The responsibilities and authority of the director under the Mortgage Loan Company Act are 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. 86, § 26; 2009, ch. 122, § 48. ANNOTATIONS The 2009 amendment, effective July […]
ANNOTATIONS Repeals. — Laws 2001, ch. 251, § 17 and Laws 2001, ch. 264, § 17 repeals 58-21-27 NMSA 1978, being Laws 1987, ch. 343, § 1, requiring service entities who serve New Mexico customers to have an office or agent in New Mexico, and requiring a ten-day response time to customers’ inquiries, effective July […]
A. In order to ensure the effective supervision and enforcement of the Mortgage Loan Company Act, the director may: (1) deny, suspend, revoke or decline to renew a license for a violation of that act, rules issued pursuant to that act or order or directive entered pursuant to that act; (2) deny, suspend, revoke or […]
A. Upon a showing by the director that a person has or is about to violate the Mortgage Loan Company Act or any rule or order of the director under that act, the district court of the first judicial district for Santa Fe county or other appropriate district court in the state may grant or […]
A. It is unlawful for any person to transact business in the state of New Mexico, either directly or indirectly, as a mortgage loan company without first filing an application with the director, meeting requirements established by the director and obtaining a license under the Mortgage Loan Company Act. B. A mortgage loan company shall […]
A. A person that violates Subsection A of Section 58-21-3 NMSA 1978 for the first offense is guilty of a misdemeanor and upon conviction shall be sentenced pursuant to the provisions of Section 31-19-1 NMSA 1978. B. In the case of a first conviction pursuant to Subsection A of this section, the court may impose […]
A mortgage loan company shall, in addition to other disclosures required pursuant to other statutes or common law: A. make all disclosures required by applicable federal and state laws; B. provide a revised “good faith estimate” and a copy of the borrower’s lock-in agreement to the borrower within three days of locking in the loan […]
Each licensee 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. 122, § 53; 2019, ch. 144, § 3. ANNOTATIONS The 2019 amendment, effective July 1, […]
Each application for a license or license renewal as a mortgage loan company shall be filed in writing with the director, shall meet requirements established by the director and shall contain the following: A. the applicant’s name, the name of designated qualified managers, the New Mexico mortgage loan originator license number and national mortgage licensing […]
A. A license shall expire on December 31 each year. Each licensee shall submit a renewal application on or before November 1 each year. B. The director shall establish by rule fees that shall be sufficient to cover the costs of administering the Mortgage Loan Company Act. These fees may include: (1) an original and […]
The following persons shall be exempt from all provisions of the Mortgage Loan Company Act: A. banks, trust companies, savings and loan associations, credit unions, insurance companies or real estate investment trusts as defined in 26 U.S.C.A. 856; B. an attorney licensed to practice law in New Mexico who is not principally engaged in the […]
A. Each mortgage loan company shall post and maintain with the director a corporate surety bond. B. The penal sum of the surety bond shall be in an initial amount of fifty thousand dollars ($50,000). Upon renewal of the license, the penal sum of the surety bond shall be in an amount that reflects the […]
The director may deny, suspend or revoke any license or impose other penalties when the applicant or licensee, or a principal, partner, director, officer, trustee, manager, employee or affiliate of the applicant or licensee: A. lacks a good business reputation; B. has violated a provision of the Mortgage Loan Company Act; C. charges, collects or […]
A. The director shall exercise general supervision and control over mortgage loan companies doing business in New Mexico. In addition to the other duties imposed on the director by law, the director shall: (1) make reasonable rules necessary for the implementation of the Mortgage Loan Company Act; provided that promulgated rules shall be subject to […]
