Chapter 58, Article 21 NMSA 1978 may be cited as the “Mortgage Loan Company Act”. History: Laws 1983, ch. 86, § 1; 1989, ch. 209, § 13; 2009, ch. 122, § 25. ANNOTATIONS The 2009 amendment, effective July 31, 2009, changed the name of the act from the “Mortgage Loan Company and Loan Broker Act” […]
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 of any person subject to the provisions of the Mortgage Loan Company Act and in connection […]
Every mortgage loan company and loan broker shall make and keep those accounts, correspondence, memoranda, papers, books, data and other records as the director by rule prescribes. All records so required shall be preserved for six years. History: Laws 1983, ch. 86, § 11; 2001, ch. 251, § 8; 2001, ch. 264, § 8. ANNOTATIONS […]
All the records required to be maintained by the Mortgage Loan Company Act are subject to examinations or investigations by representatives of the director within or without New Mexico as the director deems necessary or appropriate in the public interest or for the protection of investors. If the examination or investigation is conducted outside the […]
Applications for licensing or a license renewal and all papers, documents, reports and other written instruments filed with the director under the Mortgage Loan Company Act are public documents and open to public inspection except for files of ongoing examinations and investigations relating to violations of that act, which investigations do not culminate, or have […]
A. When the director contemplates taking any action specified in Section 58-21-8 NMSA 1978 and Paragraphs (1) through (7) of Subsection A of Section 58-21-28 NMSA 1978, the director shall serve upon the licensee a written notice containing a statement: (1) that the director has sufficient evidence that, if not rebutted or explained, will justify […]
A. The director may make any public or private investigation, within or outside of this state, as the director finds necessary to determine whether a person has violated or is about to violate the Mortgage Loan Company Act or any rule or order of the director under that act or to aid in enforcement of […]
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 the proceedings under Subsection A of this section does not, unless specifically ordered by the court, operate as a stay of the director’s order. History: […]
Any licensee under the Mortgage Loan Company Act who also performs any acts that are within the scope of activities regulated by any statutes of the state relating to escrow agents shall also comply with all provisions of those statutes, and the issuance of a license under the Mortgage Loan Company Act shall not serve […]
In connection with any loan originated, brokered, negotiated or made by a licensee pursuant to the Mortgage Loan Company Act, a mortgage loan company shall not collect, charge or receive broker fees in excess of six percent of the principal amount of the loan. A licensee may charge reasonable settlement, origination, transaction and other fees […]
In connection with any loan originated, brokered, negotiated or made by a licensee pursuant to the Mortgage Loan Company Act, a licensee shall comply with: A. applicable federal or state laws; B. the provisions of the Home Loan Protection Act; and C. the provisions of the New Mexico Mortgage Loan Originator Licensing Act [58-21B-1 to […]
As used in the Mortgage Loan Company Act: A. “affiliate” means a person who, directly or indirectly, through one or more intermediaries, controls or is controlled by or is under common control with another person; B. “branch office” means any location, including a divisional office, separate from the principal place of business of the mortgage […]
It is unlawful for any person to make or cause to be made in any document filed with the director in any proceedings under the Mortgage Loan Company Act any statement that is at the time and in the light of the circumstances under which it is made false or misleading in any respect. History: […]
It is unlawful for any mortgage loan company in connection with the origination, brokering, negotiating or making of any mortgage loan, directly or indirectly, to: A. employ any device, scheme or artifice to defraud; or B. engage in any act, practice or course of business that operates or would operate as a fraud or deceit […]
A person who violates Section 58-21-18, 58-21-19, 58-21-20 or 58-21-21 NMSA 1978, knowing the statement to be false or misleading in any respect, is guilty of a fourth degree felony and upon conviction shall be sentenced as provided for in Section 31-18-15 NMSA 1978. Civil and criminal penalties are in addition to any remedies available […]
A document is filed when it is received by the director. The director may permit the destruction of any document filed under the Mortgage Loan Company Act with the division or the director after six years from the date of filing documents. History: Laws 1983, ch. 86, § 23; 2001, ch. 251, § 14; 2001, […]
History: Laws 2005, ch. 191, § 2; repealed by Laws 2007, ch. 224, § 3. ANNOTATIONS Repeals. — Laws 2007, ch. 224, § 3 repeals 58-21-23.1 NMSA 1978, being Laws 2005, ch. 191, § 2, relating to execution of documentation for real estate transactions, effective July 1, 2007. For provisions of former section, see the […]
A. Unless the net loan funds necessary to complete a purchase of real property have been previously delivered to the seller or to the closing agent, a lender shall deliver the required net loan funds within two business days of the time that the lender deems the closing agent has fulfilled the requirements of the […]
ANNOTATIONS Repeals. — Laws 2001, ch. 251, § 17 and Laws 2001, ch. 264, § 17 repeals 58-21-24 NMSA 1978, being Laws 1983, ch. 86, § 24, regarding the effect of the enactment of the Mortgage Loan Company and Loan Broker Act on existing mortgage loan companies or loan brokers, effective July 1, 2001. For […]
The Mortgage Loan Company Act is not intended to impair any remedies available to injured parties under other statutes or under common law. History: Laws 1983, ch. 86, § 25; 2009, ch. 122, § 47. ANNOTATIONS The 2009 amendment, effective July 31, 2009, changed the name of the act from the “Mortgage Loan Company and […]
