Sections 1 through 8 [58-28-1 to 58-28-8 NMSA 1978] of this act may be cited as the “Land Title Trust Fund Act”. History: Laws 1997, ch. 118, § 1. ANNOTATIONS Cross references. — For the Uniform Management of Institutional Funds Act, see 46-9-1 NMSA 1978. Emergency clauses. — Laws 1997, ch. 118, § 11 makes […]
As used in the Land Title Trust Fund Act: A. “committee” means the land title trust fund advisory committee; B. “depository institution” means any bank, savings and loan association or credit union authorized by federal or state law to do business in New Mexico and insured by the federal deposit insurance corporation or the national […]
The “land title trust fund” is created. The New Mexico mortgage finance authority shall be the trustee for the fund. The trustee shall deposit in the fund money received by it pursuant to the Low-Income Housing Trust Act [58-18B-1 to 58-18B-10 NMSA 1978]. History: Laws 1997, ch. 118, § 3; 1999, ch. 41, § 5. […]
A. A title company that maintains one or more trust accounts or escrow accounts into which customer funds are deposited for use in the purchase, sale or financing of real property located in New Mexico may maintain one or more pooled interest-bearing transaction accounts and may deposit customer funds into those accounts, except for funds […]
A. Money from the fund and other sources may be used to finance in whole or in part any loans or grant projects that will provide housing for low-income persons and for other uses specified in this section. Money deposited into the fund may be used annually as follows: (1) no more than five percent […]
If any part of the Land Title Trust Fund Act is found to be in conflict with federal requirements that are a prescribed condition to the allocation of federal funds to the state, the conflicting part of that act is inoperative solely to the extent of the conflict and with respect to the agencies directly […]
Money from the fund may be used to match federal, local or private money to be used for projects authorized under the Land Title Trust Fund Act. History: Laws 1997, ch. 118, § 7. ANNOTATIONS Emergency clauses. — Laws 1997, ch. 118, § 11 makes the Land Title Trust Fund Act effective immediately. Approved April […]
A. The “land title trust fund advisory committee” is created. The committee shall consist of seven persons: (1) the chairman of the trustee or his designee, who shall serve as chairman of the committee; (2) two representatives of the land title industry appointed by the governor; (3) one representative of the banking industry and one […]
