This act [47-15-1 to 47-15-8 NMSA 1978] may be cited as the “Mortgage Foreclosure Consultant Fraud Prevention Act”. History: Laws 2010, ch. 58, § 1. ANNOTATIONS Effective dates. — Laws 2010, ch. 58 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 19, 2010, 90 days after […]
As used in the Mortgage Foreclosure Consultant Fraud Prevention Act: A. “compensation” means monetary payment, remuneration or other benefits received, including monetary donations made in conjunction with the performance of services; B. “foreclosure consultant”: (1) means a person who, directly or indirectly, makes a solicitation or offer to an owner to perform services for compensation […]
A. A foreclosure consulting contract shall: (1) be provided to the owner for review at least twenty-four hours before being signed by the owner; (2) be printed in at least fourteen-point type and written in the same language that was used by the owner in discussions with the foreclosure consultant to describe the consultant’s services […]
A. In addition to any other right under law to rescind a contract, an owner may rescind a foreclosure consulting contract until midnight of the third business day after the day on which the owner signs a foreclosure consulting contract that complies with the Mortgage Foreclosure Consultant Fraud Prevention Act. B. Cancellation of a foreclosure […]
It is a violation of the Mortgage Foreclosure Consultant Fraud Prevention Act for a foreclosure consultant to: A. claim, demand, charge, collect or receive any compensation until after the foreclosure consultant has fully performed every service the foreclosure consultant contracted to perform or represented the consultant would perform; B. claim, demand, charge, collect or receive […]
Any waiver by an owner of the provisions of the Mortgage Foreclosure Consultant Fraud Prevention Act is void and unenforceable as contrary to public policy. Any attempt by a foreclosure consultant to induce an owner to waive the owner’s rights under the Mortgage Foreclosure Consultant Fraud Prevention Act is a violation of that act. History: […]
A. A violation of the Mortgage Foreclosure Consultant Fraud Prevention Act constitutes an unfair trade practice pursuant to the Unfair Practices Act [Chapter 57, Article 12 NMSA 1978]. B. A prevailing plaintiff in a suit for violation of the Mortgage Foreclosure Consultant Fraud Prevention Act may recover actual damages, reasonable attorney fees and costs and […]
A person who commits a violation of the provisions of Section 5 [47-15-5 NMSA 1978] of the Mortgage Foreclosure Consultant Fraud Prevention Act is guilty of a fourth degree felony and, upon conviction, shall be sentenced pursuant to Section 31-18-15 NMSA 1978. Each violation of the provisions of Section 5 of the Mortgage Foreclosure Consultant […]
