Section 58-21B-17 – Surety bond required.
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 […]
Section 58-21B-18 – Confidentiality.
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 […]
Section 58-21B-19 – Powers and duties of director.
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 […]
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-1 – Short title.
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. […]
Section 58-21B-2 – Findings; purpose.
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 […]
Section 58-21B-3 – Definitions.
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 […]
Section 58-21B-4 – License and registration required to originate mortgage loans.
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 […]
Section 58-21B-5 – State license and registration application and issuance.
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 […]