Section 58-18B-1 – Short title.
This act [58-18B-1 to 58-18B-11 NMSA 1978] may be cited as the “Low-Income Housing Trust Act”. History: Laws 1994, ch. 146, § 1.
Section 58-18B-10 – Conflict with federal requirements.
If any part of the Low-Income Housing Trust 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 affected, […]
Section 58-18B-11 – Repealed.
ANNOTATIONS Repeals. — Laws 1999, ch. 41, § 8 repeals 58-18B-11 NMSA 1978, as enacted by Laws 1994, ch. 146, § 16, relating to money from the fund being used to match federal, local or private money for projects authorized under the Low-Income Housing Trust Act, effective July 1, 1999. For provisions of former section, […]
Section 58-18B-2 – Legislative findings.
The legislature finds that: A. current economic conditions, federal housing policies and declining resources at the federal, state and local levels affect adversely the ability of low-income persons to obtain safe, decent and affordable housing; B. it is in the public interest to establish a continuously renewable resource to be known as the New Mexico […]
Section 58-18B-3 – Definitions.
As used in the Low-Income Housing Trust Act: A. “appropriate financial institution service charges and fees” means those service charges and fees that a financial institution charges its customers on demand deposit accounts; B. “division” means the financial institutions division of the regulation and licensing department; C. “escrow closing agent” means an escrow agent other […]
Section 58-18B-4 – Repealed.
ANNOTATIONS Repeals. — Laws 1999, ch. 41, § 8 repeals 58-18B-4 NMSA 1978, as enacted by Laws 1994, ch. 146, § 9, relating to the creation of the low-income housing trust fund, effective July 1, 1999. For provisions of former section, see the 1998 NMSA 1978 on NMOneSource.com.
Section 58-18B-5 – Trust accounts; escrow accounts; special accounts; pooled interest-bearing accounts; disposition of earned interest on certain accounts.
A. Every real estate broker who maintains a trust or escrow account as required pursuant to the provisions of Paragraph (8) of Subsection A of Section 61-29-12 NMSA 1978 may maintain a pooled interest-bearing escrow account and may deposit all customer funds into that account except for: (1) funds required to be deposited into a […]
Section 58-18B-6 – Pooled interest-bearing escrow accounts authorized to be made available; computation of interest; reports.
A. Any depository institution regulated by the division that maintains trust or escrow accounts for customers may establish and make available pooled interest-bearing accounts. Interest on a pooled interest-bearing account shall be computed on the daily collected balance of the account or as otherwise computed in accordance with the institution’s standard accounting practices. B. Any […]
Section 58-18B-7 – Use of money from fund.
Money from the fund and other sources shall be used in accordance with the provisions of the Land Title Trust Fund Act [58-28-1 to 58-28-8 NMSA 1978]. History: Laws 1994, ch. 146, § 12; 1999, ch. 41, § 4. ANNOTATIONS The 1999 amendment, effective July 1, 1999, substituted “from fund” for “for loans and grant […]
Section 58-18B-9 – Repealed.
ANNOTATIONS Repeals. — Laws 1999, ch. 41, § 8 repeals 58-18B-8 and 58-18B-9 NMSA 1978, as enacted by Laws 1994, ch. 146, §§ 13 and 14, relating to organizations eligible to receive assistance from the trust under the Low-Income Housing Trust Act and to money from the fund being used to provide preconstruction technical assistance […]