Chapter 47, Chapter 47

estate transactions. A. The legislature finds that property tax levied on a residential property for the current year can be a misleading guide to property tax levies in the years following the sale of that property and that a prospective buyer needs information regarding the pro…

systems. The requirements of the Distributed Generation Disclosure Act [57-31-1 to 57-31-5 NMSA 1978] shall not apply to a transaction involving the sale or transfer of the real property on which the distributed energy generation system is located. History: Laws 2017, ch. 102, § …

Chapter 47, Article 14 NMSA 1978 may be cited as the "Appraisal Management Company Registration Act". History: Laws 2009, ch. 214, § 1; 2010, ch. 13, § 1.

Each appraisal management company applying to the board for registration in this state shall designate one controlling person that will be the main contact for all communication between the board and the appraisal management company. History: Laws 2009, ch. 214, § 10.

In order to serve as a controlling person of an appraisal management company, a person shall: A. certify to the board that the person has never had a certificate or a license issued by the board of this state, or the board of any other state, to act as an appraiser refused, denie…

A. Any employee of the appraisal management company, or any person working on behalf of the appraisal management company, that has the responsibility of selecting independent appraisers for the performance of real estate appraisal services for the appraisal management company or …

A. An appraisal management company registered in this state pursuant to the Appraisal Management Company Registration Act shall not enter into contracts or agreements with an independent appraiser for the performance of real estate appraisal services unless that person is license…

Each appraisal management company seeking to be registered in this state shall certify to the board on an annual basis on a form prescribed by the board that the appraisal management company has a system and process in place to verify that a person being added to the appraiser pa…

Each appraisal management company seeking to be registered in this state shall certify to the board on an annual basis that it has a system in place to review the work of all independent appraisers that are performing real estate appraisal services for the appraisal management co…

value for mortgage lending purposes. A. Automated valuation models shall adhere to quality control standards designed to: (1) ensure a high level of confidence in the estimates produced by automated valuation models; (2) protect against the manipulation of data; (3) seek to avoid…

Each appraisal management company seeking to be registered shall certify to the board on an annual basis that it maintains a detailed record of each service request that it receives and the independent appraiser that performs the real estate appraisal services for the appraisal m…

A. Appraisals shall be conducted independently and free from inappropriate influence and coercion pursuant to the appraisal independence standards established pursuant to the federal Truth in Lending Act. B. It is unlawful for any employee, director, officer or agent of an apprai…

certificate. A. The fees paid to an appraiser for completion of the appraisal shall not include a fee for management of the appraisal process or any activity other than the performance of the appraisal. B. An appraisal management company shall separately state the fees paid to an…

An appraisal management company shall not: A. alter, modify or otherwise change a completed appraisal report submitted by an independent appraiser without the appraiser's written knowledge and consent; or B. use an appraisal report submitted by an independent appraiser for any ot…

As used in the Appraisal Management Company Registration Act: A. "appraisal" means the act or process of developing an opinion of the value of real property in conformance with the uniform standards for professional appraisal practice published by the appraisal foundation; B. "ap…

management company and an independent appraiser. A. An appraisal management company shall not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an independent appraiser without notifying the appraiser in wri…

A. The board may censure an appraisal management company, conditionally or unconditionally suspend or revoke any registration issued under the Appraisal Management Company Registration Act, levy fines or impose civil penalties not to exceed twenty-five thousand dollars ($25,000) …

The board shall conduct adjudicatory proceedings in accordance with the Uniform Licensing Act [61-1-1 to 61-1-31 NMSA 1978]; provided that: A. a written notice shall be satisfied by personal service on the controlling person of the registrant or the registrant's agent for service…

The board may adopt rules that are reasonably necessary to implement, administer and enforce the provisions of the Appraisal Management Company Registration Act, including rules for obtaining copies of appraisals and other documents necessary to audit compliance with the Appraisa…

A. It is unlawful for a person, corporation, partnership, sole proprietorship, subsidiary, limited liability company or any other business entity to, directly or indirectly, engage or attempt to engage in business as an appraisal management company, to, directly or indirectly, en…

A. In order to qualify for registration or renewal of registration, an appraisal management company shall maintain a bond underwritten by a corporate surety authorized to transact business in New Mexico, or other equivalent means of security. The board shall set by rule the amoun…

A. The board may adopt rules that provide for criminal background checks for all licensees to include: (1) requiring criminal history background checks of applicants for licensure pursuant to the Appraisal Management Company Registration Act; (2) requiring applicants for licensur…

The Appraisal Management Company Registration Act is not applicable to: A. a corporation, partnership, sole proprietorship, subsidiary, limited liability company or other business entity that employs persons on an employer and employee basis exclusively for the performance of rea…

An applicant for registration as an appraisal management company shall submit to the board an application on a form prescribed by the board. History: Laws 2009, ch. 214, § 5.

A registration granted by the board pursuant to the Appraisal Management Company Registration Act shall expire on September 30 of each year. History: Laws 2009, ch. 214, § 6; 2013, ch. 143, § 3.

Each entity applying for registration as an appraisal management company shall complete and execute an irrevocable consent to service of process form as prescribed by the board. History: Laws 2009, ch. 214, § 7.

A. The board shall establish the fee for appraisal management company registration by rule to cover the cost of the administration of the Appraisal Management Company Registration Act, but in no case shall the fee be more than two thousand dollars ($2,000). B. Registration fees s…

A. An appraisal management company applying for registration may not be owned by a person or have any principal of the company who has had a license or certificate to act as an appraiser refused, denied, canceled or revoked in this state or in any other state. B. Each person that…

This act [47-15-1 to 47-15-8 NMSA 1978] may be cited as the "Mortgage Foreclosure Consultant Fraud Prevention Act". History: Laws 2010, ch. 58, § 1.

As used in the Mortgage Foreclosure Consultant Fraud Prevention Act: A. "compensation" means monetary payment, remuneration or other benefits received, including monetary donations made in conjunction with the performance of services; B. "foreclosure consultant": (1) means a pers…

A. A foreclosure consulting contract shall: (1) be provided to the owner for review at least twenty-four hours before being signed by the owner; (2) be printed in at least fourteen-point type and written in the same language that was used by the owner in discussions with the fore…

A. In addition to any other right under law to rescind a contract, an owner may rescind a foreclosure consulting contract until midnight of the third business day after the day on which the owner signs a foreclosure consulting contract that complies with the Mortgage Foreclosure …

It is a violation of the Mortgage Foreclosure Consultant Fraud Prevention Act for a foreclosure consultant to: A. claim, demand, charge, collect or receive any compensation until after the foreclosure consultant has fully performed every service the foreclosure consultant contrac…

Any waiver by an owner of the provisions of the Mortgage Foreclosure Consultant Fraud Prevention Act is void and unenforceable as contrary to public policy. Any attempt by a foreclosure consultant to induce an owner to waive the owner's rights under the Mortgage Foreclosure Consu…

A. A violation of the Mortgage Foreclosure Consultant Fraud Prevention Act constitutes an unfair trade practice pursuant to the Unfair Practices Act [Chapter 57, Article 12 NMSA 1978]. B. A prevailing plaintiff in a suit for violation of the Mortgage Foreclosure Consultant Fraud …

A person who commits a violation of the provisions of Section 5 [47-15-5 NMSA 1978] of the Mortgage Foreclosure Consultant Fraud Prevention Act is guilty of a fourth degree felony and, upon conviction, shall be sentenced pursuant to Section 31-18-15 NMSA 1978. Each violation of t…

Chapter 47, Article 16 NMSA 1978 may be cited as the "Homeowner Association Act". History: Laws 2013, ch. 122, § 1; 2015, ch. 104, § 1.

At least every three years, the board shall provide for a financial audit, review or compilation of the association's records in accordance with generally accepted accounting principles by an independent certified public accountant and shall provide that the cost thereof be asses…

right of cancellation of purchase contract. Except as provided in Section 12 [47-16-12 NMSA 1978] of the Homeowner Association Act, a person selling a lot that is subject to an association shall provide in writing a disclosure certificate that states that the lot is located withi…

A. Unless exempt pursuant to Subsection F of this section, prior to closing, a lot owner shall furnish to a purchaser copies of: (1) the declaration of the association, other than the plats and plans; (2) the bylaws of the association; (3) any covenants, conditions and restrictio…

If a purchaser elects to cancel a purchase pursuant to Section 11 [47-16-11 NMSA 1978] of the Homeowner Association Act, the purchaser may do so by hand delivering notice of the cancellation to the lot owner or by mailing notice of cancellation, by prepaid United States mail, to …

A court may award attorney fees and costs to any party that prevails in a civil action between a lot owner and the association or declarant based upon any provision of the declaration or bylaws; provided that the declaration or bylaws allow at least one party to recover attorney …

A. Except as provided in Subsection B of this section, the Homeowner Association Act shall apply to all homeowner associations created and existing within this state. B. Sections 47-16-9, 47-16-10 and 47-16-14 NMSA 1978 do not apply to homeowner associations created before July 1…

An association shall not adopt or enforce a restriction related to the flying or displaying of flags that is more restrictive than the applicable federal or state law or county or municipal ordinance. History: Laws 2015, ch. 104, § 2.

A. The association shall hold an annual meeting at least once every thirteen months. B. Notwithstanding a provision to the contrary in the community documents, written notice of the meeting stating the time, date and location of the annual meeting and, in the case of a special me…

child care homes; licensed family child care homes; licensed group child care homes; conflicts. A. Each association and each lot owner and the owner's tenants, guests and invitees shall comply with the Homeowner Association Act and the association's community documents. B. Notwit…

As used in the Homeowner Association Act: A. "articles of incorporation" means the articles of incorporation, and all amendments thereto, of an association on record in the office of the county clerk in the county or counties in which the association is located; B. "association" …

An association pursuant to the Homeowner Association Act shall be organized in accordance with the laws of the state and be identified in a recorded declaration. The membership of the association shall consist exclusively of all lot owners in the development. History: Laws 2013, …

declaration. A. An association organized after July 1, 2013 shall record a notice of homeowner association in the office of the county clerk of the county or counties in which the real property affected thereby is situated no later than thirty days after the date on which the ass…

A. All financial and other records of the association shall be made available during regular business hours for examination by a lot owner within ten business days of a written request. B. The association shall not charge a fee for making financial and other records available for…