Chapter 58 — Chapter 58

demands upon escrow agent; right to interplead; custody of documents; attorney's fees authorized. If two or more parties to an escrow make conflicting demands upon the escrow agent regarding the performance of its duties, then the escrow agent may, at its election, hold any money…

A. The director may investigate, upon complaint or otherwise, when it appears that an escrow company is conducting its business in an unsafe and injurious manner or in violation of the Escrow Company Act or the regulations promulgated pursuant to that act, or when it appears that…

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 and conduct of affairs of any person …

Any person who violates Section 58-22-7, 58-22-20 or 58-22-26 NMSA 1978 is guilty of a misdemeanor and upon conviction shall be sentenced as provided for in the Criminal Sentencing Act [Chapter 31, Article18 NMSA 1978]. History: 1978 Comp., § 58-22-28.1, enacted by Laws 1987, ch.…

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 proceedings pursuant to Subsection A of this section does not, unless specifically ordered by the court, oper…

As used in the Escrow Company Act: A. "director" means the director of the division; B. "division" means the financial institutions division of the regulation and licensing department; C. "escrow" means any transaction in which one person, for the purpose of effecting the sale, t…

and licensing. The responsibilities and authority of the director under the Escrow Company Act are hereby 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. 135…

business. Any person engaged in the escrow company business in the state for a period of at least ninety days prior to the effective date of the Escrow Company Act shall have thirty days from that date in which to file a proper and complete application for a license together with…

Nothing contained in the Escrow Company Act shall be so construed as to impair or affect the obligation of any escrow agreement that was lawfully entered into prior to the effective date of that act. History: Laws 1983, ch. 135, § 32.

The Escrow Company Act is not intended to impair any remedies available to injured parties under other statutes or under the common law. History: Laws 1983, ch. 135, § 33.

The Escrow Company Act shall not apply to: A. banks, trust companies, savings banks, savings and loan associations, credit unions, insurance companies not actively engaged in business as escrow companies or mortgage loan companies who have applied for and received an exemption pu…

In any proceeding under the Escrow Company Act, the burden of proving an exemption or exception from a definition is upon the person claiming it. History: Laws 1983, ch. 135, § 5.

The director shall exercise general supervision and control over escrow companies doing business in New Mexico. In addition to the other duties imposed upon him by law, the powers and duties of the director are to: A. make reasonable rules and regulations as may be necessary to e…

No person shall engage in business as an escrow company unless that person is licensed by the director as an escrow company. History: Laws 1983, ch. 135, § 7.

Applications for a license as an escrow company shall be in writing and in such form as is prescribed by the director and shall be accompanied by such information and documentation as is required by law. The application shall set forth: A. the names and addresses of any incorpora…

A. A licensee shall renew its license for each of its offices annually by filing an application for renewal with the director on or before June 1 of each year, accompanied by the appropriate fees. The application for renewal shall be on a form and shall contain such information a…

Chapter 58, Article 23 NMSA 1978 may be cited as the "Hospital Equipment Loan Act". History: Laws 1983, ch. 290, § 1; 1992, ch. 41, § 6.

At the time of the issuance of any bonds pursuant to the Hospital Equipment Loan Act, each member of the board shall execute a surety bond in the sum of twenty-five thousand dollars ($25,000). To the extent any member of the board is already required by state law to provide a sur…

The council is granted all powers necessary and appropriate to carry out and effectuate its public and corporate purposes, including but not limited to the following powers: A. to adopt, amend and repeal bylaws, rules and regulations to effectuate the purposes of the Hospital Equ…

The council shall have the following duties: A. to invest any funds not needed for immediate disbursement, including any funds held in reserve, in direct and general obligations of or obligations fully and unconditionally guaranteed by the United States, obligations issued by age…

providers; insurance; loan and lease payments. In addition to its other powers and duties, the council is specifically authorized to initiate a program of financing, refinancing or reimbursing the cost of health-related equipment to be operated by participating health facilities.…

Prior to the exercise of any of the powers conferred by Section 13 [58-23-13 NMSA 1978] of the Hospital Equipment Loan Act, the council may: A. require that the lease or installment purchase contract or loan agreement involved be insured by a loan insurer, be guaranteed by a loan…

The council is authorized to issue, sell and deliver its bonds, in accordance with the terms of the Hospital Equipment Loan Act, for the purpose of paying for or making loans to participating health facilities, banks, savings and loan associations and other entities for the finan…

A. The bonds shall be dated, shall bear interest at such rate or rates, fixed or variable, shall mature at such time or times not exceeding twenty years, or not to exceed thirty years if the council determines bonds are necessary in connection with the acquisition, lease, fabrica…

Bonds issued under the Hospital Equipment Loan Act are not subject to any limitations on interest rates or net effective interest rates or interest rate approval requirements contained in any other laws of the state, provided that: A. the bond resolution or other instruments unde…

The proceeds of the bonds of each issue shall not be used other than to pay, renew or refund bonds or to pay all or part of the cost of financing, refinancing or reimbursing health-related equipment or to make loans to participating health facilities, banks, savings and loan asso…

The bonds may be secured by a trust indenture between the council and a corporate trustee which may be either a bank having the power of a trust company or a trust company. Such trust indenture may contain reasonable provisions for protecting and enforcing the rights and remedies…

Any bond resolution or related trust agreement, trust indenture, indenture of mortgage or deed of trust may contain provisions, which shall be a part of the contract with the holders of the bonds to be authorized, as to: A. pledging or assigning the revenues generated by the heal…

The legislature finds that: A. the delivery of high-quality health care in New Mexico has in recent years become increasingly dependent upon sophisticated equipment at a time when the acquisition and financing of equipment by health-care providers has become increasingly expensiv…

Except as may otherwise be provided by the council, every issue of its bonds is a general obligation of the council payable solely out of any revenue or money of the council, subject only to any agreements with the holders of particular bonds pledging any particular money or reve…

No bonds issued by the council under the Hospital Equipment Loan Act shall constitute a debt, liability or general obligation of this state or a pledge of the faith and credit of this state, but shall be payable solely as provided by Section 58-23-19 NMSA 1978. Each bond issued u…

Any pledge made by the council shall be valid and binding from the time when the pledge is made. The revenue, money or properties pledged and later received by the council shall immediately be subject to the lien of such pledge without any further act, and the lien of any such pl…

The council, subject to existing agreements with bondholders, has the power to purchase bonds of the council out of any funds available for that purpose, which may thereupon be canceled, at any reasonable price which, if the bonds are then redeemable, shall not exceed the applica…

Whether or not the bonds are in the form and character of negotiable instruments, the bonds are hereby made negotiable instruments, subject only to provisions of the bonds relating to registration. History: Laws 1983, ch. 290, § 24.

Neither the members of the council nor any other person executing the bonds issued under the Hospital Equipment Loan Act shall be subject to personal liability in connection with issuance of the bonds. History: Laws 1983, ch. 290, § 25.

All money of the council, except as otherwise authorized or provided in the Hospital Equipment Loan Act or in a bond resolution, trust agreement or other instrument under which bonds are issued, shall be deposited as soon as practical in a separate account or accounts in banks or…

The state pledges and agrees with the holder of any bonds issued under the Hospital Equipment Loan Act that the state will not alter the rights vested in the council to fulfill the terms of any agreements made with the bondholders or in any way impair the rights or remedies of th…

prohibited. All expenses incurred by the council in carrying out the provisions of the Hospital Equipment Loan Act shall be payable solely from funds provided under that act. History: Laws 1983, ch. 290, § 28.

dissolution. A. All property acquired or held by the council under the Hospital Equipment Loan Act, income therefrom and bonds issued under the Hospital Equipment Loan Act, plus the interest payable and income derived from the bonds, shall be exempt from taxation by the state or …

As used in the Hospital Equipment Loan Act: A. "board" means the board of directors of the council; B. "bonds" means bonds, notes, interim certificates, bond anticipation notes or other evidences of indebtedness of the council issued pursuant to the Hospital Equipment Loan Act, i…

The bonds issued under the authority of the Hospital Equipment Loan Act shall be legal investments in which all public officers or public bodies of this state, insurance companies, banks and savings and loan associations, organized under the laws of this state, may invest funds. …

The council shall, following the close of each fiscal year, submit an annual report of its activities for the preceding year to the governor and to the legislative finance committee. Each member of the legislature may receive a copy of such report by requesting a copy from the ch…

The Hospital Equipment Loan Act shall be liberally construed to accomplish its purposes. History: Laws 1983, ch. 290, § 32. ARTICLE 24 Industrial and Agricultural Finance Authority

As used in the Hospital Equipment Loan Act in connection with refinancing, renewing, funding, refunding or paying any bonds, "bonds" also means any bond, note, certificate or other evidence of indebtedness previously issued or incurred by any health facility, municipality, county…

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 hospital equipment loan council" for the performance of essential public functions. B. The council shall be gover…

service. A. The members of the board shall be appointed for staggered terms of four or fewer years each so that the term of at least one member expires on January 1 of each year. Each member shall hold office for the term of his appointment and until his successor has been appoin…

The members of the board shall receive no compensation for their services but shall receive reimbursement for actual and necessary expenses at the same rate and basis as provided in the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978]. History: Laws 1983, ch. 290, § 7.

A majority of the members of the board then serving shall constitute a quorum for the transaction of business. The affirmative vote of at least a majority of a quorum present shall be necessary for any action to be taken by the authority. No vacancy in the membership of the counc…

The board shall meet at least annually and may meet more often as required by the business of the council. History: Laws 1983, ch. 290, § 9.

Sections 1 through 23 [58-24-1 to 58-24-23 NMSA 1978] of this act may be cited as the "Industrial and Agricultural Finance Authority Act". History: Laws 1983, ch. 300, § 1.