reglab/housing_qa huggingface dataset:
NM Stat § 58-19-10 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 19 - Motor Vehicle Sales Finance|Section 58-19-10 - Refinancing retail installment contract.

The holder of a contract, upon request by the buyer, may extend the scheduled due date of all or any part of any installment or defer payment or renew or restate the unpaid time balance of such contract, the amount of the installments and the time schedule therefor and may collect for such extension, deferment, renewal or restatement a refinance charge computed at the discretion of the holder, under either of the following optional methods of computation at the rates indicated as follows: OPTION 1. In the event one or more installments are extended, deferred or restated, the holder may compute an extension charge on the amount of the installment payment or payments or part thereof which is extended, for the period of time for which each payment, or part thereof is extended, deferred or restated, at the following rates on contracts originally in the respective classification of motor vehicles set forth in Section 8A of this act: |  Class 1 Class 2 Class 3 and 4    1 percent per month 1 1/2 percent per month 2 percent per month   Such extension charges may be computed on the basis of a full month for any fractional month period in excess of ten days. OPTION 2. In the event the unpaid time balance of the contract is extended, deferred, renewed or restated, the holder may compute a refinance charge on such amount by adding to the unpaid time balance the cost for insurance and other benefits incidental to the refinancing plus any accrued delinquency and collection charges, and deducting any refund which may be due the buyer by prepayment pursuant to Section 9 [58-19-9 NMSA 1978] of the Motor Vehicle Sales Finance Act, at the rate of the finance charge specified in Section 8A of this act and by reclassifying the motor vehicle by its then year model, for the term of the refinancing agreement, but otherwise subject to the provisions of this act governing computation of the original finance charge. The provisions of this act governing minimum finance charges and acquisition costs under the refund schedule shall not apply in calculating refinance charges on the contract renewed under this method of computation. History: 1953 Comp., § 50-15-10, enacted by Laws 1959, ch. 204, § 10. ANNOTATIONSCompiler's notes. — "Section 8A of this act," referred to in the introductory paragraph of OPTION 1 and in the first sentence in OPTION 2, was compiled as 58-19-8A NMSA 1978 and was repealed by Laws 1981, ch. 263, § 4.
NM Stat § 58-19-10.1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 19 - Motor Vehicle Sales Finance|Section 58-19-10.1 - Loan to refinance motor vehicle sale.

Any transaction in the form of a loan, other than a retail installment contract, is not subject to the provisions of the Motor Vehicle Sales Finance Act, even though all or a portion of the proceeds of such transaction in the form of a loan are applied to the unpaid balance of a retail installment contract. History: 1978 Comp., § 58-19-10.1, enacted by Laws 1981, ch. 182, § 1.
NM Stat § 58-19-11 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 19 - Motor Vehicle Sales Finance|Section 58-19-11 - Penalty.

A. Any person who shall willfully violate any provision of the Motor Vehicle Sales Finance Act, or engage in the business of a sales finance company in this state without a license therefor as provided in this act, shall be guilty of a misdemeanor and upon conviction shall be punished by a fine not exceeding five hundred dollars ($500). B. A willful violation of any of the provisions of Section 7 [58-19-7 NMSA 1978] or 8 of this act by any person or individual shall bar recovery of the finance charge, delinquency and collection or other charges whatsoever by the owner or holder of the retail installment contract involved. History: 1953 Comp., § 50-15-11, enacted by Laws 1959, ch. 204, § 11. ANNOTATIONSCompiler's notes. — The term "Section . . . 8 of this act," referred to in Subsection B, was compiled as 58-19-8 NMSA 1978 and was repealed by Laws 1981, ch. 263, § 4. Transactions violating section void. — An alleged compromise agreement whereby the plaintiffs who refused to accept the mobile home they ordered allowed the defendant to retain their down payment as a credit on another purchase, where the plaintiffs had a right under Section 58-19-7A(3) NMSA 1978 to rescission and refund, was unenforceable and void, because the effect of the alleged compromise amounted to an attempted waiver of the plaintiffs' rights, in violation of Section 58-19-12 NMSA 1978, and because of the general rule that transactions in violation of a statute prescribing penalties, such as those in Subsection A, are void. White v. Singleton, 1975-NMCA-104, 88 N.M. 262, 539 P.2d 1024.
NM Stat § 58-19-12 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 19 - Motor Vehicle Sales Finance|Section 58-19-12 - Waiver.

Any waiver of the provisions of this act shall be unenforceable and void. History: 1953 Comp., § 50-15-12, enacted by Laws 1959, ch. 204, § 12. ANNOTATIONSSaving clauses. — Laws 1959, ch. 204, § 14, provides that the act does not apply to contracts in effect prior to its effective date. Severability clauses. — Laws 1959, ch. 204, § 13, provides for the severability of the act if any part or application thereof is held invalid. Compromise amounting to attempted waiver void. — An alleged compromise agreement whereby the plaintiffs who refused to accept the mobile home they ordered allowed the defendant to retain their down payment as a credit on another purchase, where the plaintiffs had a right under Section 58-19-7A(3) NMSA 1978 to rescission and refund, was unenforceable and void, because the effect of the alleged compromise amounted to an attempted waiver of the plaintiffs' rights, in violation of this section, and because of the general rule that transactions in violation of a statute prescribing penalties, such as those in Section 58-19-11A NMSA 1978, are void. White v. Singleton, 1975-NMCA-104, 88 N.M. 262, 539 P.2d 1024.
NM Stat § 58-19-13 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 19 - Motor Vehicle Sales Finance|Section 58-19-13 - Creditor compliance with federal regulation deemed compliance with this act.

Any creditor engaging in transactions subject to the provisions of the Motor Vehicle Sales Finance Act who complies with the provisions of 15 United States Code Sections 1601 through 1665, and the regulations promulgated pursuant thereto, shall be deemed to have complied with applicable disclosure provisions of the Motor Vehicle Sales Finance Act. History: 1953 Comp., § 50-15-13, enacted by Laws 1975, ch. 274, § 3.
NM Stat § 58-19-14 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 19 - Motor Vehicle Sales Finance|Section 58-19-14 - Validity of assignment of contracts.

Any sales finance company may purchase or acquire, or agree to purchase or acquire, from any seller any contract on such terms and conditions as may be agreed upon between them. Filing of the assignment, notice to the buyer of the assignment and any requirement that the holder maintain dominion over the payments or the motor vehicle if repossessed shall not be necessary to the validity of a written assignment of a contract as against creditors, subsequent purchasers, pledgees, mortgagees and lien claimants of the seller. Unless the buyer has notice of the assignment of his contract, payment thereunder made by the buyer to the last known holder of such contract shall be binding upon all subsequent holders. History: 1978 Comp., § 58-19-14, enacted by Laws 1983, ch. 99, § 1.
NM Stat § 58-20-1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 20 - Business of Selling Negotiable Checks, Drafts and Money Orders (Repealed.)|Section 58-20-1 - Repealed.

History: 1953 Comp., § 48-22-74, enacted by Laws 1965, ch. 293, § 1; 1975, ch. 330, § 37; 1983, ch. 54, § 1; 1987, ch. 292, § 8; 1989, ch. 209, § 12; 1991, ch. 66, § 1; repealed by Laws 2016, ch. 88, § 1006. ANNOTATIONSRepeals. — Laws 2016, ch. 88, § 1006 repealed 58-20-1 NMSA 1978, as enacted by Laws 1965, ch. 293, § 1, relating to business of selling negotiable checks, drafts and money orders regulated, effective July 1, 2017. For provisions of former section, see the 2016 NMSA 1978 on NMOneSource.com.
NM Stat § 58-21-1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21 - Mortgage Loan Companies|Section 58-21-1 - Short title.

Chapter 58, Article 21 NMSA 1978 may be cited as the "Mortgage Loan Company Act". History: Laws 1983, ch. 86, § 1; 1989, ch. 209, § 13; 2009, ch. 122, § 25. ANNOTATIONSThe 2009 amendment, effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act". 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. Am. Jur. 2d, A.L.R. and C.J.S. references. — Vendor and purchaser: recovery for increased mortgage interest costs where vendor fails or refuses to convey, 28 A.L.R.4th 1078.
NM Stat § 58-21-3 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21 - Mortgage Loan Companies|Section 58-21-3 - License required; qualified manager.

A. It is unlawful for any person to transact business in the state of New Mexico, either directly or indirectly, as a mortgage loan company without first filing an application with the director, meeting requirements established by the director and obtaining a license under the Mortgage Loan Company Act. B. A mortgage loan company shall designate at least one qualified manager who shall: (1) obtain and maintain a mortgage loan originator license and unique identifier number pursuant to the New Mexico Mortgage Loan Originator Licensing Act [58-21B-1 to 58-21B-24 NMSA 1978]; and (2) have not less than two years verifiable experience as a principal, partner, officer, director, manager, processor or underwriter of a mortgage loan company or a mortgage loan originator or have equivalent lending experience in a related business during the four years immediately preceding the time of application. C. A qualified manager shall serve as a qualified manager for only one mortgage loan company. History: Laws 1983, ch. 86, § 3; 2001, ch. 251, § 2; 2001, ch. 264, § 2; 2009, ch. 122, § 27. ANNOTATIONSThe 2009 amendment, effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act"; in Subsection A, after "mortgage loan company", deleted "or loan broker"; after "with the director", added "meeting requirements established by the director"; after "obtaining a", deleted "registration certificate" and added "license"; and added Subsections B and C. 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. The 2001 amendment, effective January 31, 2002, deleted "unless such person is exempt from the provisions of the Mortgage Loan Company and Loan Broker Act under the provisions of Section 6 of that act" from the end of the section.
NM Stat § 58-21-5 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21 - Mortgage Loan Companies|Section 58-21-5 - License fees; duration of license.

A. A license shall expire on December 31 each year. Each licensee shall submit a renewal application on or before November 1 each year. B. The director shall establish by rule fees that shall be sufficient to cover the costs of administering the Mortgage Loan Company Act. These fees may include: (1) an original and renewal license fee paid by each licensee; (2) an application fee to cover the costs of processing applications; (3) an examination and investigation fee for all licensees; and (4) late fees, license amendment fees, supervisory fees, divisional office fees, branch office fees and any other fees associated with the costs of administering the Mortgage Loan Company Act. C. A mortgage loan company shall not be charged investigation fees for the processing of complaints when the investigation determines that no violation of the Mortgage Loan Company Act occurred or when the mortgage loan company provides a remedy satisfactory to the complainant and the director and no order of the director is issued. D. The following fees shall be deposited into the general fund: (1) original license fees; (2) license renewal fees; (3) examination fees; (4) investigation fees; (5) late fees; and (6) license amendment fees. E. The following fees shall be deposited into the mortgage regulatory fund: (1) application fees; (2) divisional office fees; (3) branch office fees; and (4) supervisory fees. History: Laws 1983, ch. 86, § 5; 1987, ch. 292, § 9; 1989, ch. 209, § 14; 1993, ch. 210, § 9; 2001, ch. 251, § 4; 2001, ch. 264, § 4; 2009, ch. 122, § 29. ANNOTATIONSThe 2009 amendment, effective July 31, 2009, deleted former Subsection A, which provided for an initial license fee of $400 and a renewal fee of $300 and late fees; in Subsection A, changed "registration" to "license"; deleted language which provided that a registration continued for a period of twelve months and that a renewal application shall be filed at least thirty days before the expiration of the existing registration; deleted former Subsection C, which provided for a replacement license fee of $50; and added Subsections B through E. 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. The 2001 amendment, effective July 1, 2001, deleted former Subsection C that provided fees for those persons claiming an exemption pursuant to Subsection H of Section 58-21-6 NMSA 1978, which was deleted by Laws 2001, ch. 264, § 5, effective January 1, 2002; and added a new Subsection C. The 1993 amendment, effective June 18, 1993, added the second sentences in Subsections A and C.
NM Stat § 58-21-7 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21 - Mortgage Loan Companies|Section 58-21-7 - Surety bond.

A. Each mortgage loan company shall post and maintain with the director a corporate surety bond. B. 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 licensee, 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). C. Every bond shall provide for suit thereon by any person who has a cause of action under the Mortgage Loan Company Act. D. The bond shall be in substantially the form as the director prescribes. E. When an action is commenced on a licensee's bond, the director may require the filing of a new bond. F. Immediately upon recovery upon any action on a bond, the licensee shall file a new bond. History: Laws 1983, ch. 86, § 7; 2009, ch. 122, § 31. ANNOTATIONSThe 2009 amendment, effective July 31, 2009, in Subsection A, after "mortgage loan company", deleted "or loan broker" and after "bond", deleted "in the amount of twenty-five thousand dollars ($25,000)"; added Subsections B, E and F; and in Subsection C, deleted the last sentence which limited the liability of the surety to the amount of the bond and provided for a three-year statute of limitation. 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 § 58-21-9 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21 - Mortgage Loan Companies|Section 58-21-9 - Powers and duties of director.

A. The director shall exercise general supervision and control over mortgage loan companies doing business in New Mexico. In addition to the other duties imposed on the director by law, the director shall: (1) make reasonable rules necessary for the implementation of the Mortgage Loan Company Act; provided that promulgated rules shall be subject to judicial review in the manner set forth in Section 12-8-8 NMSA 1978; (2) conduct investigations necessary to determine whether a person has engaged in or is about to engage in an act or practice constituting a violation of a provision of the Mortgage Loan Company Act; and (3) conduct examinations, investigations and hearings in addition to those specifically provided for by law necessary and proper to the efficient administration of the Mortgage Loan Company Act. B. The director may conduct an investigation upon complaint when it appears that a mortgage loan company is conducting business in a manner injurious to persons or when it appears that a person has improperly claimed an exemption pursuant to Section 58-21-6 NMSA 1978. History: Laws 1983, ch. 86, § 9; 1993, ch. 210, § 10; 2001, ch. 251, § 7; 2001, ch. 264, § 7; 2009, ch. 122, § 33. ANNOTATIONSThe 2009 amendment, effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act". 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. The 2001 amendment, effective July 1, 2001, substituted "promulgated rules" for "such rules and regulations" in Paragraph A(1); in Subsection B, substituted "injurious to persons" for "injurious to consumers or brokers" and updated the internal reference. The 1993 amendment, effective June 18, 1993, added the Subsection A designation, redesignated former Subsections A through C as present Subsections A(1) through A(3), and added Subsection B.
NM Stat § 58-21-10 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21 - Mortgage Loan Companies|Section 58-21-10 - Subpoenas, oaths and examination of witnesses; penalties.

A. In the conduct of any examination, investigation or hearing, the director may: (1) compel the attendance of any person or obtain any documents by subpoena; (2) administer oaths; and (3) examine any person under oath concerning the business of any person subject to the provisions of the Mortgage Loan Company Act and in connection therewith require the production of any books, records or papers relevant to the inquiry. B. In case of refusal to obey a subpoena issued to any person, the district court of the first judicial district of Santa Fe county, upon application by the director, may issue to the person an order requiring the person to appear before the director or the staff member designated by the director, there to produce documentary evidence if so ordered or to give evidence relating to the matter under investigation or in question. Failure to obey the order of the court may be punished by the court as a contempt of court. History: Laws 1983, ch. 86, § 10; 2009, ch. 122, § 34. ANNOTATIONSThe 2009 amendment, effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act". 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 § 58-21-11 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21 - Mortgage Loan Companies|Section 58-21-11 - Keeping of records.

Every mortgage loan company and loan broker shall make and keep those accounts, correspondence, memoranda, papers, books, data and other records as the director by rule prescribes. All records so required shall be preserved for six years. History: Laws 1983, ch. 86, § 11; 2001, ch. 251, § 8; 2001, ch. 264, § 8. ANNOTATIONS2001 amendments. — Identical amendments to this section were enacted by Laws 2001, ch 251, § 8 and Laws 2001, ch. 264, § 8, both effective July 1, 2001, deleting "and filing of reports" from the section heading; and deleting the last two sentences, which provided for the filing of financial reports and the correction of those reports if necessary. The section is set out as amended by Laws 2001, ch. 264, § 8. See 12-1-8 NMSA 1978.
NM Stat § 58-21-12 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21 - Mortgage Loan Companies|Section 58-21-12 - Examination of records.

All the records required to be maintained by the Mortgage Loan Company Act are subject to examinations or investigations by representatives of the director within or without New Mexico as the director deems necessary or appropriate in the public interest or for the protection of investors. If the examination or investigation is conducted outside the state, the actual cost of travel for the examiners shall be reimbursed to the state by the mortgage loan company so examined or investigated. History: Laws 1983, ch. 86, § 12; 1987, ch. 292, § 10; 2001, ch. 251, § 9; 2001, ch. 264, § 9; 2009, ch. 122, § 35. ANNOTATIONSThe 2009 amendment, effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act"; deleted the second sentence which provided that a mortgage loan company or loan broker shall pay a fee for the examination at the rate of $300 per day for each representative engaged in the examination; in the last sentence, after "examination", added "or investigation"; after "mortgage loan company", deleted "or loan broker" and after "examined", added "or investigated". 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. The 2001 amendment, effective July 1, 2001, substituted "examinations or investigations" for "annual examinations"; deleted "together with such special or other examinations" following "New Mexico" and increased the examination fee from $150 to $300.
NM Stat § 58-21-13 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21 - Mortgage Loan Companies|Section 58-21-13 - Public inspection of applications.

Applications for licensing or a license renewal and all papers, documents, reports and other written instruments filed with the director under the Mortgage Loan Company Act are public documents and open to public inspection except for files of ongoing examinations and investigations relating to violations of that act, which investigations do not culminate, or have not yet culminated, in administrative, civil or criminal action. History: Laws 1983, ch. 86, § 13; 2009, ch. 122, § 36. ANNOTATIONSThe 2009 amendment, effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act"; after "Applications for", deleted "registration" and added "licensing or a license"; and after "files" added "of ongoing examinations and". 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.