Chapter 58, Article 22 NMSA 1978 may be cited as the “Escrow Company Act”. History: Laws 1983, ch. 135, § 1; 2015, ch. 135, § 1. ANNOTATIONS The 2015 amendment, effective July 1, 2015, changed the statutory reference for the Escrow Company Act from “This act” to “Chapter 58, Article 22 NMSA 1978”. Temporary provisions. […]
An escrow company shall obtain a surety bond in the minimum amount of one hundred thousand dollars ($100,000) running to the people of the state of New Mexico, which bond shall be executed and acknowledged by a corporation that is licensed by the superintendent of insurance to transact the business of fidelity and surety insurance. […]
ANNOTATIONS Repeals. — Laws 1986, ch. 21, § 2 repeals former 58-22-11 NMSA 1978, as enacted by Laws 1983, ch. 135, § 11, relating to escrow company insurance coverage for professional liability or errors and omissions, effective February 21, 1986.
Upon receiving and filing the application and bond coverage specified in the Escrow Company Act and upon a showing by the applicant of compliance with all requirements of the Escrow Company Act and any rules and regulations promulgated under that act, the director shall grant and issue a license. History: Laws 1983, ch. 135, § […]
No action shall be brought upon any bond required pursuant to Section 10 [58-22-10 NMSA 1978] of the Escrow Company Act or insurance coverage required pursuant to Section 11 [58-22-11 NMSA 1978] of that act after the expiration of three years from the accrual of the cause of action. History: Laws 1983, ch. 135, § […]
Upon any recovery in an action on a bond required pursuant to Section 10 [58-22-10 NMSA 1978] of the Escrow Company Act, the licensee shall file a new bond. Failure to file a new bond within ten days of the recovery on a bond or within ten days after notification by the director that a […]
The director may deny an escrow company’s application for initial licensing or renewal if: A. the applicant has ever had an escrow company license revoked for cause; B. the applicant was a partner, owner, officer, director, trustee, manager or principal stockholder of any partnership, corporation or unincorporated association whose escrow company license has been revoked […]
An escrow agent license is not transferable or assignable. The provisions of this section apply to the change of ownership of any licensed escrow company, including the change of control over any corporation licensed as an escrow company. For purposes of this section, “change of control” means the transfer of twenty-five percent or more of […]
A. Every licensee shall make and keep such accounts, correspondence, memoranda, papers, books, data and other records as the director by regulation prescribes. All records so required shall be preserved for six years after the termination of the account unless the director by regulation prescribes otherwise for particular types of records. B. All the records […]
A. Within fourteen days of a written request made by a party to the escrow agreement, a licensee shall provide a full statement of the escrow account, setting forth credits to principal and interest for the period and other information requested. B. Within the ten-day period following a buyer depositing the final payment on an […]
Division examination reports, financial information contained in licensee applications and renewal applications and information on investigations relating to violations of the Escrow Company Act that do not result or have not yet resulted in administrative, civil or criminal action: A. are not public records subject to the Inspection of Public Records Act [Chapter 14, Article […]
It is the intent of the legislature that the large and growing escrow industry be supervised and regulated by the financial institutions division of the commerce and industry department [regulation and licensing department] in order to protect the citizens of the state and to provide that the business practices of the escrow industry are fair […]
All money received in escrow prior to disbursement shall be deposited in a trust account maintained in a bank, savings and loan association or credit union located in New Mexico. Such trust accounts shall be maintained separately from those required for operation of the licensee and funds belonging to the licensee. All such money received […]
Funds received pursuant to escrow or trust funds are not subject to execution or attachment in any claim against the licensee. History: Laws 1983, ch. 135, § 21.
An escrow agent, in any action brought against a party to the escrow to recover trust funds disbursed by the escrow agent to or for the benefit of the party, or in reliance upon a check or draft issued by the party which is subsequently dishonored by the drawee, may recover, in addition to the […]
A licensee’s business shall not be removed from the premises or address shown on the license without thirty days prior written notice to the director and to the customers of the escrow company. History: Laws 1983, ch. 135, § 22.
Licensees under the Escrow Company Act shall be entitled to establish additional business office locations by compliance with all of the following: A. filing with the director notice of the intended address; and B. a showing that there will be an officer or manager possessing necessary escrow experience stationed in the proposed additional business location; […]
The director shall charge and collect the following fees: A. an original license fee for an escrow company of four hundred dollars ($400) for the first office or location; B. an annual license renewal fee for an escrow company of two hundred dollars ($200) and a delinquency fee of ten dollars ($10.00) per day for […]
For servicing loans or contracts of sale, a licensee may charge fees based on the amount of the outstanding loan balance, provided that a licensee shall not charge, collect or receive in excess of one percent per year on the outstanding loan balance as that balance exists as of the date of the loan or […]
A. Unauthorized business practices of escrow agents include but are not limited to the following: (1) issuing, circulating or publishing any advertisement by any means of communication or making use of or circulating any written materials indicating that a person is in the escrow business when that person is not a licensed escrow company; (2) […]
