If two or more parties to an escrow make conflicting demands upon the escrow agent regarding the performance of its duties, then the escrow agent may, at its election, hold any money or documents which are the subject of the conflicting demands until it receives mutual instructions resolving the conflict in writing and signed by […]
A. The director may investigate, upon complaint or otherwise, when it appears that an escrow company is conducting its business in an unsafe and injurious manner or in violation of the Escrow Company Act or the regulations promulgated pursuant to that act, or when it appears that any person is engaging in the escrow company […]
A. In the conduct of any examination, investigation or hearing, the director may: (1) compel the attendance of any person or obtain any documents by subpoena; (2) administer oaths; and (3) examine any person under oath concerning the business and conduct of affairs of any person subject to the provisions of the Escrow Company Act […]
Any person who violates Section 58-22-7, 58-22-20 or 58-22-26 NMSA 1978 is guilty of a misdemeanor and upon conviction shall be sentenced as provided for in the Criminal Sentencing Act [Chapter 31, Article18 NMSA 1978]. History: 1978 Comp., § 58-22-28.1, enacted by Laws 1987, ch. 120, § 5.
A. Any person aggrieved by a final order of the director may appeal to the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978. B. The commencement of proceedings pursuant to Subsection A of this section does not, unless specifically ordered by the court, operate as a stay of the director’s order. History: […]
As used in the Escrow Company Act: A. “director” means the director of the division; B. “division” means the financial institutions division of the regulation and licensing department; C. “escrow” means any transaction in which one person, for the purpose of effecting the sale, transfer, encumbrance or lease of real or personal property to another […]
The responsibilities and authority of the director under the Escrow Company Act are hereby 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. 135, § 30; 2015, ch. 135, § 8. ANNOTATIONS The 2015 amendment, effective July […]
Any person engaged in the escrow company business in the state for a period of at least ninety days prior to the effective date of the Escrow Company Act shall have thirty days from that date in which to file a proper and complete application for a license together with the required bonds pursuant to […]
Nothing contained in the Escrow Company Act shall be so construed as to impair or affect the obligation of any escrow agreement that was lawfully entered into prior to the effective date of that act. History: Laws 1983, ch. 135, § 32. ANNOTATIONS Compiler’s notes. — Laws 1983, ch. 135, § 35 makes the Escrow […]
The Escrow Company Act is not intended to impair any remedies available to injured parties under other statutes or under the common law. History: Laws 1983, ch. 135, § 33. ANNOTATIONS Severability clauses. — Laws 1983, ch. 135, § 34, provides for the severability of the act if any part or application thereof is held […]
The Escrow Company Act shall not apply to: A. banks, trust companies, savings banks, savings and loan associations, credit unions, insurance companies not actively engaged in business as escrow companies or mortgage loan companies who have applied for and received an exemption pursuant to the Mortgage Loan Company and Loan Broker Act [Chapter 58, Article […]
In any proceeding under the Escrow Company Act, the burden of proving an exemption or exception from a definition is upon the person claiming it. History: Laws 1983, ch. 135, § 5.
The director shall exercise general supervision and control over escrow companies doing business in New Mexico. In addition to the other duties imposed upon him by law, the powers and duties of the director are to: A. make reasonable rules and regulations as may be necessary to effectuate the purposes of the Escrow Company Act; […]
No person shall engage in business as an escrow company unless that person is licensed by the director as an escrow company. History: Laws 1983, ch. 135, § 7.
Applications for a license as an escrow company shall be in writing and in such form as is prescribed by the director and shall be accompanied by such information and documentation as is required by law. The application shall set forth: A. the names and addresses of any incorporators, directors, officers, partners, owners and managers […]
A. A licensee shall renew its license for each of its offices annually by filing an application for renewal with the director on or before June 1 of each year, accompanied by the appropriate fees. The application for renewal shall be on a form and shall contain such information as the director by rule shall […]
