New Mexico Administrative Code

The license of a mortgage loan originator that expires for failure to satisfy the minimum standards for renewal may be reinstated if the licensee meets the following requirements: A. The license must be reinstated between January 1 and February 28 of the year immediately followin…

At least two (2) days prior to closing, a mortgage loan originator shall provide to the borrower(s) the following federal disclosures specific to the mortgage loan the borrower(s) is receiving: (1) a good faith estimate and (2) a truth in lending statement. These documents shall …

The documentation of "reasonable ability to repay", in Section 58-21B-13(C)(24) NMSA 1978, will depend upon the totality of facts and circumstances relating to a specific residential mortgage loan transaction and the borrower's financial condition and circumstances. While the doc…

A. A licensed mortgage loan originator shall amend information entered in the nationwide mortgage licensing system and registry for licensure within five days following the change in that information. The information that shall be required to be amended shall include, but not be …

A licensed mortgage loan originator whose employment with a mortgage loan company is terminated shall not originate new mortgage loans for that mortgage loan company but may receive compensation for those mortgage loans originated by him or her while employed by that mortgage loa…

The exemption in Section 58-21B-4(B)(2) includes an individual who offers or negotiates terms of a residential mortgage loan financed in whole or in part by the individual and secured by the individual's residence.

In reference to 58-21B-4(D), a mortgage loan originator may obtain a ninety day temporary license to originate residential mortgage loans in New Mexico while they complete the licensing requirements for a New Mexico mortgage loan originator license. A temporary license shall be i…

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

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

Permanent.

August 31, 2009, unless a later date is cited in the history note at the end of a section.

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

A. "Days" means a period of time expressed in calendar days, except when disclosures are required to be given to borrowers, then "days" shall exclude Saturdays, Sundays and legal holidays. B. "Independent contractor" means any person who processes or underwrites residential mortg…

A mortgage loan originator shall pay the following fees. These fees are non-refundable and are in addition to any fees established and charged by the nationwide mortgage licensing system and registry, any approved educational course provider, any approved educational testing prov…

Every surety bond shall provide that no suit or claim shall be maintained to enforce any liability on the bond unless brought within six years after the act upon which the suit or claim is based.

Financial Institutions Division of the Regulation and Licensing Department.

Hearings requested, pursuant to Section 58-21-14 of the act, by applicants or licensees shall be conducted under the following procedures. A. Hearings shall be conducted pursuant to Section 12-8-10 NMSA 1978 and Section 12-8-11 NMSA 1978 of the Administrative Procedures Act (12-8…

A mortgage loan company shall pay the following fees. These fees are non-refundable and are in addition to any fees established and charged by the nationwide mortgage licensing system and registry. A. Main office: (1) application fee: $500.00; (2) license fee: $500.00; (3) superv…

A. Mortgage loan companies shall provide rate lock disclosures to and enter into signed lock-in agreements with a borrower(s). The mortgage loan company shall use a rate lock disclosure form of their choosing. The rate lock disclosure shall include the following information: (1) …

A. A qualified manager shall provide the director with the following documentation of his or her lending experience for verification purposes: (1) income tax returns; (2) W-2 and/or 1099 forms. B. Documentation may also include previous business licenses and other state mortgage …

Every surety bond shall provide that no suit or claim shall be maintained to enforce any liability on the bond unless brought within six years after the act upon which the suit or claim is based.

The documentation of "reasonable ability to repay" in Section 58-21-8(N) NMSA 1978, will depend upon the totality of facts and circumstances relating to a specific residential mortgage loan transaction and the borrower's financial condition and circumstances. While the documentat…

A. A licensed mortgage loan company shall amend information entered in the nationwide mortgage licensing system and registry for licensure within five days following the change in that information. The information that shall be required to be amended shall include, but not be lim…

A licensed mortgage loan originator whose employment with a mortgage loan company is terminated shall not originate new mortgage loans for that mortgage loan company but may receive compensation for those mortgage loans originated by him or her while employed by that mortgage loa…

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

Mortgage Loan Company Act, Section 58-21-9 NMSA 1978.

Permanent.

December 15, 2008, unless a later date is cited in the history note at the end of a section.

The objective of this part is to effectuate the purposes of the Mortgage Loan Company Act.

A. "Applicant" means a person who has applied for a license pursuant to the provisions of the Mortgage Loan Company Act, and includes all directors, officers, employees, trustees and owners of such person. B. "Days" means a period of time expressed in calendar days, except when d…

A. Application for licensure:In addition to the information required by Section 58-21-4 NMSA 1978 of the act, each applicant for issuance or renewal of a license shall be subject to the following requirements:(1) applications for license or renewal of a license shall be made usin…

Pursuant to Section 58-21-8(A) NMSA 1978 of the act, a licensee or applicant may be deemed to lack a good business reputation if the director finds that the licensee or applicant has done or is doing any of the following, which includes, but is not limited to: A. repeatedly issue…

Office of the New Mexico Attorney General, Consumer Protection Division, Post Office Drawer 1508, Santa Fe, New Mexico 87504-1508.

A. The attorney general: (1) shall compile and publish all effective rules adopted by the attorney general. Compilations shall be supplemented or revised as often as necessary and at least once every two years; (2) shall publish an annual bulletin setting forth the text of all ru…

Any interested person may petition the attorney general requesting the promulgation, amendment or repeal of a rule and may accompany his petition with data, views and arguments he or she thinks pertinent. Within sixty days after the submission of a petition, the attorney general …

Unless otherwise provided by law, the validity or applicability of a rule may be determined in an action for declaratory judgment in any district court which has jurisdiction.

The provisions of this part may be amended, repealed or superseded by another act of the legislature or the attorney general only by direct reference to the section or sections of this part being amended, repealed or superseded.

If any part or application of any part of these procedures is held invalid, the remainder and application thereof shall not be affected.

Original Adoption and Promulgation Tom Udall Attorney General Date: 1/17/92 Readoption and Repromulgation Tom Udall Attorney General Date: 4/9/98 Tom Udall Attorney General

Attorneys general.

New Mexico Unfair Practices Act, Section 57-12-1 NMSA 1978 et seq.; New Mexico Pyramid Promotional Schemes Act, Section 57-13-11 NMSA 1978; New Mexico False Advertising Act, Section 57-15-7 NMSA 1978; New Mexico Indian Arts and Crafts Act, Section 30-33-11 NMSA 1978; and New Mexi…

Permanent.

Re-promulgated and reformatted in NMAC format effective as of May 1, 1998, unless a later date is cited at the end of a section or paragraph.

These rules govern the procedures for rule-making by the attorney general and shall be construed to secure a just and speedy determination of every proceeding. The purpose is to promote uniformity with respect to rule-making and this part shall be liberally construed to carry out…

The following words when used in this part, except as otherwise required by the context, shall have the following meaning: A. "Attorney general" means the office of the attorney general or any division therein. B. "Rule" includes the whole or any part of every regulation of gener…

In addition to other rule-making requirements imposed by law, the attorney general shall: A. make available all required or suggested forms, together with proper instructions pertaining thereto; and make available for public inspection all rules formulated, adopted or used by the…

A. Prior to the adoption, amendment or repeal of any rule, the attorney general shall, within the time specified by law, or if no time is specified, then at least 30 days prior to its proposed action: (1) publish notice of the proposed action in the state register; and (2) notify…

Office of the New Mexico Attorney General.

Service contracts which contain automatic renewal clauses.

The New Mexico Unfair Practices Act, NMSA 1978, Section 57-12-1, et seq. (1967).