Section 47-14-13 – Requirements; liability.
A. An appraisal management company registered in this state pursuant to the Appraisal Management Company Registration Act shall not enter into contracts or agreements with an independent appraiser for the performance of real estate appraisal services unless that person is licensed or certified in good standing pursuant to the Real Estate Appraisers Act [Chapter 61, […]
Section 47-15-5 – Violations.
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 […]
Section 47-14-2 – Definitions.
As used in the Appraisal Management Company Registration Act: A. “appraisal” means the act or process of developing an opinion of the value of real property in conformance with the uniform standards for professional appraisal practice published by the appraisal foundation; B. “appraisal foundation” means the appraisal foundation incorporated as an Illinois not-for-profit corporation on […]
Section 47-14-3 – Registration required.
A. It is unlawful for a person, corporation, partnership, sole proprietorship, subsidiary, limited liability company or any other business entity to, directly or indirectly, engage or attempt to engage in business as an appraisal management company, to, directly or indirectly, engage or attempt to perform appraisal management services or to advertise or hold itself out […]
Section 47-14-3.1 – Bonding requirements.
A. In order to qualify for registration or renewal of registration, an appraisal management company shall maintain a bond underwritten by a corporate surety authorized to transact business in New Mexico, or other equivalent means of security. The board shall set by rule the amount and conditions of the surety bond or other equivalent means […]
Section 47-14-3.2 – Criminal background checks.
A. The board may adopt rules that provide for criminal background checks for all licensees to include: (1) requiring criminal history background checks of applicants for licensure pursuant to the Appraisal Management Company Registration Act; (2) requiring applicants for licensure to be fingerprinted; (3) providing for an applicant who has been denied licensure to inspect […]
Section 47-14-4 – Exemptions.
The Appraisal Management Company Registration Act is not applicable to: A. a corporation, partnership, sole proprietorship, subsidiary, limited liability company or other business entity that employs persons on an employer and employee basis exclusively for the performance of real estate appraisal services in the normal course of its business and the entity is responsible for […]
Section 47-14-5 – Forms.
An applicant for registration as an appraisal management company shall submit to the board an application on a form prescribed by the board. History: Laws 2009, ch. 214, § 5. ANNOTATIONS Effective dates. — Laws 2009, ch. 214 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June […]
Section 47-14-6 – Expiration of license.
A registration granted by the board pursuant to the Appraisal Management Company Registration Act shall expire on September 30 of each year. History: Laws 2009, ch. 214, § 6; 2013, ch. 143, § 3. ANNOTATIONS The 2013 amendment, effective June 14, 2013, provided for the expiration of licenses; and after “Registration Act shall”, deleted “be […]
Section 47-14-7 – Consent to service of process.
Each entity applying for registration as an appraisal management company shall complete and execute an irrevocable consent to service of process form as prescribed by the board. History: Laws 2009, ch. 214, § 7. ANNOTATIONS Effective dates. — Laws 2009, ch. 214 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § […]