Chapter 58 — Chapter 58

The authority shall: A. appoint a representative to both the behavioral health planning council and the interagency behavioral health purchasing collaborative; and B. ensure that any behavioral health services, including mental health and substance abuse services, and any housing…

A. The authority may make and contract to make loans to mortgage lenders on terms and conditions as it determines, and all mortgage lenders are authorized to borrow from the authority in accordance with the provisions of this section and the rules and regulations of the authority…

A. The authority may purchase and contract to purchase mortgage loans at the prices and upon the terms and conditions as it determines. All mortgage lenders are authorized to sell mortgage loans to the authority in accordance with the provisions of this section and the rules and …

All mortgage lenders are authorized to sell project mortgage loans to and to accept loans from the authority in accordance with the provisions of the Mortgage Finance Authority Act and the rules and regulations of the authority. To the extent that any provisions of this section m…

establishment. A. The legislature finds and declares that it is necessary and in the public interest that the authority be authorized to create, operate, fund, administer and maintain a secondary market facility for mortgage loans and to otherwise act as a conduit for public and …

The authority may develop a tax-exempt bond, a taxable bond or an authority- funded program for the financing of home improvement or rehabilitation loans. Such a home improvement or rehabilitation loan program may be conducted in concert with any appropriation provided by the leg…

A. The authority shall adopt and may from time to time modify or repeal, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules and regulations: (1) for determining income levels for the classification of persons of low or moderate income, whic…

dwellings, transitional and congregate housing facilities. Prior to financing a multiple-family dwelling project or transitional or congregate housing facility, the authority shall adopt, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules a…

facility. Prior to establishing a secondary market facility or issuing any pass-through security, the authority shall adopt, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules and regulations governing the operations of the secondary market…

improvement loan program. Prior to implementing the home improvement loan program referred to in Subsection B of Section 58-18-7.3 NMSA 1978, the authority shall adopt, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules and regulations gove…

The authority shall not make loans to mortgage lenders pursuant to Section 58-18-6 NMSA 1978 or purchase mortgage loans pursuant to Section 58-18-7 NMSA 1978 until the authority has determined: A. that the supply of funds available in the private banking system in the state for r…

ANNOTATIONS Repeals. — Laws 1995, ch. 9, § 37 repeals 58-18-9.1 NMSA 1978, as amended by Laws 1983, ch. 310, § 2, relating to the authority's financing or purchase of multiple- family dwelling project mortgage loans insured by the SHA, effective June 16, 1995. For provisions of f…

This act [58-18A-1 to 58-18A-12 NMSA 1978] may be cited as the "Municipal Mortgage Finance Act". History: Laws 1979, ch. 381, § 1.

The issuer, or any trustee or custodian on behalf of the issuer, may invest any funds held by it as provided in the ordinance authorizing the issuance of the bonds or a trust indenture executed pursuant thereto. History: Laws 1979, ch. 381, § 10.

The bonds authorized by the Municipal Mortgage Finance Act and the income from the bonds shall be exempt from all taxation by the state or any political subdivision thereof, subject to the provisions of the Banking and Financial Corporations Tax Act. History: Laws 1979, ch. 381, …

The provisions of the Municipal Mortgage Finance Act shall be liberally construed in order to effectively carry out the purposes of that act. History: Laws 1979, ch. 381, § 12.

It is hereby declared that: A. within the state there exists a shortage of funds available on reasonable terms and conditions for the making of mortgage loans to persons of low or moderate income which has resulted in a shortage of decent, safe and sanitary housing at prices whic…

As used in the Municipal Mortgage Finance Act: A. "agreement" means a written agreement between two or more municipalities designating one of such municipalities as the "issuer" on behalf of the other participating municipality or municipalities, establishing the issuer's area of…

A. In addition to powers which a municipality now has pursuant to the laws of the state, every municipality shall, within its area of operation, have all powers necessary or desirable to accomplish the purposes of the Municipal Mortgage Finance Act, including but not limited to, …

A. For the purposes of the Municipal Mortgage Finance Act, two or more municipalities may enter into an agreement designating one such municipality as issuer and establishing as the area of operation of the issuer the combined areas of operation of such participating municipaliti…

A. Bonds of an issuer issued pursuant to the terms of the Municipal Mortgage Finance Act shall be authorized by ordinance of its governing body and may be issued in one or more series and shall bear such date or dates, mature at such time or times, bear interest at such rate or r…

A. The principal of an interest of any bonds issued pursuant to the Municipal Mortgage Finance Act may be secured by and payable from a pledge of the revenues and receipts derived from the mortgage loans and property securing the mortgage loans and the revenues and receipts other…

security; negotiability. The state and all public officers, municipal corporations, political subdivisions and public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies a…

The powers conferred by the Municipal Mortgage Finance Act shall be in addition and supplemental to the powers conferred by any other law. History: Laws 1979, ch. 381, § 9.

This act [58-18B-1 to 58-18B-11 NMSA 1978] may be cited as the "Low-Income Housing Trust Act". History: Laws 1994, ch. 146, § 1.

If any part of the Low-Income Housing Trust 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 resp…

ANNOTATIONS Repeals. — Laws 1999, ch. 41, § 8 repeals 58-18B-11 NMSA 1978, as enacted by Laws 1994, ch. 146, § 16, relating to money from the fund being used to match federal, local or private money for projects authorized under the Low-Income Housing Trust Act, effective July 1,…

The legislature finds that: A. current economic conditions, federal housing policies and declining resources at the federal, state and local levels affect adversely the ability of low-income persons to obtain safe, decent and affordable housing; B. it is in the public interest to…

As used in the Low-Income Housing Trust Act: A. "appropriate financial institution service charges and fees" means those service charges and fees that a financial institution charges its customers on demand deposit accounts; B. "division" means the financial institutions division…

ANNOTATIONS Repeals. — Laws 1999, ch. 41, § 8 repeals 58-18B-4 NMSA 1978, as enacted by Laws 1994, ch. 146, § 9, relating to the creation of the low-income housing trust fund, effective July 1, 1999. For provisions of former section, see the 1998 NMSA 1978 on NMOneSource.com.

pooled interest-bearing accounts; disposition of earned interest on certain accounts. A. Every real estate broker who maintains a trust or escrow account as required pursuant to the provisions of Paragraph (8) of Subsection A of Section 61-29-12 NMSA 1978 may maintain a pooled in…

be made available; computation of interest; reports. A. Any depository institution regulated by the division that maintains trust or escrow accounts for customers may establish and make available pooled interest-bearing accounts. Interest on a pooled interest-bearing account shal…

Money from the fund and other sources shall be used in accordance with the provisions of the Land Title Trust Fund Act [58-28-1 to 58-28-8 NMSA 1978]. History: Laws 1994, ch. 146, § 12; 1999, ch. 41, § 4.

Sections 1 through 9 of this act [58-18C-1 to 58-18C-9 NMSA 1978] may be cited as the "New Mexico Housing Trust Fund Act". History: Laws 2005, ch. 105, § 1.

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…