Section 58-21B-24 – Unique identifier shown.
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. […]
Section 58-21B-20 – Mortgage loan originator duties.
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 […]
Section 58-21B-21 – Private right of action; damages; enforcement by attorney general.
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 […]
Section 58-21B-22 – Mortgage call reports.
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 […]
Section 58-21B-23 – Report to nationwide multistate licensing system and registry.
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, […]
Section 58-21B-10 – Continuing education for mortgage loan originators.
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 […]
Section 58-21B-11 – Authority to require license and to set fees.
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, […]
Section 58-21B-12 – Nationwide multistate licensing system and registry information challenge process.
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 […]
Section 58-21B-13 – Enforcement; violations; penalties.
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 […]
Section 58-21B-14 – Notice of contemplated action; hearings.
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 […]