New Mexico Administrative Code

Permanent.

January 1, 2021, unless a later date is cited at the end of a section.

The purpose of this rule is to establish requirements for title insurance policy provisions.

See 13.14.1 NMAC.

A. An owner's policy shall be written to protect the estate or interest in land held by the insured (e.g., fee simple, easement, etc.). Except as otherwise provided herein, an owner's policy shall be issued for the amount of the sales price of the land and any existing appurtenan…

A. NM form 34 shall contain standard exceptions subject to deletion as provided in these rules. B. Whenever the United States postal service acquires title to property being insured, it is permissible to:(1) amend the NM form 34 by striking therefrom in all places the name "Unite…

Office of Superintendent of Insurance ("OSI").

A loan policy shall contain standard exceptions 1 through 7 except as otherwise provided by these rules.

A. When a title insurer or agency issues a loan policy insuring a construction loan mortgage, the title insurer may require a specific pending disbursement clause. Such clause may be in the form directed by the title insurer, or it may be in the following form: "Pending disbursem…

Issuance of a replacement loan policy shall be governed by the rules applicable to a replacement owner's policy, except that a title insurer or agency shall accept as evidence either a replacement loan policy or a loan policy of an insurer under receivership, or a copy of the sam…

NM form 41 and, if desired, NM form 42 may be issued upon receipt of an order in anticipation of the filing of an action to judicially foreclose a mortgage, or other lien or security instrument encumbering title, or to non-judicially foreclose a deed of trust. No commitment shall…

A title insurer or title insurance agency may, issue NM form 45 if all of the following conditions exist: A. the real property to be insured is one to four family residential property; B. the real property is located within an approved and recorded subdivision; C. the title insur…

This rule applies to all title insurers, all title insurance agencies, and all title insurance agents conducting title insurance business in New Mexico.

A title insurer or title insurance agency may issue NM form 90 if all of the following conditions exist: A. the amount of the policy shall not exceed the outstanding principal balance of the loan on the date of the policy; B. the policy shall not increase the amount of coverage u…

Sections 59A-2-8, 59A-2-9, 59A-30-4, 59A-30-6, 59A-30-6.1, 59A-30-6.2 and 59A-30-8 NMSA 1978.

Permanent.

January 1, 2021, unless a later date is cited at the end of a section.

The purpose of this rule is to establish requirements for loan policies.

See 13.14.1 NMAC.

A. A loan policy shall be issued for the face amount of the loan or loans insured. When the land covered in the policy represents only part of the security of the loan(s), the policy shall be written in the amount of the value of such land or the amount of the loan(s) insured, wh…

Office of Superintendent of Insurance ("OSI").

NM form 85 may be attached to a policy only when authorized by order of the superintendent and subject to such terms, conditions and rate(s) specified by the superintendent.

A. NM form 43 may be attached to a policy to insure around a lien or other adverse matter excepted to in Schedule B if the title insurer has determined that the lien or other adverse matter does not pose a material risk under the policy. B.In lieu of attaching NM form 43, the exc…

NM form 77 shall be attached to a policy to provide coordinated and proportionate coverage by two or more title insurers. Such coverage may be provided, either by endorsement attached to a single policy and executed by or on behalf of the co-insuring title insurers, or by the iss…

A. Upon being furnished with a satisfactory survey:(1) NM form 50 and NM form 50.1 may be attached to a loan policy; (2) NM form 56 and NM form 56.1 may be attached to an owner's policy covering unimproved land; (3) NM form 57 and NM form 57.1 may be attached to an owner's policy…

NM form 51 may be attached to a policy, upon being furnished with a satisfactory survey. This endorsement may not be attached to a policy that insures one to four family residential property.

NM form 52 may be attached to a policy upon being furnished with a satisfactory survey. This endorsement may not be attached to a policy that insures one to four family residential property.

NM form 78 or 79 may be attached to a policy upon being furnished with a satisfactory survey if the policy provides survey coverage. These endorsements may not be attached to a policy that insures one to four family residential property.

NM form 54 or 66 may be attached to a policy upon being furnished with a satisfactory survey. These endorsements may not be attached to a policy that insures one to four family residential property. A. For an owner's policy, the insured shall, have an interest (in fee, leasehold,…

NM form 58 may be attached to a loan policy. This endorsement may not be attached to a policy that insures one to four family residential property.

This rule applies to all title insurers, all title insurance agencies, and all title insurance agents conducting title insurance business in New Mexico.

NM form 60 or NM form 60.1 may be attached to a loan policy. These endorsements may not be attached to a policy that insures one to four family residential property.

NM form 61 may be attached to a loan policy upon being provided a satisfactory survey.

NM form 62 may be attached to a loan policy. This endorsement may not be attached to a policy that insures one to four family residential property.

NM form 64 or NM form 64.1 may be attached to a policy. These endorsements shall not be attached to a policy that insures one to four family residential property.

NM form 65, 65.1 or 65.2 may be attached to a policy upon being furnished with a satisfactory survey. A. These endorsements shall not be attached to a policy that insures one to four family residential property. B. The coverage provided by any part of each endorsement may not be …

NM form 67 may be attached to a policy upon being furnished a satisfactory survey. A separate endorsement shall be issued for each public street, road or highway for which the insured wants access and entry coverage, and a separate premium shall be paid for each endorsement issue…