Chapter 47 — Chapter 47

A. A developer shall, before conveyance of a time share and not later than the execution of any contract of sale, provide a purchaser with a copy of a disclosure statement containing the information required by the New Mexico Time Share Act. The contract of sale is voidable by th…

An advertisement or promotion of a time share which includes the offer of a prize or other inducement shall fully comply with the provisions of the Unfair Practices Act. History: Laws 1986, ch. 97, § 7.

No proxy, power of attorney or similar device given by the purchaser of a time share regarding the management of the time share program or its facilities shall exceed one year in duration, but the same may be renewed from year to year. History: Laws 1986, ch. 97, § 8.

A. If a purchaser is offered the opportunity to subscribe to an exchange program, the developer shall, except as provided in Subsection C of this section, deliver to the purchaser, prior to the execution of the sales contract or any contract between the purchaser and the exchange…

Any exchange company offering an exchange program to a purchaser shall be deemed to have made an irrevocable appointment of the commission to receive service of lawful process in any proceeding against the exchange company arising under the New Mexico Time Share Act. History: Law…

This act [47-12-1 to 47-12-6 NMSA 1978] may be cited as the "Land Use Easement Act". History: Laws 1991, ch. 15, § 1.

As used in the Land Use Easement Act: A. "holder" means any nonprofit corporation, nonprofit association or nonprofit trust, the purposes or powers of which include retaining or protecting the natural or open space values of real property, assuring the availability of real proper…

A. Except as otherwise provided in the Land Use Easement Act, a land use easement may be created, conveyed, recorded, assigned, released, modified, terminated or otherwise altered or affected in the same manner as any other easement. B. A land use easement is not effective and cr…

A. An action affecting a land use easement may be brought by any of the following: (1) an owner of an interest in the real property burdened by the land use easement; (2) a holder of a land use easement; or (3) a person having a third-party enforcement right. B. This section does…

A land use easement is valid even though the land use easement: A. is not appurtenant to an interest in real property; B. imposes a negative covenant that is a restriction on the use of the land that is subject to the terms of the easement; C. imposes affirmative obligations upon…

A. Nothing in the Land Use Easement Act invalidates any interest, whether designated as a land use easement, covenant, equitable servitude, restriction or easement that is enforceable under the laws of this state. B. No interest benefiting or encumbering real property cognizable …

This act [47-12A-1 to 47-12A-6 NMSA 1978] may be cited as the "Cultural Properties Preservation Easement Act". History: Laws 1995, ch. 137, § 1.

As used in the Cultural Properties Preservation Easement Act: A. "cultural property" means a structure, place, site or object having historical, archaeological, scientific, architectural or other cultural significance deemed potentially eligible for inclusion in the national regi…

dispositions. A. Except as otherwise provided in the Cultural Properties Preservation Easement Act, a cultural properties preservation easement may be created, conveyed, recorded, assigned, released, modified, terminated or otherwise altered or affected in the same manner as any …

An action affecting a cultural properties preservation easement may be brought by any of the following: A. an owner of an interest in the real property subject to the cultural properties preservation easement; B. a holder of a cultural properties preservation easement; or C. a pe…

A cultural properties preservation easement is valid even though the cultural properties preservation easement: A. is not appurtenant to an interest in real properties; B. imposes a negative covenant that is a restriction on the use of the land that is subject to the terms of the…

A. Nothing in the Cultural Properties Preservation Easement Act invalidates any interest, whether designated as a cultural properties preservation easement, covenant, equitable servitude, restriction or easement that is enforceable under the laws of this state. B. No interest ben…

Chapter 47, Article 13 NMSA 1978 may be cited as the "Real Estate Disclosure Act". History: Laws 1991, ch. 74, § 1; 2009, ch. 165, § 1.

As used in the Real Estate Disclosure Act: A. "estimated amount of property tax levy" means the product of one-third of the listed price of the residential real property being sold or otherwise transferred in the transaction multiplied by the current property tax rates applicable…

transactions. A seller, lessor or landlord of real property, including a participant in an exchange of real property and any agent involved in such a transaction, shall not be liable for failure to disclose and shall not have a duty to disclose to any person who acquires, by volu…

A. No cause of action shall arise against a seller, lessor or landlord of real property, including a participant in an exchange of real property and any agents involved in such a transaction for failure to disclose to any person who, by voluntary or involuntary transfer, acquires…

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.