reglab/housing_qa huggingface dataset:
NM Stat § 59A-30-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-1 - Short title.

Chapter 59A, Article 30 NMSA 1978 may be cited as the "New Mexico Title Insurance Law". History: 1978 Comp., § 59A-30-1, enacted by Laws 1985, ch. 28, § 1; 2009, ch. 80, § 3. ANNOTATIONSRepeals and reenactments. — Laws 1985, ch. 28, § 1, repealed 59A-30-1 NMSA 1978, as enacted by Laws 1984, ch. 127, § 507, and enacted a new section. The 2009 amendment, effective July 1, 2009, changed the statutory reference to the Chapter and Article of NMSA 1978. Escrow accounts. — A title insurance company acting as escrow agent cannot retain for its own benefit interest paid by a financial institution on escrow accounts without express permission from the customer or written contract allowing this payment of interest as compensation. 1987 Op. Att'y Gen. No. 87-30. The acceptance of other in-kind services and consideration in lieu of interest on escrow accounts is in violation of the fiduciary duties of the title insurance company, agent, broker, or solicitor to the principal. 1987 Op. Att'y Gen. No. 87-30. Am. Jur. 2d, A.L.R. and C.J.S. references. — Title insurance company's rights in title information, 38 A.L.R.4th 968.
NM Stat § 59A-30-2 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-2 - Purpose and legislative intent of article.

A. The purpose of the New Mexico Title Insurance Law is to provide a comprehensive body of law for the effective regulation and active supervision of the business of title insurance transacted within this state in accordance with the McCarran-Ferguson Act (P.L. 79-15, 15 U.S.C. Sections 1011-1015). B. The legislature intends that the business of title insurance be regulated by the state to provide for the protection of consumers and purchasers of title insurance policies and the financial stability of the title insurance industry. C. The legislature intends that the title insurance market be competitive for all title insurance agents, that regulation of the title insurance industry does not disproportionately impact independent title agencies and that regulation of the industry does not place independent title insurance agents at a competitive disadvantage with underwriter-owned title companies. History: 1978 Comp., § 59A-30-2, enacted by Laws 1985, ch. 28, § 2; 2009, ch. 80, § 4. ANNOTATIONSThe 2009 amendment, effective July 1, 2009, in Subsection A, before "the McCarran-Ferguson Act", changed "response to" to "accordance with"; in Subsection B, before "regulated", deleted "totally"; and added Subsection C. Severability. — Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected. Regulation of title insurance. — New Mexico's statutory scheme regulating title insurance is not contrary to state law. Coll v. First Am. Title Ins. Co., 642 F.3d 876 (10th Cir. 2011).
NM Stat § 59A-30-4 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-4 - Control and supervision by superintendent.

A. Title insurers and title insurance producers shall operate in New Mexico under the control and supervision of the superintendent. The superintendent shall promulgate such rules and regulations as are necessary to carry out the provisions of the New Mexico Title Insurance Law. The superintendent may adopt uniform rules and regulations to address underwriting standards and practices, including but not limited to rules and regulations that prohibit title insurers from insuring specified risks that the superintendent determines may pose an unreasonable risk to the financial stability of title insurers. B. No title insurer or title insurance producer shall collect any premium, issue any title insurance policy or agency agreement, or reinsure any portion of the risk assumed under any title insurance policy, other than in conformance with the New Mexico Title Insurance Law and rules and regulations adopted by the superintendent as authorized by the New Mexico Title Insurance Law. History: 1978 Comp., § 59A-30-4, enacted by Laws 1985, ch. 28, § 4; 2009, ch. 80, § 6; 2016, ch. 89, § 61. ANNOTATIONSThe 2016 amendment, effective July 1, 2017, in Subsection A, after "title insurance", deleted "agents" and added "producers"; and in Subsection B, after "title insurance", deleted "agent" and added "producer". Severability. — Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected. The 2009 amendment, effective July 1, 2009, in Subsection A, after "Title Insurance Law", deleted "including rules and regulations requiring uniform forms of policy and uniform premiums" and in the third sentence, before "underwriting standards" added "address". Regulation mandating arbitration disallowed. — Regulation mandating arbitration clause in title insurance contract is in conflict with New Mexico Const., art. II, § 12, and in conflict with 59A-16-30 and 57-12-10 NMSA 1978; therefore, plaintiff in suit against title company may have common law and statutory claims heard in a court of law. Lisanti v. Alamo Title Ins. of Tex., 2001-NMCA-100, 131 N.M. 334, 35 P.3d 989, aff'd, 2002-NMSC-032, 132 N.M. 750, 55 P.3d 962.
NM Stat § 59A-30-4.1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-4.1 - Reporting by superintendent.

The superintendent shall compile a report for the legislature no later than October 1 each year beginning in 2013 detailing title insurance statistics, including a report on the status of price competition within the title insurance industry in New Mexico. Annual reports shall be made available to interested parties and the general public. History: Laws 2009, ch. 80, § 13; 2013, ch. 74, § 30. ANNOTATIONSThe 2013 amendment, effective March 29, 2013, required the superintendent of insurance to compile a report for the legislature on title insurance statistics; in the first sentence, after "compile a report for", deleted "the commission and"; and after "beginning in", deleted "2010" and added "2013". Severability. — Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
NM Stat § 59A-30-5 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-5 - Policy forms.

No title insurer or title insurance agent shall use any form of title insurance policy other than the uniform forms promulgated by the superintendent under the New Mexico Title Insurance Law. The superintendent shall not promulgate any uniform form under which the coverage offered is excessive or inadequate in relation to the premium charged for the coverage. History: 1978 Comp., § 59A-30-5, enacted by Laws 1985, ch. 28, § 5.
NM Stat § 59A-30-5.1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-5.1 - Available funds required to issue policy.

Unless the consideration necessary to create the estate to be insured has been previously delivered, no title insurance agent or title insurer shall issue a title insurance policy until the title insurance agent, title insurer or a third party fiduciary holds available funds, as defined under Subsection E of Section 59A-30-3 NMSA 1978, in an amount sufficient to create the estate being insured and to pay in accordance with the instructions of the parties to the transaction, all sums required to be paid through and at the time of the closing. History: 1978 Comp., § 59A-30-5.1, enacted by Laws 1989, ch. 95, § 2.
NM Stat § 59A-30-6.1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-6.1 - Premiums; refinanced property.

The premium rates for title insurance policies issued in connection with the refinance of an existing mortgage or deed of trust, where a prior loan policy has been issued and a copy of the policy or a closing statement evidencing the issuance of the policy is furnished to the insurer or title insurance agent showing title vested in the same borrower and covering the same property, shall not exceed the percentage of the basic premium rate promulgated or approved by the superintendent as follows: A. forty percent of the current basic premium rate applied to any amount up to the amount of the previous policy insuring the mortgage or deed of trust being refinanced, if the new policy is issued within three years from the date of the prior policy; B. fifty percent of the current basic premium rate applied to any amount up to the amount of the previous policy insuring the mortgage or deed of trust being refinanced, if the new policy is issued more than three years but less than five years from the date of the prior policy; C. sixty percent of the current basic premium rate applied to any amount up to the amount of the previous policy insuring the mortgage or deed of trust being refinanced, if the new policy is issued more than five years but less than ten years from the date of the prior policy; D. eighty percent of the current basic premium rate applied to any amount up to the amount of the previous policy insuring the mortgage or deed of trust being refinanced, if the new policy is issued more than ten years but less than twenty years from the date of the prior policy; or E. the premium for insurance coverage above the amount of the previous policy shall be ninety percent of the current basic premium rate as set by rule. In no event shall the premium collected be less than the minimum premium based on the promulgated or approved rate for a loan policy. History: 1978 Comp., § 59A-30-6.1, as enacted by Laws 2009, ch. 80, § 8. ANNOTATIONSEffective dates. — Laws 2009, ch. 80, § 16 made Laws 2009, ch. 80, § 8 effective May 1, 2009. Severability. — Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
NM Stat § 59A-30-6.2 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-6.2 - Premiums; Indian nation, tribe or pueblo trust property.

Title insurance policies purchased in association with the acquisition of title to property by the United States in trust for a federally recognized Indian nation, tribe or pueblo located wholly or partially in New Mexico where no monetary consideration is paid, shall be issued subject to the promulgated or filed and approved premium rates for the original issuance of a title insurance policy on the same property for an amount equal to the reduced liability limit for the acquisition provided for by the United States department of justice, unless a higher liability amount is required by the United States. History: 1978 Comp., § 59A-30-6.2, as enacted by Laws 2009, ch. 80, § 9. ANNOTATIONSEmergency clause. — Laws 2009, ch. 80, § 17 contained an emergency clause and was approved April 3, 2009. Severability. — Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
NM Stat § 59A-30-7 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-7 - Reporting of experience.

The superintendent shall promulgate reasonable rules, including rules providing statistical plans, for use thereafter by all title insurers and title insurance agents in the recording and reporting of revenue, loss and expense experience so that the experience of title insurers and title insurance agents may be made available to the superintendent at least annually in such form and detail as may be necessary to aid the superintendent in promulgating or approving premium rates. History: 1978 Comp., § 59A-30-7, enacted by Laws 1985, ch. 28, § 7; 2009, ch. 80, § 10. ANNOTATIONSCross references. — For State Rules Act, see Chapter 14, Article 4 NMSA 1978. The 2009 amendment, effective July 1, 2009, after "reporting of", added "revenue" and after "promulgating", added "or approving". Severability. — Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
NM Stat § 59A-30-8 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-8 - Hearings; notice.

A. The superintendent shall commence a hearing during November of each odd-numbered calendar year to consider promulgation of premium rates and any other matters related to the regulation of the business of title insurance deemed necessary by the superintendent. B. The superintendent may, in the superintendent's discretion, hold a public hearing at any time to consider promulgation of premium rates and such other matters and subjects related to the regulation of the business of title insurance as the superintendent shall determine necessary or proper. C. Notice of the public hearings provided for in Subsections A and B of this section shall be as provided in Subsection A of Section 59A-4-16 NMSA 1978. D. The superintendent may promulgate premium rates and forms of title insurance policies only after a public hearing as provided in Subsections A and B of this section. E. After the collection of all evidence relevant to the hearing, the superintendent shall file a notice of closure of the administrative record. The superintendent shall issue a decision within sixty days following the filing of the notice of closure of the administrative record for the public hearing provided for in Subsections A and B of this section. However, if the superintendent determines that the data and information presented to the superintendent pursuant to Section 59A-30-7 NMSA 1978 are incomplete, inaccurate or otherwise insufficient to determine whether a change in rates is warranted, the superintendent shall require a party, intervenor or participant at the public hearing to furnish the additional necessary data and information, and, in such event, the period of time allowed for the superintendent to issue a decision shall commence from the date such additional data and information are furnished. History: 1978 Comp., § 59A-30-8, enacted by Laws 1985, ch. 28, § 8; 1990, ch. 62, § 1; 2009, ch. 80, § 11. ANNOTATIONSThe 2009 amendment, effective July 1, 2009, in Subsection A, before "hearing", deleted "hold an annual" and added "commence", and before "calendar year", added "odd-numbered"; in Subsection E, added the first sentence; in the second sentence, before "public hearing", deleted "conclusion of a" and added "filing of the notice of closure of the administrative record for the"; and in the third sentence, after "require", deleted "the title insurers or the title agents or both" and added "a party, intervenor or participant at the public hearing". Severability. — Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
NM Stat § 59A-30-9 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-9 - Review; appeals.

A person aggrieved by an order of the superintendent promulgating, approving or disapproving rates under the New Mexico Title Insurance Law shall have the rights to review and appeal provided for in Sections 59A-17-34 and 59A-17-35 NMSA 1978. The request for review shall be filed no later than thirty days after the superintendent's issuance of the order that promulgated, approved or disapproved the rates. History: 1978 Comp., § 59A-30-9, enacted by Laws 1985, ch. 28, § 9; 1998, ch. 55, § 65; 2009, ch. 80, § 12. ANNOTATIONSCross references. — For appeal of final decisions by agencies to district court, see 39-3-1.1 NMSA 1978. The 2009 amendment, effective July 1, 2009, after "promulgate", added "approving or disapproving" and added the last sentence. Severability. — Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected. The 1998 amendment, effective September 1, 1998, deleted the Subsection A designation and Subsection B; in Subsection A, substituted "A" for "Any", "Sections" for "Section", deleted "NMSA 1978" following "59A-17-34" and "Section" following "and".
NM Stat § 59A-30-10 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-10 - Reserve for losses and loss expenses.

A. All title insurers operating under the provisions of the New Mexico Title Insurance Law shall at all times establish and maintain, in addition to other reserves, a reserve against unpaid losses and a reserve against loss expense. Such reserves shall be calculated by making a careful estimate in each case of the loss and loss expense likely to be incurred by reason of every claim presented pursuant to notice, from or on behalf of the insured of a title defect in or lien or adverse claim against the title insured, that may result in a loss or cause expense to be incurred for the proper disposition of the claim. B. The amounts so estimated may be revised from time to time as circumstances warrant, but shall be redetermined at least once each year. C. The amounts set aside in such reserve in any year shall be deducted in determining the net profits for such year of any title insurer. History: 1978 Comp., § 59A-30-10, enacted by Laws 1985, ch. 28, § 10.
NM Stat § 59A-30-12 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-12 - Maintenance assessment.

The superintendent shall determine a rate of assessment and collect a maintenance fee in an amount not to exceed one percent of the correctly reported gross title insurance premiums on policies written in New Mexico of all authorized title insurers. The fee required by this section is in addition to all other taxes and fees now imposed or that may be subsequently imposed and that are not in conflict with this article. The superintendent, after taking into account the unexpended funds produced by this fee, if any, shall adjust the rate of assessment each year to produce the amount of funds that he estimates will be necessary to pay all the expenses of regulating the business of title insurance during the succeeding year. The superintendent in promulgating premium rates shall take into account assessments made under this section. History: 1978 Comp., § 59A-30-12, enacted by Laws 1985, ch. 28, § 12.
NM Stat § 59A-30-13 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-13 - Title insurance maintenance assessment fund created; appropriation.

There is created a "title insurance maintenance assessment fund" in the state treasury. All receipts of the department of insurance collected under Section 59A-30-12 NMSA 1978 shall be deposited in the title insurance maintenance assessment fund and are appropriated to the superintendent for use in paying the expenses of the insurance department incurred in administering the New Mexico Title Insurance Law, including compensation and expenses of salaried personnel and consultants employed by the superintendent in administering the New Mexico Title Insurance Law. History: 1978 Comp., § 59A-30-13, enacted by Laws 1985, ch. 28, § 13.
NM Stat § 59A-30-14 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-14 - Other provisions applicable.

To the extent not in conflict with the New Mexico Title Insurance Law, the following articles and provisions of the Insurance Code [Chapter 59A NMSA 1978] shall also apply to title insurers, title insurance agents and the business of title insurance: A. Chapter 59A, Article 1 NMSA 1978; B. Chapter 59A, Article 2 NMSA 1978; C. Chapter 59A, Article 4 NMSA 1978; D. Chapter 59A, Article 5 NMSA 1978; E. Chapter 59A, Article 6 NMSA 1978; F. Chapter 59A, Article 7 NMSA 1978; G. Chapter 59A, Article 8 NMSA 1978; H. Chapter 59A, Article 9 NMSA 1978; I. Chapter 59A, Article 10 NMSA 1978; J. Chapter 59A, Article 11 NMSA 1978; K. Chapter 59A, Article 12 NMSA 1978; L. the Unauthorized Insurers Law [Chapter 59A, Article 13 NMSA 1978]; M. Chapter 59A, Article 16 NMSA 1978; N. the Insurance Fraud Act [Chapter 59A, Article 16C NMSA 1978]; O. Chapter 59A, Article 34 NMSA 1978; and P. The Insurance Holding Company Law [Chapter 59A, Article 37 NMSA 1978]. History: 1978 Comp., § 59A-30-14, enacted by Laws 1985, ch. 28, § 14; 1999, ch. 60, § 21; 1999, ch. 289, § 27; 2001, ch. 297, § 3. ANNOTATIONSThe 2001 amendment, effective June 15, 2001, added subsection designations; added Subsections N, O, and P and substituted the citation of the provision for the title throughout the section. The 1999 amendment, effective June 18, 1999, deleted "Article 3. State Insurance Board" from the list of articles.
NM Stat § 59A-30-15 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30 - Title Insurance|Section 59A-30-15 - Repealed.

History: Laws 1985, ch. 28, § 16; repealed by Laws 2009, ch. 80, § 14.ANNOTATIONSRepeals. — Laws 2009, ch. 80, § 14 repealed 59A-30-15 NMSA 1978, as enacted by Laws 1985, ch. 28, § 16, relating to interim approval of title insurance forms and rates, effective July 1, 2009. For provisions of former section, see the 2008 NMSA 1978 on NMOneSource.com.
NM Stat § 59A-30A-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-1 - Short title.

Sections 1 through 18 [59A-30A-1 to 59A-30A-18 NMSA 1978] of this act may be cited as the "Title Insurance Guaranty Act". History: Laws 1999, ch. 60, § 1. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-30A-2 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-2 - Purpose.

The purpose of the Title Insurance Guaranty Act is to provide a mechanism for continuation of coverage and payment of covered claims under certain title insurance policies, to avoid excessive delay in payment and avoid financial loss to policyholders because of insolvency of a title insurer, to assist in detection and prevention of title insurer insolvencies and to provide an association to assess the cost of such protection among title insurers. History: Laws 1999, ch. 60, § 2. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-30A-3 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-3 - Scope.

The Title Insurance Guaranty Act applies to all insurers authorized to transact title insurance business in New Mexico. History: Laws 1999, ch. 60, § 3. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.