reglab/housing_qa huggingface dataset:
NM Stat § 58-21B-9 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-9 - Standards for license renewal.

A. The minimum standards for license renewal for mortgage loan originators shall include the following:(1) the mortgage loan originator continues to meet the minimum standards for license issuance pursuant to Section 58-21B-6 NMSA 1978;(2) the mortgage loan originator has satisfied the annual continuing education requirements set forth in Section 58-21B-10 NMSA 1978; and(3) the mortgage loan originator has paid all required fees for renewal of the license.B. The license of a mortgage loan originator who fails to satisfy the minimum standards for license renewal shall expire. The director may adopt rules for the reinstatement of expired licenses consistent with the standards established by the nationwide multistate licensing system and registry.History: Laws 2009, ch. 122, § 9; 2019, ch. 144, § 9. ANNOTATIONSThe 2019 amendment, effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry", and provided statutory citations for certain provision of the New Mexico Mortgage Loan Originator Licensing Act; in Subsection A, Paragraph A(1), after "Section", deleted "6 of the New Mexico Mortgage Loan Originator Licensing Act" and added "58-21B-6 NMSA 1978", and in Paragraph A(2), after "Section", deleted "10 of the New Mexico Mortgage Loan Originator Licensing Act" and added "58-21B-10 NMSA 1978"; and in Subsection B, after "nationwide", deleted "mortgage" and added "multistate".Severability. — Laws 2009, ch. 122, § 60 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 § 58-21B-12 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-12 - Nationwide multistate licensing system and registry information challenge process.

The director shall establish rules whereby mortgage loan originators may challenge information entered into the nationwide multistate licensing system and registry by the director.History: Laws 2009, ch. 122, § 12; 2019, ch. 144, § 12. ANNOTATIONSThe 2019 amendment, effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry"; after each occurrence of "nationwide", deleted "mortgage" and added "multistate". Severability. — Laws 2009, ch. 122, § 60 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 § 58-21B-14 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-14 - Notice of contemplated action; hearings.

A. When the director contemplates taking any action specified in Paragraphs (1) through (6) of Subsection A or in Subsection D of Section 13 [58-21B-13 NMSA 1978] of the New Mexico Mortgage Loan Originator Licensing Act, the director shall serve upon the licensed mortgage loan originator a written notice containing a statement: (1) that the director has sufficient evidence that, if not rebutted or explained, will justify the director in taking the contemplated action; (2) indicating the general nature of the evidence; and (3) that unless the licensed mortgage loan originator within twenty days after service of the notice deposits in the mail a certified return receipt requested letter addressed to the director containing a request for a hearing, the director will take the contemplated action. B. If the licensed mortgage loan originator does not mail a request for a hearing within the time and in the manner required by this section, the director may take the action contemplated in the notice, and such action shall be final and not subject to judicial review. C. If the licensed mortgage loan originator mails a request for a hearing as required by this section, the director shall, within thirty days of receipt of the request, notify the licensed mortgage loan originator of the time and place of the hearing, the name of the person who shall conduct the hearing for the director and the statutes and regulations authorizing the director to take the contemplated action. History: Laws 2009, ch. 122, § 14. ANNOTATIONSEffective dates. — Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 14 effective July 31, 2009. Severability. — Laws 2009, ch. 122, § 60 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 § 58-21B-15 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-15 - Power of the court to grant relief.

A. Upon a showing by the director that a person has or is about to violate the New Mexico Mortgage Loan Originator Licensing Act or any rule or order of the director pursuant to that act, the district court of the first judicial district or other appropriate district court in the state may grant or impose one or more of the following appropriate legal or equitable remedies: (1) a temporary restraining order, permanent or temporary prohibitory or mandatory injunction or a writ of prohibition or mandamus; (2) a civil penalty up to a maximum of twenty-five thousand dollars ($25,000) for each violation; (3) disgorgement; (4) declaratory judgment; (5) restitution to consumers; (6) the appointment of a receiver or conservator for the defendant or the defendant's assets; (7) recovery by the director of all costs and expenses for conducting an investigation or the bringing of any enforcement action under that act; or (8) other relief as the court deems just. B. In determining the appropriate relief to grant, the court shall consider enforcement actions taken and sanctions imposed by the director pursuant to Section 13 [58-21B-13 NMSA 1978] of the New Mexico Mortgage Loan Originator Licensing Act in connection with the transactions constituting violations of that act. C. The court shall not require the director to post bond in an action pursuant to this section. History: Laws 2009, ch. 122, § 15. ANNOTATIONSEffective dates. — Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 15 effective July 31, 2009. Severability. — Laws 2009, ch. 122, § 60 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 § 58-21B-16 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-16 - Unlicensed activity.

A. An individual who acts as a mortgage loan originator without being properly licensed pursuant to the New Mexico Mortgage Loan Originator Licensing Act is, for a first offense, guilty of a misdemeanor and upon conviction shall be sentenced in accordance with the provisions of Subsection A of Section 31-19-1 NMSA 1978. B. In the case of a conviction pursuant to Subsection A of this section, the court may impose a deferred sentence in accordance with Section 31-20-6 NMSA 1978. C. An individual who violates Subsection A of this section is, for a second or subsequent offense, guilty of a fourth degree felony and upon conviction shall be sentenced in accordance with the provisions of Section 31-18-15 NMSA 1978. History: Laws 2009, ch. 122, § 16. ANNOTATIONSEffective dates. — Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 4 effective July 31, 2010. Severability. — Laws 2009, ch. 122, § 60 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 § 58-21B-17 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-17 - Surety bond required.

A. Each mortgage loan originator shall be covered by a surety bond in accordance with this section. In the event the mortgage loan originator is an employee or exclusive agent of a mortgage loan company subject to the Mortgage Loan Company Act, the surety bond of the mortgage loan company subject to that act may be used in lieu of the mortgage loan originator's surety bond requirement. B. The surety bond shall provide coverage for each mortgage loan originator in an amount as prescribed in Subsection E of this section. C. The surety bond shall be in a form as prescribed by the director. D. The director may promulgate rules with respect to the requirements for such surety bonds as are necessary to accomplish the purposes of the New Mexico Mortgage Loan Originator Licensing Act. E. The penal sum of the surety bond shall be in an initial amount of fifty thousand dollars ($50,000). Upon renewal of the license, the penal sum of the surety bond shall be in an amount that reflects the total dollar amount of mortgage loans originated annually in New Mexico by the licensed mortgage loan originator, as follows: (1) zero dollars ($0.00) to three million dollars ($3,000,000), a surety bond of fifty thousand dollars ($50,000); (2) more than three million dollars ($3,000,000) and less than ten million dollars ($10,000,000), a surety bond of one hundred thousand dollars ($100,000); and (3) ten million dollars ($10,000,000) or more, a surety bond of one hundred fifty thousand dollars ($150,000). F. Every bond shall provide for suit thereon by any person who has a cause of action pursuant to the New Mexico Mortgage Loan Originator Licensing Act. G. When an action is commenced on a licensed mortgage loan originator's bond, the director may require the filing of a new bond. H. Immediately upon recovery on any action on a bond, the licensed mortgage loan originator shall file a new bond. History: Laws 2009, ch. 122, § 17. ANNOTATIONSEffective dates. — Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 17 effective July 31, 2009. Severability. — Laws 2009, ch. 122, § 60 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 § 58-21B-18 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-18 - Confidentiality.

In order to promote more effective regulation and reduce regulatory burden through supervisory information-sharing, except as otherwise provided in Public Law 110-289, Section 1512, the requirements pursuant to any federal law or pursuant to the Inspection of Public Records Act regarding the privacy or confidentiality of any information or material provided to the nationwide multistate licensing system and registry, and any privilege arising pursuant to federal or state law, including the rules of any federal or state court, with respect to such information or material, shall continue to apply to such information or material after the information or material has been disclosed to the nationwide multistate licensing system and registry. Such information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal law or the Inspection of Public Records Act, and the director may enter into agreements or sharing arrangements with other governmental agencies, the conference of state bank supervisors, the American association of residential mortgage regulators or other associations representing governmental agencies as established by rule or order of the director. History: Laws 2009, ch. 122, § 18; 2019, ch. 144, § 14. ANNOTATIONSThe 2019 amendment, effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry"; and after each occurrence of "nationwide", deleted "mortgage" and added "multistate".Severability. — Laws 2009, ch. 122, § 60 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 § 58-21B-20 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-20 - Mortgage loan originator duties.

A. A mortgage loan originator shall, enter into a fiduciary relationship with the borrower. For the purposes of this subsection, "fiduciary relationship" is a relationship in which a mortgage loan originator shall: (1) safeguard and account for any money handled for the borrower; (2) follow reasonable and lawful instructions from the borrower; (3) act with reasonable skill, care and diligence; (4) act in good faith and engage in fair dealing in any transaction, practice or course of business regarding mortgage loans; (5) direct, recommend and make reasonable efforts to secure a residential mortgage loan that is reasonably advantageous to the borrower, considering all of the circumstances, and has a net tangible benefit to the borrower; (6) make a full and fair disclosure of all facts within the knowledge of the mortgage loan originator that are or may be material to the borrower's decision, rights or interests; (7) disclose to the borrower the existence of all loans available to the mortgage loan originator, for which the borrower qualifies, that have terms that are as favorable or more favorable than those loans offered to the borrower by the mortgage loan originator; (8) not steer the borrower to a loan or loans with terms that are clearly less favorable than those loans offered to the borrower by the mortgage loan originator; and (9) maintain all information provided by the borrower or obtained regarding the borrower in strict confidence. However, the mortgage loan originator may disclose confidential information if required by law or rule or if the borrower authorizes the disclosure in writing in advance of the disclosure. Any such authorization shall specifically identify the nature of the information to be disclosed. B. If not provided by the mortgage loan company, a mortgage loan originator shall, in addition to all other disclosures required by statute or common law: (1) disclose at least two days prior to closing of the loan the total amount of any compensation the mortgage loan company expects to receive specific to the loan being offered, including origination fees, broker fees, yield spread premiums and other fees payable to the mortgage loan company by the lender or other third party at the time the loan is funded to the borrower; and (2) clearly and conspicuously disclose in writing a mortgage loan summary, as specified by the director by rule. History: Laws 2009, ch. 122, § 20. ANNOTATIONSEffective dates. — Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 20 effective July 31, 2009. Severability. — Laws 2009, ch. 122, § 60 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 § 58-21B-21 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-21 - Private right of action; damages; enforcement by attorney general.

A. Any person who has suffered injury by reason of any method, act or practice in violation of the New Mexico Mortgage Loan Originator Licensing Act may sue in district court. Upon a showing that that act is being or has been violated and a showing that the plaintiff has suffered injury, the court may award damages, punitive damages and injunctive relief and shall award the cost of the suit, including reasonable attorney fees. B. Whenever the attorney general has reasonable belief that a person is using, has used or is about to use any method, act or practice in violation of the New Mexico Mortgage Loan Originator Licensing Act and enforcement proceedings would be in the public interest, the attorney general may bring an action in the name of the state alleging violations of that act. An enforcement action by the attorney general may be brought in the district court of the county in which the person that allegedly is using, has used or is about to use a method, act or practice in violation of the New Mexico Mortgage Loan Originator Licensing Act resides or has its principal place of business, or in the district court in any county in which the person allegedly is using, has used or is about to use a method, act or practice in violation of the New Mexico Mortgage Loan Originator Licensing Act. In any action filed by the attorney general pursuant to the New Mexico Mortgage Loan Originator Licensing Act, the attorney general may petition the district court for temporary or permanent injunctive relief and restitution. The attorney general acting on behalf of the state shall not be required to post bond when seeking a temporary or permanent injunction in an action brought pursuant to this section. C. The relief provided in this section is in addition to remedies otherwise available pursuant to common law or other New Mexico statutes. History: Laws 2009, ch. 122, § 21. ANNOTATIONSEffective dates. — Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 21 effective July 31, 2009. Severability. — Laws 2009, ch. 122, § 60 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 § 58-21B-22 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-22 - Mortgage call reports.

A mortgage loan originator shall submit to the nationwide multistate licensing system and registry reports of condition, which shall be in such form and shall contain such information as the nationwide multistate licensing system and registry may require. History: Laws 2009, ch. 122, § 22; 2019, ch. 144, § 15. ANNOTATIONSThe 2019 amendment, effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry"; and after each occurrence of "nationwide", deleted "mortgage" and added "multistate". Severability. — Laws 2009, ch. 122, § 60 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 § 58-21B-23 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-23 - Report to nationwide multistate licensing system and registry.

Subject to state privacy laws, the director shall report regularly violations of the New Mexico Mortgage Loan Originator Licensing Act, as well as enforcement actions and other relevant information, to the nationwide multistate licensing system and registry subject to the provisions set forth in Section 58-21B-18 NMSA 1978. History: Laws 2009, ch.122, § 23; 2019, ch. 144, 16. ANNOTATIONSThe 2019 amendment, effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry", and provided the statutory citation for a provision of the New Mexico Mortgage Loan Originator Licensing Act; after each occurrence of "nationwide", deleted "mortgage" and added "multistate"; and after "Section", deleted "18 of the New Mexico Mortgage Loan Originator Licensing Act" and added "58-21B-18 NMSA 1978".Severability. — Laws 2009, ch. 122, § 60 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 § 58-21B-24 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-24 - Unique identifier shown.

The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or web sites, and on any other documents as established by rule or order of the director. History: Laws 2009, ch. 122, § 24. ANNOTATIONSEffective dates. — Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 24 effective July 31, 2009. Severability. — Laws 2009, ch. 122, § 60 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 § 58-22-1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-1 - Short title.

Chapter 58, Article 22 NMSA 1978 may be cited as the "Escrow Company Act". History: Laws 1983, ch. 135, § 1; 2015, ch. 135, § 1. ANNOTATIONSThe 2015 amendment, effective July 1, 2015, changed the statutory reference for the Escrow Company Act from "This act" to "Chapter 58, Article 22 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 § 58-22-2 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 22 - Escrow Companies|Section 58-22-2 - Purpose.

It is the intent of the legislature that the large and growing escrow industry be supervised and regulated by the financial institutions division of the commerce and industry department [regulation and licensing department] in order to protect the citizens of the state and to provide that the business practices of the escrow industry are fair and orderly among the members of the escrow industry, with due regard to the ultimate consumers in this important area of property protection. History: Laws 1983, ch. 135, § 2. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 1983, ch. 297, § 33 abolishes the commerce and industry department, referred to in this section. Section 31 of that act provides that references to the financial institutions division of the commerce and industry department shall be construed as references to the financial institutions division of the regulation and licensing department. See 9-16-4 NMSA 1978 and notes thereto. Fidelity bond purchase. — The language of this section leaves no room for doubt that the purchase of the fidelity bond required by Section 58-22-10 NMSA 1978 inures to the benefit and protection of the public. Anchor Equities, Ltd. v. Pacific Coast Am., 1987-NMSC-041, 105 N.M. 751, 737 P.2d 532.