Chapter 58 — Chapter 58

A cemetery authority authorized to accept care funds shall post in a conspicuous place at or near each entrance of the cemetery a clearly legible sign containing letters not less than six inches in height stating "Endowed Care Cemetery". Those cemeteries that furnish endowed care…

A. The duty of administering and enforcing the provisions of the Endowed Care Cemetery Act is imposed on the director, who shall approve all forms of contract for endowed care and shall have authority to subpoena witnesses, conduct hearings and investigations and issue orders rea…

If a cemetery authority refuses or neglects to make a required report or to file an annual registration statement or willfully disobeys a valid order of the director or violates any provisions of the Endowed Care Cemetery Act or rule of the director, or if it appears to the direc…

Where any cemetery authority owning, operating, controlling or managing a cemetery or any trustee for the cemetery authority has accepted care funds pursuant to the Endowed Care Cemetery Act and dissolution is sought by the cemetery authority in any manner, by resolution of the c…

Whoever violates any provision of the Endowed Care Cemetery Act, fails to establish an irrevocable trust fund, encroaches upon the principal of an irrevocable trust, refuses to cooperate in an examination or investigation or violates the provisions of a trust instrument by willfu…

The provisions of the Endowed Care Cemetery Act do not apply to municipal cemeteries, fraternal cemeteries, religious cemeteries or family burial grounds that provide burial only for members. History: 1953 Comp., § 67-29-17, enacted by Laws 1961, ch. 156, § 17; 2001, ch. 149, § 1…

A. A person establishing or acquiring a cemetery subject to the Endowed Care Cemetery Act shall file an initial registration with the director that contains the following information: (1) a detailed financial statement of the proposed owners; (2) a current credit report of the pe…

A. An endowed care cemetery's registration is not transferable. When any cemetery authority subject to the provisions of the Endowed Care Cemetery Act is transferred, the person acquiring the cemetery shall register with the director as required by Section 58- 17-18 NMSA 1978. B.…

Chapter 58, Article 17 NMSA 1978 may be cited as the "Endowed Care Cemetery Act". History: 1953 Comp., § 67-29-2, enacted by Laws 1961, ch. 156, § 2; 2001, ch. 149, § 2.

A. The director may deny, suspend or revoke any registration if the registrant, or any director, officer, employee or affiliate of the registrant: (1) lacks a good business reputation; (2) has violated any provision of the Endowed Care Cemetery Act; (3) has committed fraud in con…

A person aggrieved by the decision of the director in the enforcement of the Endowed Care Cemetery Act may obtain judicial review pursuant to Section 39-3-1.1 NMSA 1978. History: Laws 2001, ch. 149, § 21.

As used in the Endowed Care Cemetery Act: A. "affiliate" means a corporation that is related to another corporation by shareholdings or other means of control and includes a subsidiary, parent or sibling corporation; B. "burial park" means a tract of land that has been dedicated …

A. A cemetery authority is authorized and empowered to accept care funds and hold them in trust in perpetuity for the care of its cemetery; for the care of any lot, grave, crypt or niche in its cemetery; for the special care of any lot, grave, crypt or niche in its cemetery; or f…

Except upon written approval of the director, no loan or investment of care funds accepted by a cemetery authority shall be made: A. to any officer, director or trustee of the cemetery authority or to any person in which any officer, director or trustee of the cemetery authority …

authority. If a cemetery authority accepts care funds, either in connection with the sale of a lot, grave, crypt or niche or in pursuance of a contract, or if, as a condition precedent to the purchase of a lot, grave, crypt or niche, the cemetery authority requires the establishm…

furnished. A cemetery authority, agent, servant or employee of it or another person shall not advertise, represent, guarantee, promise or contract that perpetual care, permanent care, perpetual or permanent maintenance, care forever, continuous care, eternal care, everlasting car…

The care funds authorized in the Endowed Care Cemetery Act and all sums paid into those funds or contributed to those funds are expressly permitted and are for charitable and eleemosynary purposes. Care funds are provided for the discharge of the duty due from the person contribu…

A. It is unlawful for a cemetery to hold out to the public or sell endowed care in connection with the sale of burial space until it has complied with the requirements of the Endowed Care Cemetery Act. Endowed care cemeteries shall establish and maintain with a state or federally…

Chapter 58, Article 18 NMSA 1978 shall be known and may be cited as the "Mortgage Finance Authority Act". History: 1953 Comp., § 13-9-1, enacted by Laws 1975, ch. 303, § 1; 1982, ch. 86, § 1.

A. All multiple-family dwelling projects and transitional and congregate housing facilities shall be subject to any applicable master plan, official map, zoning regulation, building code, housing ordinance and other laws and regulations governing land use or planning or construct…

A. The authority may from time to time issue its bonds and notes in the principal amounts as, in the opinion of the authority, are necessary to provide sufficient funds for achieving its corporate purposes, the payment of principal and of premium, if any, and interest on bonds an…

A. The authority may create and establish one or more reserve funds. B. The authority may create and establish other reserve funds as it deems advisable and necessary. History: 1953 Comp., § 13-19-12, enacted by Laws 1975, ch. 303, § 12; 1995, ch. 9, § 22.

No notice, consent or approval by any governmental body or public officer shall be required as a prerequisite to the issuance, sale or delivery of any bonds, notes or other obligations of the authority pursuant to the provisions of the Mortgage Finance Authority Act, except as sp…

Except to the extent this section conflicts with a term or condition of any trust indenture or note, bondholders and noteholders shall have the following remedies: A. in the event that the authority defaults in the payment of principal of or interest on any issue of bonds or note…

A. Compliance by any mortgage lender with the terms of its agreement with or undertaking to the authority with respect to the making of any project mortgage loans to sponsors may be enforced by decree of any court of competent jurisdiction. The authority shall require as a condit…

The bonds, notes and other obligations of the authority shall not be a debt of the state or of any municipality, and neither the state nor any municipality shall be liable thereon. History: 1953 Comp., § 13-19-15, enacted by Laws 1975, ch. 303, § 15.

The state does hereby pledge to and agree with the holders of any bonds, notes, other obligations, pass-through securities or guarantees issued under the Mortgage Finance Authority Act that the state will not limit or alter the rights vested in the authority or any secondary mark…

public officers and fiduciaries. The bonds, notes, other obligations, pass-through securities and guarantees of the authority or any secondary market facility are securities in which all insurance companies and associations and other persons carrying on insurance business, all ba…

A. It is determined that the creation of the authority is in all respects for the benefit of the people of the state, for the improvement of their health and welfare and for the promotion of the economy and that those purposes are public purposes. The authority will be performing…

Neither the state nor any municipality shall have the power to pay out of its general funds or otherwise contribute its money to the authority, nor may the state or any state agency purchase any bonds or notes of the authority, nor shall the state or any municipality have the pow…

A. The legislature finds and declares that there exists in the state of New Mexico a serious shortage of decent, safe and sanitary residential housing available at prices and rentals within the financial means of persons and families of low or moderate income. This shortage is se…

supplemental legislative findings and purpose. The legislature finds and declares that there is a critical shortage of multiple-family, transitional and congregate dwellings that provide decent, safe and sanitary residential housing at rentals that persons and families of low or …

A. All money of the authority from whatever source derived, except as otherwise authorized or provided in the Mortgage Finance Authority Act, shall be paid to the treasurer of the authority and shall be deposited forthwith in a bank designated by the authority. The money in such …

Neither the members of the authority nor any person acting in its behalf, while acting within the scope of their authority, shall be subject to any personal liability for any action taken or omitted within that scope of authority. History: 1953 Comp., § 13-19-21, enacted by Laws …

All state officers and all state agencies may render such services to the authority within their respective functions as may be requested by the authority. History: 1953 Comp., § 13-19-22, enacted by Laws 1975, ch. 303, § 22.

Any action or proceeding to which the authority or the people of the state may be a party in which any question arises as to the validity of the Mortgage Finance Authority Act shall be preferred over all other civil causes in all courts of the state and shall be heard and determi…

The authority and its corporate existence shall continue until terminated by law, provided that no such law shall take effect so long as the authority has bonds, notes, other obligations or pass-through securities or guarantees outstanding unless adequate provision has been made …

A. If any member, officer or employee of the authority has an interest, either direct or indirect, in any contract to which the authority or any secondary market facility is or is to be a party or in any mortgage lender requesting a loan from or offering to sell mortgage loans to…

The Mortgage Finance Authority Act shall be deemed to provide an additional and alternative method for the doing of the things authorized by that act, shall be regarded as supplemental and additional to powers conferred by other laws and shall not be regarded as in derogation of …

The Mortgage Finance Authority Act, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect its purposes. History: 1953 Comp., § 13-19-27, enacted by Laws 1975, ch. 303, § 27; 1995, ch. 9, § 36.

As used in the Mortgage Finance Authority Act: A. "authority" means the New Mexico mortgage finance authority; B. "bonds" or "notes" means the bonds or bond anticipation notes, respectively, issued by the authority pursuant to the Mortgage Finance Authority Act; C. "federal gover…

transitional and congregate housing facilities. As used in the Mortgage Finance Authority Act: A. "multiple-family dwelling project" means residential housing that is designed for occupancy by more than four persons or families living independently of each other or living in a co…

As used in the Mortgage Finance Authority Act: A. "pass-through securities" means securities representing undivided ownership interests in a pool of mortgage loans; and B. "secondary market facility" means a corporation, trust or other form of legal entity established by the auth…

A. There is created a public body politic and corporate, separate and apart from the state, constituting a governmental instrumentality, to be known as the "New Mexico mortgage finance authority", for the performance of essential public functions. The authority shall be composed …

The authority shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of the Mortgage Finance Authority Act, including but without limiting the generality of the foregoing, the power: A. to sue and be sued; B. to have a seal and a…

ANNOTATIONS Recompilations. — This section, regarding the Mortgage Finance Authority Act oversight committee, was recompiled as 2-12-5 NMSA 1978.

The authority shall make available to the Mortgage Finance Authority Act oversight committee all of its records and facilities upon written request. History: 1978 Comp., § 58-18-5.2, enacted by Laws 1981, ch. 173, § 2; 1995, ch. 9, § 8.

congregate housing facilities. In addition to the specific powers of the authority set forth in Section 58-18-5 NMSA 1978, the authority shall have the power to: A. subject to the limitations of Subsection X of Section 58-18-5 NMSA 1978, make project mortgage loans or purchase or…

and congregate housing facilities. A. The authority shall require, as a condition of making or purchasing a project mortgage loan, that the sponsor agree to comply with the requirements and to make the representations and warranties as the authority deems reasonably necessary to …

single state housing authority; application for and receipt of federal funds; administration of housing programs. In addition to the powers granted the authority pursuant to Sections 58-18-5 and 58- 18-5.3 NMSA 1978, the authority: A. is designated as the state housing authority …