. require a borrower to enter into a loan agreement in order to complete a tax return; C. eng…

Financial Institutions Division of the Regulation and Licensing Department.

All mortgage loan companies and mortgage loan originators licensed by the state of New Mexico.

Mortgage Loan Company Act, Section 58-21-9 NMSA 1978 and New Mexico Mortgage Loan Originator Licensing Act, Section 58-21B-19 NMSA 1978.

Permanent.

May 5, 1986, unless a later date is cited at the end of a section.

The objective of this part is to effectuate the purposes of the Mortgage Loan Company Act, Section 58-21-1 NMSA 1978 et seq., and the New Mexico Mortgage Loan Originator Licensing Act, Section 58-21B -1 NMSA 1978 et seq., and to clarify their meaning.

A. "Affiliate" means a person who, directly or indirectly, through one or more intermediaries, controls or is controlled by or is under common control with another person. B. "Branch office" means any location, including a divisional office, separate from the principal place of b…

Financial Institutions Division of the Regulation and Licensing Department.

A. In reference to Section 58-21B-14 NMSA 1978, hearings requested shall be conducted under the following procedures.(1) The mortgage loan originator shall request a hearing in writing by certified return receipt letter addressed to the director. The director shall, within 30 day…

The New Mexico Mortgage Loan Originator Licensing Act, Section 58-21B-10(E)(2) NMSA 1978, prohibits a licensed mortgage loan originator from taking the same approved continuing education course in the same or successive years to meet the annual continuing education requirements. …