reglab/housing_qa huggingface dataset:
NM Stat § 58-22-3 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-3 - Definitions.

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 person or for the purpose of making payments under any encumbrance of the property, delivers any written instrument, money, evidence of title to real or personal property or other thing of value to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when the instrument, money, evidence of title or thing of value is to be delivered by the third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee or bailor or to any of that person's agents or employees, pursuant to the written escrow instructions; D. "escrow company" means any person engaged in the business of receiving escrows for deposit or delivery for compensation who is required to be licensed under the Escrow Company Act; E. "licensee" means a person holding a valid license as an escrow agent; and F. "person" means an individual, cooperative, association, company, firm, partnership, corporation or other legal entity. History: Laws 1983, ch. 135, § 3; 2015, ch. 135, § 2. ANNOTATIONSThe 2015 amendment, effective July 1, 2015, amended the definition of division to mean the financial institutions division of the regulation and licensing department; in Subsection B, after "division of the", deleted "commerce and industry" and added "regulation and licensing"; and in Subsection C, after "encumbrance of", deleted "such" and added "the", and after "bailor or to any of", deleted "his" and added "that person's". Temporary provisions. — Laws 2015, ch. 135, § 9 provided that an escrow company licensed pursuant to the Escrow Company Act that, prior to the effective date of Laws 2015, ch. 135, §§ 1 to 8 (July 1, 2015), was not required to file a surety or other bond with the director of the financial institutions division of the regulation and licensing department shall have until January 1, 2016 to comply with the provisions of Section 58-22-10 NMSA 1978.
NM Stat § 58-22-4 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-4 - Exempt persons and transactions.

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 21 NMSA 1978]; B. a person licensed to practice law in this state who is not actively engaged in business as an escrow company; C. a person who is not actively engaged in business as an escrow company and whose principal business is that of preparing abstracts or making searches of title that are used as a basis for the issuance of any title insurance policy by a company doing business under the laws of this state relating to insurance companies; D. any broker licensed by the New Mexico real estate commission while performing acts in the course of or incidental to a single real estate transaction and in which the broker is performing an act for which a real estate license is required; provided, however, that any such acts which constitute escrow activity shall not exceed a period of ninety days. Trust accounts of a broker licensed by the New Mexico real estate commission shall not be escrow accounts within the meaning of the Escrow Company Act; E. a company licensed as a small business investment company pursuant to the Small Business Investment Act of 1958; F. any person acting under court order; or G. the United States or the state of New Mexico or any of its branches, agencies, departments, boards, instrumentalities or institutions and all political subdivisions of the state, their agencies, instrumentalities and institutions. History: Laws 1983, ch. 135, § 4; 1989, ch. 209, § 15. ANNOTATIONSCross references. — For the federal Small Business Investment Act of 1958, see 15 U.S.C. § 661.
NM Stat § 58-22-5 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-5 - Exemption or exception; burden of proof.

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.
NM Stat § 58-22-6 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-6 - Director; duties and powers.

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; B. conduct investigations as may be necessary to determine whether any person has engaged or is about to engage in any act or practice constituting a violation of any provision of the Escrow Company Act; and C. conduct examinations, investigations and hearings in addition to those specifically provided for by law as may be necessary and proper to the efficient administration of the Escrow Company Act. History: Laws 1983, ch. 135, § 6.
NM Stat § 58-22-7 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-7 - License required.

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.
NM Stat § 58-22-8 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-8 - Application for license.

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 of the escrow company; B. an itemized statement of the estimated receipts and expenditures of the proposed first year of operations; C. the experience and qualifications of those persons proposed to act as officers and managers; D. in the case of a corporation, a certified copy of the articles of incorporation and bylaws; and E. such additional information as the director may require. History: Laws 1983, ch. 135, § 8.
NM Stat § 58-22-9 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-9 - Annual renewal of license.

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 prescribe, which information shall establish that the licensee has continued to maintain necessary qualifications as an escrow agent. If the application for renewal is timely and properly filed and the necessary qualifications are being maintained, the renewal of the license shall be effective on July 1 following the filing of the application and shall be evidenced by an appropriate license issued as of that date. B. A licensee shall submit with the renewal application: (1) a copy of the escrow company's corporate federal and state income tax returns or, if the licensee is a sole proprietor, a copy of the escrow company's federal Schedule C as it relates to the escrow company for the immediate prior fiscal year or the year ending December 31 of the year immediately preceding the licensing year. The information contained in the federal and state income tax returns shall be confidential and shall not be a public record; and (2) as required by accounting control rules promulgated by the division, a copy of reconciliations and corresponding bank statements for the three months immediately preceding the renewal application. History: Laws 1983, ch. 135, § 9; 2015, ch. 135, § 3. ANNOTATIONSThe 2015 amendment, effective July 1, 2015, provided for additional requirements for renewal of an escrow agent's license; deleted "Each" and designated the previously undesignated paragraph as Subsection A; in Subsection A, in the first sentence, added "A", and after "renewal shall be on", deleted "such" and added "a", in the second sentence, after "the director by", deleted "regulation" and added "rule", and after "prescribe, which", added "information", and in the third sentence, after "If", deleted "such" and added "the"; and added a new Subsection B. Temporary provisions. — Laws 2015, ch. 135, § 9 provided that an escrow company licensed pursuant to the Escrow Company Act that, prior to the effective date of Laws 2015, ch. 135, §§ 1 to 8 (July 1, 2015), was not required to file a surety or other bond with the director of the financial institutions division of the regulation and licensing department shall have until January 1, 2016 to comply with the provisions of Section 58-22-10 NMSA 1978.
NM Stat § 58-22-11 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-11 - Repealed.

ANNOTATIONSRepeals. — 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.
NM Stat § 58-22-12 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-12 - Issuance of license.

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, § 12; 1987, ch. 120, § 2.
NM Stat § 58-22-13 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-13 - Action on bond; limitation.

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, § 13. ANNOTATIONSCompiler's notes. — Section 11 of the Escrow Company Act, referred to in this section, was compiled as 58-22-11 NMSA 1978, before being repealed by Laws 1986, ch. 21, § 2.
NM Stat § 58-22-14 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-14 - New bond required; effect of failure to file new bond.

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 new bond is required constitutes sufficient ground for action by the director under Subsection B of Section 27 [58-22-27 NMSA 1978] of the Escrow Company Act. History: Laws 1983, ch. 135, § 14.
NM Stat § 58-22-15 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-15 - Grounds for denying a license.

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 for cause; C. the applicant has any owner, officer, director or principal stockholder who has had an escrow company license revoked for cause; D. the director has knowledge that the applicant or a partner, owner, officer, director, trustee or principal stockholder of the applicant has been convicted of fraud, embezzlement or any crime involving moral turpitude pursuant to the laws of New Mexico or has been adjudged disqualified for employment as an escrow company pursuant to the provisions of the Escrow Company Act. For the purpose of this subsection, the division shall be considered a law enforcement agency and the director may acquire arrest record information from another law enforcement agency pursuant to Section 29-10-5 NMSA 1978; E. there is no officer or manager possessing necessary escrow experience to be stationed in the proposed business location; F. any false statement of a material fact has been made in application for licensure; or G. the applicant or any officer, owner, partner, director or incorporator of the applicant has violated any provision of the Escrow Company Act or the rules thereunder or any similar regulatory scheme of a foreign jurisdiction. History: Laws 1983, ch. 135, § 15; 1987, ch. 120, § 3; 2015, ch. 135, § 5. ANNOTATIONSThe 2015 amendment, effective July 1, 2015, provided that the financial institutions division shall be considered a law enforcement agency and authorized the director of the financial institutions division to acquire arrest record information from other law enforcement agencies for purposes of licensing escrow companies; in Subsection D, added the last sentence; and in Subsection G, deleted "For the purposes of Subsection D of this section, the director is authorized to acquire arrest record information from a law enforcement agency pursuant to Section 29-10-5 NMSA 1978.". Temporary provisions. — Laws 2015, ch. 135, § 9 provided that an escrow company licensed pursuant to the Escrow Company Act that, prior to the effective date of Laws 2015, ch. 135, §§ 1 to 8 (July 1, 2015), was not required to file a surety or other bond with the director of the financial institutions division of the regulation and licensing department shall have until January 1, 2016 to comply with the provisions of Section 58-22-10 NMSA 1978.
NM Stat § 58-22-16 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-16 - Transferability.

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 the outstanding voting stock of the corporation. History: Laws 1983, ch. 135, § 16; 1987, ch. 120, § 4.
NM Stat § 58-22-17 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-17 - Keeping of records; examination.

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 required to be maintained by the Escrow Company Act are subject to annual examinations by the director, within or without the state of New Mexico, together with such special or other examinations as the director deems necessary or appropriate in the public interest or for the protection of investors. The licensee so examined shall pay a fee for the examination at the rate of one hundred fifty dollars ($150) per day, or fraction of a day, for each authorized representative engaged in the examination; provided that the total fee for such examination shall not exceed seven hundred dollars ($700). If it is necessary for the examination to be conducted outside the state, the actual cost of travel for the examiners shall be reimbursed to the state by the licensee so examined. History: Laws 1983, ch. 135, § 17; 1987, ch. 292, § 11.
NM Stat § 58-22-18 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-18 - Statement of account.

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 account, the licensee shall send a notice to the seller and the buyer of property, containing a final statement of account, which statement shall disclose at a minimum the following information: (1) the names of the seller and the buyer on the account; (2) the address or legal description of real property or a definitive description of the property if it is not real property; (3) a statement that the account was paid in full; (4) the amount of the final payment; (5) the date that the final payment was deposited with the licensee; and (6) the date that the final payment was or is expected to be disbursed by the licensee. Money shall be disbursed within five days of the money becoming available to the licensee. C. A copy of the notice required by this section shall be retained by the licensee and shall be available for examination by the director pursuant to Section 58-22-17 NMSA 1978. History: Laws 1983, ch. 135, § 18; 2015, ch. 135, § 6. ANNOTATIONSThe 2015 amendment, effective July 1, 2015, provided additional requirements for escrow agents in providing notices of final statements on an account; designated the previously undesignated language in the section as Subsection A; in Subsection A, after "escrow agreement", deleted "each" and added "a"; and added new Subsections B and C. Temporary provisions. — Laws 2015, ch. 135, § 9 provided that an escrow company licensed pursuant to the Escrow Company Act that, prior to the effective date of Laws 2015, ch. 135, §§ 1 to 8 (July 1, 2015), was not required to file a surety or other bond with the director of the financial institutions division of the regulation and licensing department shall have until January 1, 2016 to comply with the provisions of Section 58-22-10 NMSA 1978.
NM Stat § 58-22-19 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-19 - Division documents exception to Inspection of Public Records Act.

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 2 NMSA 1978]; B. may be disclosed only with the consent of the director; and C. are not subject to subpoena. History: Laws 1983, ch. 135, § 19; 2015, ch. 135, § 7. ANNOTATIONSThe 2015 amendment, effective July 1, 2015, provided that certain financial institutions division documents are not public records subject to the Inspection of Public Records Act; deleted the former catchline "Public inspection of applications" and added the new language; deleted the language in the section in its entirety, which related to certain escrow documents open to public inspection, and added a new introductory sentence and new Subsections A through C. Temporary provisions. — Laws 2015, ch. 135, § 9 provided that an escrow company licensed pursuant to the Escrow Company Act that, prior to the effective date of Laws 2015, ch. 135, §§ 1 to 8 (July 1, 2015), was not required to file a surety or other bond with the director of the financial institutions division of the regulation and licensing department shall have until January 1, 2016 to comply with the provisions of Section 58-22-10 NMSA 1978.
NM Stat § 58-22-20 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-20 - Bank deposit required; maintenance of trust accounts.

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 in escrow may be commingled in one or more trust accounts, provided such funds are separately identifiable to the respective recipients under the escrow agreements. History: Laws 1983, ch. 135, § 20. ANNOTATIONSCross references. — For the Low-Income Housing Trust Act, see 58-18B-1 NMSA 1978.
NM Stat § 58-22-21 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-21 - Attachment.

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.
NM Stat § 58-22-21.1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-21.1 - Suit to recover trust funds; attorney's fees authorized.

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 amount so disbursed, a reasonable amount as attorney's fees and costs. Pending litigation, an escrow agent may retain possession of all escrowed documents until directed otherwise by a court of competent jurisdiction. History: 1978 Comp., § 58-22-21.1, enacted by Laws 1985, ch. 219, § 1.
NM Stat § 58-22-22 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-22 - Removal.

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.
NM Stat § 58-22-23 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-23 - Additional business office locations.

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; and C. payment of a branch fee to the director. History: Laws 1983, ch. 135, § 23; 1989, ch. 209, § 16.