Chapter 58, Chapter 58

The purpose of the New Mexico Housing Trust Fund Act is to provide flexible funding for housing initiatives in order to produce and preserve significant housing investment in the state. History: Laws 2005, ch. 105, § 2; 2021, ch. 24, § 1.

As used in the New Mexico Housing Trust Fund Act: A. "affordable housing" means residential housing primarily for persons or households of low or moderate income; B. "authority" means the New Mexico mortgage finance authority; C. "committee" means the New Mexico housing trust fun…

A. The "New Mexico housing trust fund" is created in the authority. The fund shall consist of all distributions, appropriations and other allocations made to the fund. Earnings of the fund shall be credited to the fund, and unexpended and unencumbered balances in the fund shall n…

A. The "New Mexico housing trust fund advisory committee" is created. The committee shall consist of the following nine members, who shall represent geographically the state, affordable housing advocates and practitioners: (1) three public members appointed by the governor; (2) t…

A. Trust funds shall be awarded either on a competitive basis or based on need as determined by the authority. The authority's staff shall work with the committee to develop an application and applicant scoring mechanism or program guidelines that encourage applicants to develop …

Money from the fund and matching funds from other sources may be used to finance in whole or in part any loans or grant projects that will provide affordable housing. Money from the fund may also be used to reimburse the authority for actual expenses incurred in administering the…

If any part of the New Mexico Housing Trust Fund Act is found to be in conflict with federal requirements that are a prescribed condition to the allocation of federal funds to the state, the conflicting part of that act is inoperative solely to the extent of the conflict and with…

Money from the fund may be used to match federal, local or private money to be used for projects authorized under the New Mexico Housing Trust Fund Act. History: Laws 2005, ch. 105, § 9.

Chapter 58, Article 19 NMSA 1978 may be cited as the "Motor Vehicle Sales Finance Act". History: 1953 Comp., § 50-15-1, enacted by Laws 1959, ch. 204, § 1; 2001, ch. 123, § 1.

The holder of a contract, upon request by the buyer, may extend the scheduled due date of all or any part of any installment or defer payment or renew or restate the unpaid time balance of such contract, the amount of the installments and the time schedule therefor and may collec…

Any transaction in the form of a loan, other than a retail installment contract, is not subject to the provisions of the Motor Vehicle Sales Finance Act, even though all or a portion of the proceeds of such transaction in the form of a loan are applied to the unpaid balance of a …

A. Any person who shall willfully violate any provision of the Motor Vehicle Sales Finance Act, or engage in the business of a sales finance company in this state without a license therefor as provided in this act, shall be guilty of a misdemeanor and upon conviction shall be pun…

Any waiver of the provisions of this act shall be unenforceable and void. History: 1953 Comp., § 50-15-12, enacted by Laws 1959, ch. 204, § 12.

compliance with this act. Any creditor engaging in transactions subject to the provisions of the Motor Vehicle Sales Finance Act who complies with the provisions of 15 United States Code Sections 1601 through 1665, and the regulations promulgated pursuant thereto, shall be deemed…

Any sales finance company may purchase or acquire, or agree to purchase or acquire, from any seller any contract on such terms and conditions as may be agreed upon between them. Filing of the assignment, notice to the buyer of the assignment and any requirement that the holder ma…

As used in the Motor Vehicle Sales Finance Act: A. "motor vehicles" means automobiles, recreational vehicles, recreational travel trailers, trailers, motorcycles, trucks, semi-trailers, truck tractors and buses designed and used primarily to transport persons or property on a pub…

license; provision for out-of-state licenses. A. A person shall not engage in the business of a sales finance company in this state without a license as provided in the Motor Vehicle Sales Finance Act; provided, however, that a state or national bank authorized to do business in …

denied; appeals. A. Renewal of a license originally granted under the Motor Vehicle Sales Finance Act may be denied or a license may be suspended or revoked by the director on any of the following grounds: (1) material misstatement in application for license; (2) willful failure …

A. The director has the power to make such investigations as he deems necessary and, to the extent necessary for this purpose, may examine any licensee or any other person and has the power to compel the production of all relevant books, records, accounts and documents. B. Any re…

The director shall have power to issue subpoenas to compel the attendance of witnesses and the production of documents, papers, books, records and other evidence before him in any matter over which he has jurisdiction, control or supervision pursuant to the provisions of the Moto…

A. A retail installment contract shall be in writing and shall be signed by both the buyer and the seller; it shall be completed as to all essential provisions prior to its signing by the buyer. B. The printed portion of the contract, other than instructions for completion, shall…

Notwithstanding the provisions of any retail installment contract to the contrary, any buyer may pay in full, at any time before maturity, the debt of any retail installment contract and in so paying such debt shall receive a refund credit thereon for such anticipation of payment…

Chapter 58, Article 21 NMSA 1978 may be cited as the "Mortgage Loan Company Act". History: Laws 1983, ch. 86, § 1; 1989, ch. 209, § 13; 2009, ch. 122, § 25.

penalties. A. In the conduct of any examination, investigation or hearing, the director may: (1) compel the attendance of any person or obtain any documents by subpoena; (2) administer oaths; and (3) examine any person under oath concerning the business of any person subject to t…

Every mortgage loan company and loan broker shall make and keep those accounts, correspondence, memoranda, papers, books, data and other records as the director by rule prescribes. All records so required shall be preserved for six years. History: Laws 1983, ch. 86, § 11; 2001, c…

All the records required to be maintained by the Mortgage Loan Company Act are subject to examinations or investigations by representatives of the director within or without New Mexico as the director deems necessary or appropriate in the public interest or for the protection of …

Applications for licensing or a license renewal and all papers, documents, reports and other written instruments filed with the director under the Mortgage Loan Company Act are public documents and open to public inspection except for files of ongoing examinations and investigati…

A. When the director contemplates taking any action specified in Section 58-21-8 NMSA 1978 and Paragraphs (1) through (7) of Subsection A of Section 58-21-28 NMSA 1978, the director shall serve upon the licensee a written notice containing a statement: (1) that the director has s…

A. The director may make any public or private investigation, within or outside of this state, as the director finds necessary to determine whether a person has violated or is about to violate the Mortgage Loan Company Act or any rule or order of the director under that act or to…

A. Any person aggrieved by a final order of the director may appeal to the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978. B. The commencement of the proceedings under Subsection A of this section does not, unless specifically ordered by the court, operat…

Any licensee under the Mortgage Loan Company Act who also performs any acts that are within the scope of activities regulated by any statutes of the state relating to escrow agents shall also comply with all provisions of those statutes, and the issuance of a license under the Mo…

In connection with any loan originated, brokered, negotiated or made by a licensee pursuant to the Mortgage Loan Company Act, a mortgage loan company shall not collect, charge or receive broker fees in excess of six percent of the principal amount of the loan. A licensee may char…

In connection with any loan originated, brokered, negotiated or made by a licensee pursuant to the Mortgage Loan Company Act, a licensee shall comply with: A. applicable federal or state laws; B. the provisions of the Home Loan Protection Act; and C. the provisions of the New Mex…

As used in the Mortgage Loan Company Act: 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 offi…

It is unlawful for any person to make or cause to be made in any document filed with the director in any proceedings under the Mortgage Loan Company Act any statement that is at the time and in the light of the circumstances under which it is made false or misleading in any respe…

It is unlawful for any mortgage loan company in connection with the origination, brokering, negotiating or making of any mortgage loan, directly or indirectly, to: A. employ any device, scheme or artifice to defraud; or B. engage in any act, practice or course of business that op…

A person who violates Section 58-21-18, 58-21-19, 58-21-20 or 58-21-21 NMSA 1978, knowing the statement to be false or misleading in any respect, is guilty of a fourth degree felony and upon conviction shall be sentenced as provided for in Section 31-18-15 NMSA 1978. Civil and cr…

A document is filed when it is received by the director. The director may permit the destruction of any document filed under the Mortgage Loan Company Act with the division or the director after six years from the date of filing documents. History: Laws 1983, ch. 86, § 23; 2001, …

A. Unless the net loan funds necessary to complete a purchase of real property have been previously delivered to the seller or to the closing agent, a lender shall deliver the required net loan funds within two business days of the time that the lender deems the closing agent has…

The Mortgage Loan Company Act is not intended to impair any remedies available to injured parties under other statutes or under common law. History: Laws 1983, ch. 86, § 25; 2009, ch. 122, § 47.

and licensing. The responsibilities and authority of the director under the Mortgage Loan Company Act are explicitly exempted from the authority of the superintendent of regulation and licensing as set forth in Subsection B of Section 9-16-6 NMSA 1978. History: Laws 1983, ch. 86,…

A. In order to ensure the effective supervision and enforcement of the Mortgage Loan Company Act, the director may: (1) deny, suspend, revoke or decline to renew a license for a violation of that act, rules issued pursuant to that act or order or directive entered pursuant to tha…

A. Upon a showing by the director that a person has or is about to violate the Mortgage Loan Company Act or any rule or order of the director under that act, the district court of the first judicial district for Santa Fe county or other appropriate district court in the state may…

A. It is unlawful for any person to transact business in the state of New Mexico, either directly or indirectly, as a mortgage loan company without first filing an application with the director, meeting requirements established by the director and obtaining a license under the Mo…

A. A person that violates Subsection A of Section 58-21-3 NMSA 1978 for the first offense is guilty of a misdemeanor and upon conviction shall be sentenced pursuant to the provisions of Section 31-19-1 NMSA 1978. B. In the case of a first conviction pursuant to Subsection A of th…

A mortgage loan company shall, in addition to other disclosures required pursuant to other statutes or common law: A. make all disclosures required by applicable federal and state laws; B. provide a revised "good faith estimate" and a copy of the borrower's lock-in agreement to t…

Each licensee shall submit to the nationwide multistate licensing system and registry reports of condition, which shall be in such form and shall contain such information as the nationwide multistate licensing system and registry may require. History: Laws 2009, ch. 122, § 53; 20…

Each application for a license or license renewal as a mortgage loan company shall be filed in writing with the director, shall meet requirements established by the director and shall contain the following: A. the applicant's name, the name of designated qualified managers, the N…

A. A license shall expire on December 31 each year. Each licensee shall submit a renewal application on or before November 1 each year. B. The director shall establish by rule fees that shall be sufficient to cover the costs of administering the Mortgage Loan Company Act. These f…

The following persons shall be exempt from all provisions of the Mortgage Loan Company Act: A. banks, trust companies, savings and loan associations, credit unions, insurance companies or real estate investment trusts as defined in 26 U.S.C.A. 856; B. an attorney licensed to prac…