reglab/housing_qa huggingface dataset:
NM Stat § 58-21-31 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21 - Mortgage Loan Companies|Section 58-21-31 - Licensee required disclosures.

A mortgage loan company shall, in addition to other disclosures required pursuant to other statutes or common law: A. make all disclosures required by applicable federal and state laws; B. provide a revised "good faith estimate" and a copy of the borrower's lock-in agreement to the borrower within three days of locking in the loan rate, pricing and terms; C. make a full and fair disclosure of all facts within the knowledge of the mortgage loan company that are or may be material to the borrower's decision, rights or interests; D. disclose at least two days prior to closing of the loan, in a manner that can be understood by a reasonable borrower, 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; E. clearly and conspicuously disclose in writing a mortgage loan summary, as specified by the director by rule; and F. enter into a signed contract with the borrower, as specified by the director by rule, that provides for mortgage loan rate float or rate lock-in. The borrower may choose to: (1) rate float, which means that a loan rate has not been locked in and the borrower is responsible for instructing the mortgage loan company when to lock in the loan rate; or (2) lock in a rate, which means the mortgage loan originator shall lock in a loan rate. The rate lock-in shall include the loan interest rate, pricing, terms, lock-in period and any fees required for an extension of the lock-in period. History: Laws 2009, ch. 122, § 52. ANNOTATIONSEffective dates. — Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 52 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 § 58-21-32 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21 - Mortgage Loan Companies|Section 58-21-32 - Mortgage call reports.

Each licensee 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, § 53; 2019, ch. 144, § 3. 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 § 58-21A-1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21A - Home Loan Protection|Section 58-21A-1 - Short title.

Chapter 58, Article 21A NMSA 1978 may be cited as the "Home Loan Protection Act". History: Laws 2003, ch. 436, § 1; 2009, ch. 122, § 54. ANNOTATIONSApplicability. — Laws 2003, ch. 436, § 19, effective June 20, 2003, provided that the provisions of the Home Loan Protection Act apply to all home loans made or entered into after January 1, 2004. Further, the effective date of the provisions of Section 10 of this act is July 1, 2003 and, on or after that date, no county or municipality shall enact or enforce any ordinance, resolution or rule regarding home loans that are subject to the Home Loan Protection Act or that, except for the delayed applicability date above, would otherwise be subject to that act. The 2009 amendment, effective July 31, 2009, changed the reference to the act to the chapter and article of 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 § 58-21A-2 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21A - Home Loan Protection|Section 58-21A-2 - Findings.

The legislature finds that: A. abusive mortgage lending has become an increasing problem in New Mexico, exacerbating the loss of equity in homes and causing the number of foreclosures to increase in recent years; B. one of the most common forms of abusive lending is the making of loans that are equity-based, rather than income-based; C. the financing of points and fees in these loans provides immediate income to the originator and encourages creditors to repeatedly refinance home loans; and D. while the marketplace appears to operate effectively for conventional mortgages, too many homeowners find themselves victims of overreaching creditors who provide loans with high costs and terms that are unnecessary to secure repayment of the loan. History: Laws 2003, ch. 436, § 2. ANNOTATIONSEffective dates. — Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature. Applicability. — Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
NM Stat § 58-21A-7 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21A - Home Loan Protection|Section 58-21A-7 - Repealed.

ANNOTATIONSRepeals. — Laws 2004, ch. 13, § 1 repeals 58-21A-7 NMSA 1978, being Laws 2003, ch. 436, § 7, effective February 27, 2004, relating to claims against certain sellers. For provisions of former section, see the 2003 NMSA 1978 on NMOneSource.com.
NM Stat § 58-21A-8 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21A - Home Loan Protection|Section 58-21A-8 - Subterfuge prohibited.

No person shall, with the intent to avoid the application or provisions of the Home Loan Protection Act: A. divide a loan transaction into separate parts; B. structure a home loan transaction as an open-end loan when the loan would have been a high-cost home loan if the loan had been structured as a closed-end loan; or C. perform any other subterfuge. History: Laws 2003, ch. 436, § 8. ANNOTATIONSEffective dates. — Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature. Applicability. — Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
NM Stat § 58-21A-9 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21A - Home Loan Protection|Section 58-21A-9 - Civil action.

A. A borrower harmed by a violation of the Home Loan Protection Act may bring a civil action to recover: (1) actual damages, including consequential and incidental damages; (2) statutory damages equal to two times the finance charge paid under the loan and forfeiture of the remaining interest under the loan; (3) punitive damages, when the violation was malicious or reckless; (4) costs and reasonable attorney fees; and (5) injunctive, declaratory and such other equitable relief as the court deems appropriate in an action to enforce compliance with the Home Loan Protection Act. B. The civil action and remedies provided in this section are not exclusive and are in addition to any other action or remedies available to a borrower under applicable law. C. A creditor is not liable in an action brought pursuant to this section if: (1) within thirty days of the home loan closing and prior to receiving any notice from the borrower of the violation, the creditor has made appropriate restitution to the borrower, and appropriate adjustments are made to the loan; or (2) the violation was not intentional and resulted from a bona fide error in fact notwithstanding the maintenance of procedures reasonably adopted to avoid such errors and within sixty days of the loan closing and prior to receiving any notice from the borrower of the violation, the borrower is notified of the violation, appropriate restitution is made to the borrower and appropriate adjustments are made to the loan. History: Laws 2003, ch. 436, § 9. ANNOTATIONSEffective dates. — Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature. Applicability. — Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
NM Stat § 58-21A-10 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21A - Home Loan Protection|Section 58-21A-10 - Preemption.

Counties and municipalities, including home rule counties and municipalities, are prohibited from enacting and enforcing ordinances, resolutions or rules regulating financial or lending activities or imposing reporting requirements or any other obligations upon creditors regarding home loans that are subject to the Home Loan Protection Act. History: Laws 2003, ch. 436, § 10. ANNOTATIONSEffective dates. — Laws 2003, ch. 436, § 19 made this section effective July 1, 2003 and provided that on or after that date no county or municipality shall enact or enforce any ordinance, resolution, or rule regarding home loans that are subject to the Home Loan Protection Act or that, except for the delayed applicability date of the Act (January 1, 2004) would otherwise be subject to the act. Applicability. — Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
NM Stat § 58-21A-12 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21A - Home Loan Protection|Section 58-21A-12 - Application of Unfair Practices Act.

A violation of the Home Loan Protection Act constitutes an unfair or deceptive trade practice pursuant to the Unfair Practices Act [Chapter 57, Article 12 NMSA 1978]. History: Laws 2003, ch. 436, § 12. ANNOTATIONSEffective dates. — Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature. Applicability. — Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
NM Stat § 58-21A-13 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21A - Home Loan Protection|Section 58-21A-13 - Attorney general; enforcement of rules.

The financial institution division of the regulation and licensing department shall enforce the provisions of the Home Loan Protection Act and, after consulting with the attorney general and considering similar rules of the federal housing administration and the federal department of veterans affairs, shall adopt rules required pursuant to Subsection H of Section 5 [58-21A-5 NMSA 1978] of the Home Loan Protection Act and such other rules as are necessary to implement that act. History: Laws 2003, ch. 436, § 13. ANNOTATIONSEffective dates. — Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature. Applicability. — Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
NM Stat § 58-21A-14 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21A - Home Loan Protection|Section 58-21A-14 - Liberal interpretation.

The Home Loan Protection Act shall be liberally construed to carry out its purpose. History: Laws 2003, ch. 436, § 14. ANNOTATIONSEffective dates. — Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature. Applicability. — Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
NM Stat § 58-21B-1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-1 - Short title.

Sections 1 through 24 [58-21B-1 to 58-21B-24 NMSA 1978] of this act may be cited as the "New Mexico Mortgage Loan Originator Licensing Act". History: Laws 2009, ch. 122, § 1. ANNOTATIONSEffective dates. — Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 1 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-2 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-2 - Findings; purpose.

A. The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable and immediate impact upon New Mexico's consumers, New Mexico's economy, the neighborhoods and communities of New Mexico and the housing and real estate industry. The legislature finds that accessibility to mortgage credit is vital to New Mexico's residents. The legislature also finds that it is essential for the protection of the residents of New Mexico and the stability of New Mexico's economy that reasonable standards for licensing and regulation of the business practices of mortgage loan originators be imposed. The legislature further finds that the obligations of mortgage loan originators to consumers in connection with originating or making residential mortgage loans are such as to warrant the regulation of the mortgage lending process. B. The purpose of the New Mexico Mortgage Loan Originator Licensing Act is to protect consumers seeking mortgage loans. History: Laws 2009, ch. 122, § 2. ANNOTATIONSEffective dates. — Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 2 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-6 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-6 - Issuance of license.

The director shall not issue a mortgage loan originator license unless the director makes at a minimum the following findings: A. the applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a formal vacation of such revocation shall not be deemed a revocation; B. the applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign or military court, not including a juvenile court: (1) during the seven-year period preceding the date of the application for licensing and registration; or (2) at any time preceding the date of application, if the felony involved an act of fraud or dishonesty, a breach of trust or money laundering; and (3) provided that any pardon of a conviction shall not be a conviction for the purposes of this subsection; C. the applicant has demonstrated financial responsibility, good character and general fitness so as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly and efficiently within the purposes of the New Mexico Mortgage Loan Originator Licensing Act. For the purposes of this subsection, an individual has shown that the individual is not financially responsible when the individual has shown a disregard in the management of the individual's own financial condition. A determination that an individual has not shown financial responsibility may include but is not limited to: (1) current outstanding judgments, except judgments solely as a result of medical expenses; (2) current outstanding tax liens or other government liens and filings; (3) foreclosures within the past three years; or (4) a pattern of seriously delinquent accounts within the past three years; D. the applicant has completed the pre-licensing education requirement set forth in Section 7 [58-21B-7 NMSA 1978] of the New Mexico Mortgage Loan Originator Licensing Act; E. the applicant has passed a written test that meets the test requirement set forth in Section 8 [58-21B-8 NMSA 1978] of the New Mexico Mortgage Loan Originator Licensing Act; and F. the applicant has met the surety bond requirements set forth in Section 17 [58-21B-17 NMSA 1978] of the New Mexico Mortgage Loan Originator Licensing Act. History: Laws 2009, ch. 122, § 6. ANNOTATIONSEffective dates. — Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 6 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-7 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-7 - Pre-licensing education of mortgage loan originators.

A. In order to meet the pre-licensing education requirement referred to in Subsection D of Section 58-21B-6 NMSA 1978, an individual shall complete at least twenty hours of education approved in accordance with Subsection B of this section, which shall include at least:(1) three hours of federal law and regulations;(2) three hours of ethics, including instruction on fraud, consumer protection and fair lending issues;(3) two hours of training related to lending standards for the nontraditional mortgage product marketplace; and(4) three hours of New Mexico law and administrative rules.B. For the purposes of Subsection A of this section, pre-licensing education courses shall be reviewed and approved by the nationwide multistate licensing system and registry based upon reasonable standards. Review and approval of a pre-licensing education course shall include review and approval of the course provider.C. Nothing in this section shall preclude any pre-licensing education course, as approved by the nationwide multistate licensing system and registry, that is provided by the employer of the applicant or by an entity that is affiliated with the applicant by an agency contract, or by any subsidiary or affiliate of the employer or entity.D. Pre-licensing education may be offered in a classroom, online or by any other means approved by the nationwide multistate licensing system and registry.E. The pre-licensing education requirements approved by the nationwide multistate licensing system and registry in Paragraphs (1) through (4) of Subsection A of this section for any state shall be accepted as credit toward completion of pre-licensing education requirements in New Mexico.F. An individual previously licensed pursuant to the New Mexico Mortgage Loan Originator Licensing Act subsequent to the effective date of that act applying to be licensed again shall prove that the individual has completed all of the continuing education requirements for the year in which the license was last held.History: Laws 2009, ch. 122, § 7; 2019, ch. 144, § 7. 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 in Subsection A, in the introductory clause, after "Section", deleted "6 of the New Mexico Mortgage Loan Originator Licensing Act" and added "58-21B-6 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-8 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 21B - New Mexico Mortgage Loan Originator Licensing|Section 58-21B-8 - Testing of mortgage loan originators.

A. In order to meet the written test requirement referred to in Subsection E of Section 58-21B-6 NMSA 1978, an individual shall pass, in accordance with the standards established pursuant to this section, a qualified written test developed by the nationwide multistate licensing system and registry and administered by a test provider approved by the nationwide multistate licensing system and registry based upon reasonable standards.B. A written test shall not be treated as a qualified written test for purposes of Subsection A of this section unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including: (1) ethics;(2) federal law and regulations pertaining to mortgage origination;(3) New Mexico law and rules pertaining to mortgage origination; and(4) federal and New Mexico law and regulations and rules, including those concerning fraud, consumer protection, the nontraditional mortgage product marketplace and fair lending issues.C. Nothing in this section shall prohibit a test provider approved by the nationwide multistate licensing system and registry from providing a test at the location of the employer of the applicant or the location of any subsidiary or affiliate of the employer of the applicant, or at the location of any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.D. An individual shall not be considered to have passed a qualified written test unless the individual achieves a test score of not less than seventy-five percent correct answers to questions.E. An individual may retake a test two consecutive times, provided that each retake occurs at least thirty days after the preceding test. After failing three consecutive tests, an individual shall wait at least six months before taking the test again.F. A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer shall retake the test, not taking into account any time during which the individual is a registered mortgage loan originator.History: Laws 2009, ch. 122, § 8; 2019, ch. 144, § 8. 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 in Subsection A, after "Section", deleted "6 of the New Mexico Mortgage Loan Originator Licensing Act" and added "58-21B-6 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.