Chapter 58 — Chapter 58

loans. A. No creditor shall finance, directly or indirectly, credit life, credit disability, credit unemployment or credit property insurance, or any other life or health insurance, or any payments directly or indirectly for any debt cancellation or suspension agreement or contra…

loans. A. No creditor or mortgage loan originator making a high-cost home loan shall directly or indirectly finance any points or fees in excess of two percent of the principal loan amount. B. No creditor shall make a high-cost home loan that contains a provision that increases t…

A. Before an action is filed to foreclose or collect money due pursuant to a home loan or before other action is taken to seize or transfer ownership of property subject to a home loan, the creditor or creditor's assignee of the loan shall deliver to the borrower a notice of the …

ANNOTATIONS Repeals. — Laws 2004, ch. 13, § 1 repeals 58-21A-7 NMSA 1978, being Laws 2003, ch. 436, § 7, effective February 27, 2004, relating to claims against certain sellers. For provisions of former section, see the 2003 NMSA 1978 on NMOneSource.com.

No person shall, with the intent to avoid the application or provisions of the Home Loan Protection Act: A. divide a loan transaction into separate parts; B. structure a home loan transaction as an open-end loan when the loan would have been a high-cost home loan if the loan had …

A. A borrower harmed by a violation of the Home Loan Protection Act may bring a civil action to recover: (1) actual damages, including consequential and incidental damages; (2) statutory damages equal to two times the finance charge paid under the loan and forfeiture of the remai…

Sections 1 through 24 [58-21B-1 to 58-21B-24 NMSA 1978] of this act may be cited as the "New Mexico Mortgage Loan Originator Licensing Act". History: Laws 2009, ch. 122, § 1.

A. In order to meet the annual continuing education requirements set forth in Paragraph (2) of Subsection A of Section 58-21B-9 NMSA 1978, a licensed mortgage loan originator shall complete at least eight hours of education approved in accordance with Subsection B of this section…

A. In addition to any other duties imposed upon the director by law, the director shall require mortgage loan originators to be licensed and registered through the nationwide multistate licensing system and registry. In order to carry out this requirement, the director may partic…

information challenge process. The director shall establish rules whereby mortgage loan originators may challenge information entered into the nationwide multistate licensing system and registry by the director. History: Laws 2009, ch. 122, § 12; 2019, ch. 144, § 12.

A. In order to ensure the effective supervision and enforcement of the New Mexico Mortgage Loan Originator Licensing Act, the director may: (1) deny, suspend, revoke or decline to renew a license for a violation of the New Mexico Mortgage Loan Originator Licensing Act or rules is…

A. When the director contemplates taking any action specified in Paragraphs (1) through (6) of Subsection A or in Subsection D of Section 13 [58-21B-13 NMSA 1978] of the New Mexico Mortgage Loan Originator Licensing Act, the director shall serve upon the licensed mortgage loan or…

A. Upon a showing by the director that a person has or is about to violate the New Mexico Mortgage Loan Originator Licensing Act or any rule or order of the director pursuant to that act, the district court of the first judicial district or other appropriate district court in the…

A. An individual who acts as a mortgage loan originator without being properly licensed pursuant to the New Mexico Mortgage Loan Originator Licensing Act is, for a first offense, guilty of a misdemeanor and upon conviction shall be sentenced in accordance with the provisions of S…

A. Each mortgage loan originator shall be covered by a surety bond in accordance with this section. In the event the mortgage loan originator is an employee or exclusive agent of a mortgage loan company subject to the Mortgage Loan Company Act, the surety bond of the mortgage loa…

In order to promote more effective regulation and reduce regulatory burden through supervisory information-sharing, except as otherwise provided in Public Law 110-289, Section 1512, the requirements pursuant to any federal law or pursuant to the Inspection of Public Records Act r…

A. The director shall exercise general supervision and control over mortgage loan originators doing business in New Mexico. B. In addition to the other duties imposed on the director by law, the director shall make reasonable rules necessary for the implementation of the New Mexi…

A. The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable and immediate impact upon New Mexico's consumers, New Mexico's economy, the neighborhoods and communities of New Mexico and the housin…

A. A mortgage loan originator shall, enter into a fiduciary relationship with the borrower. For the purposes of this subsection, "fiduciary relationship" is a relationship in which a mortgage loan originator shall: (1) safeguard and account for any money handled for the borrower;…

attorney general. A. Any person who has suffered injury by reason of any method, act or practice in violation of the New Mexico Mortgage Loan Originator Licensing Act may sue in district court. Upon a showing that that act is being or has been violated and a showing that the plai…

A mortgage loan originator 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. …

registry. Subject to state privacy laws, the director shall report regularly violations of the New Mexico Mortgage Loan Originator Licensing Act, as well as enforcement actions and other relevant information, to the nationwide multistate licensing system and registry subject to t…

The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or web sites, and on any other documents as established by rule or orde…

As used in the New Mexico Mortgage Loan Originator Licensing Act: A. "clerical or support duties" may include, subsequent to the receipt of an application: (1) the receipt, collection, distribution and analysis of information common for the processing or underwriting of a residen…

loans. A. Unless specifically exempted from the New Mexico Mortgage Loan Originator Licensing Act pursuant to Subsection B of this section, an individual shall not engage in the business of a mortgage loan originator with respect to any dwelling located in New Mexico without firs…

A. Applicants for a license shall apply in a form as prescribed by the director. Each form shall contain content as set forth by rule, instruction or procedure of the director and may be changed or updated as necessary by the director in order to carry out the purposes of the New…

The director shall not issue a mortgage loan originator license unless the director makes at a minimum the following findings: A. the applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a formal vacation of such revocat…

A. In order to meet the pre-licensing education requirement referred to in Subsection D of Section 58-21B-6 NMSA 1978, an individual shall complete at least twenty hours of education approved in accordance with Subsection B of this section, which shall include at least: (1) three…

A. In order to meet the written test requirement referred to in Subsection E of Section 58-21B-6 NMSA 1978, an individual shall pass, in accordance with the standards established pursuant to this section, a qualified written test developed by the nationwide multistate licensing s…

A. The minimum standards for license renewal for mortgage loan originators shall include the following: (1) the mortgage loan originator continues to meet the minimum standards for license issuance pursuant to Section 58-21B-6 NMSA 1978; (2) the mortgage loan originator has satis…

Chapter 58, Article 22 NMSA 1978 may be cited as the "Escrow Company Act". History: Laws 1983, ch. 135, § 1; 2015, ch. 135, § 1.

An escrow company shall obtain a surety bond in the minimum amount of one hundred thousand dollars ($100,000) running to the people of the state of New Mexico, which bond shall be executed and acknowledged by a corporation that is licensed by the superintendent of insurance to tr…

ANNOTATIONS Repeals. — Laws 1986, ch. 21, § 2 repeals former 58-22-11 NMSA 1978, as enacted by Laws 1983, ch. 135, § 11, relating to escrow company insurance coverage for professional liability or errors and omissions, effective February 21, 1986.

Upon receiving and filing the application and bond coverage specified in the Escrow Company Act and upon a showing by the applicant of compliance with all requirements of the Escrow Company Act and any rules and regulations promulgated under that act, the director shall grant and…

No action shall be brought upon any bond required pursuant to Section 10 [58-22-10 NMSA 1978] of the Escrow Company Act or insurance coverage required pursuant to Section 11 [58-22-11 NMSA 1978] of that act after the expiration of three years from the accrual of the cause of acti…

Upon any recovery in an action on a bond required pursuant to Section 10 [58-22-10 NMSA 1978] of the Escrow Company Act, the licensee shall file a new bond. Failure to file a new bond within ten days of the recovery on a bond or within ten days after notification by the director …

The director may deny an escrow company's application for initial licensing or renewal if: A. the applicant has ever had an escrow company license revoked for cause; B. the applicant was a partner, owner, officer, director, trustee, manager or principal stockholder of any partner…

An escrow agent license is not transferable or assignable. The provisions of this section apply to the change of ownership of any licensed escrow company, including the change of control over any corporation licensed as an escrow company. For purposes of this section, "change of …

A. Every licensee shall make and keep such accounts, correspondence, memoranda, papers, books, data and other records as the director by regulation prescribes. All records so required shall be preserved for six years after the termination of the account unless the director by reg…

A. Within fourteen days of a written request made by a party to the escrow agreement, a licensee shall provide a full statement of the escrow account, setting forth credits to principal and interest for the period and other information requested. B. Within the ten-day period foll…

Records Act. Division examination reports, financial information contained in licensee applications and renewal applications and information on investigations relating to violations of the Escrow Company Act that do not result or have not yet resulted in administrative, civil or …

It is the intent of the legislature that the large and growing escrow industry be supervised and regulated by the financial institutions division of the commerce and industry department [regulation and licensing department] in order to protect the citizens of the state and to pro…

All money received in escrow prior to disbursement shall be deposited in a trust account maintained in a bank, savings and loan association or credit union located in New Mexico. Such trust accounts shall be maintained separately from those required for operation of the licensee …

Funds received pursuant to escrow or trust funds are not subject to execution or attachment in any claim against the licensee. History: Laws 1983, ch. 135, § 21.

An escrow agent, in any action brought against a party to the escrow to recover trust funds disbursed by the escrow agent to or for the benefit of the party, or in reliance upon a check or draft issued by the party which is subsequently dishonored by the drawee, may recover, in a…

A licensee's business shall not be removed from the premises or address shown on the license without thirty days prior written notice to the director and to the customers of the escrow company. History: Laws 1983, ch. 135, § 22.

Licensees under the Escrow Company Act shall be entitled to establish additional business office locations by compliance with all of the following: A. filing with the director notice of the intended address; and B. a showing that there will be an officer or manager possessing nec…

The director shall charge and collect the following fees: A. an original license fee for an escrow company of four hundred dollars ($400) for the first office or location; B. an annual license renewal fee for an escrow company of two hundred dollars ($200) and a delinquency fee o…

For servicing loans or contracts of sale, a licensee may charge fees based on the amount of the outstanding loan balance, provided that a licensee shall not charge, collect or receive in excess of one percent per year on the outstanding loan balance as that balance exists as of t…

A. Unauthorized business practices of escrow agents include but are not limited to the following: (1) issuing, circulating or publishing any advertisement by any means of communication or making use of or circulating any written materials indicating that a person is in the escrow…