Sections 1 through 24 [58-21B-1 to 58-21B-24 NMSA 1978] of this act may be cited as the “New Mexico Mortgage Loan Originator Licensing Act”. History: Laws 2009, ch. 122, § 1. ANNOTATIONS Effective dates. — Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 1 effective July 31, 2009. […]
A. In order to meet the annual continuing education requirements set forth in Paragraph (2) of Subsection A of Section 58-21B-9 NMSA 1978, a licensed mortgage loan originator shall complete at least eight hours of education approved in accordance with Subsection B of this section, which shall include at least: (1) three hours of federal […]
A. In addition to any other duties imposed upon the director by law, the director shall require mortgage loan originators to be licensed and registered through the nationwide multistate licensing system and registry. In order to carry out this requirement, the director may participate in the nationwide multistate licensing system and registry. For this purpose, […]
The director shall establish rules whereby mortgage loan originators may challenge information entered into the nationwide multistate licensing system and registry by the director. History: Laws 2009, ch. 122, § 12; 2019, ch. 144, § 12. ANNOTATIONS The 2019 amendment, effective July 1, 2019, replaced “nationwide mortgage licensing system and registry” with “nationwide multistate licensing […]
A. In order to ensure the effective supervision and enforcement of the New Mexico Mortgage Loan Originator Licensing Act, the director may: (1) deny, suspend, revoke or decline to renew a license for a violation of the New Mexico Mortgage Loan Originator Licensing Act or rules issued pursuant to that act or an order or […]
A. When the director contemplates taking any action specified in Paragraphs (1) through (6) of Subsection A or in Subsection D of Section 13 [58-21B-13 NMSA 1978] of the New Mexico Mortgage Loan Originator Licensing Act, the director shall serve upon the licensed mortgage loan originator a written notice containing a statement: (1) that the […]
A. Upon a showing by the director that a person has or is about to violate the New Mexico Mortgage Loan Originator Licensing Act or any rule or order of the director pursuant to that act, the district court of the first judicial district or other appropriate district court in the state may grant or […]
A. An individual who acts as a mortgage loan originator without being properly licensed pursuant to the New Mexico Mortgage Loan Originator Licensing Act is, for a first offense, guilty of a misdemeanor and upon conviction shall be sentenced in accordance with the provisions of Subsection A of Section 31-19-1 NMSA 1978. B. In the […]
A. Each mortgage loan originator shall be covered by a surety bond in accordance with this section. In the event the mortgage loan originator is an employee or exclusive agent of a mortgage loan company subject to the Mortgage Loan Company Act, the surety bond of the mortgage loan company subject to that act may […]
In order to promote more effective regulation and reduce regulatory burden through supervisory information-sharing, except as otherwise provided in Public Law 110-289, Section 1512, the requirements pursuant to any federal law or pursuant to the Inspection of Public Records Act regarding the privacy or confidentiality of any information or material provided to the nationwide multistate […]
A. The director shall exercise general supervision and control over mortgage loan originators doing business in New Mexico. B. In addition to the other duties imposed on the director by law, the director shall make reasonable rules necessary for the implementation of the New Mexico Mortgage Loan Originator Licensing Act; provided that promulgated rules shall […]
A. The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable and immediate impact upon New Mexico’s consumers, New Mexico’s economy, the neighborhoods and communities of New Mexico and the housing and real estate industry. The legislature finds that accessibility to mortgage credit is […]
A. A mortgage loan originator shall, enter into a fiduciary relationship with the borrower. For the purposes of this subsection, “fiduciary relationship” is a relationship in which a mortgage loan originator shall: (1) safeguard and account for any money handled for the borrower; (2) follow reasonable and lawful instructions from the borrower; (3) act with […]
A. Any person who has suffered injury by reason of any method, act or practice in violation of the New Mexico Mortgage Loan Originator Licensing Act may sue in district court. Upon a showing that that act is being or has been violated and a showing that the plaintiff has suffered injury, the court may […]
A mortgage loan originator 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, § 22; 2019, ch. 144, § 15. ANNOTATIONS The 2019 amendment, effective […]
Subject to state privacy laws, the director shall report regularly violations of the New Mexico Mortgage Loan Originator Licensing Act, as well as enforcement actions and other relevant information, to the nationwide multistate licensing system and registry subject to the provisions set forth in Section 58-21B-18 NMSA 1978. History: Laws 2009, ch.122, § 23; 2019, […]
The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or web sites, and on any other documents as established by rule or order of the director. History: Laws 2009, ch. 122, § 24. ANNOTATIONS Effective dates. […]
As used in the New Mexico Mortgage Loan Originator Licensing Act: A. “clerical or support duties” may include, subsequent to the receipt of an application: (1) the receipt, collection, distribution and analysis of information common for the processing or underwriting of a residential mortgage loan; and (2) communicating with a consumer to obtain the information […]
A. Unless specifically exempted from the New Mexico Mortgage Loan Originator Licensing Act pursuant to Subsection B of this section, an individual shall not engage in the business of a mortgage loan originator with respect to any dwelling located in New Mexico without first obtaining and maintaining annually a license pursuant to that act. Each […]
A. Applicants for a license shall apply in a form as prescribed by the director. Each form shall contain content as set forth by rule, instruction or procedure of the director and may be changed or updated as necessary by the director in order to carry out the purposes of the New Mexico Mortgage Loan […]
