reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-5.3 - Authority; multiple-family dwellings, transitional and congregate housing facilities.

In addition to the specific powers of the authority set forth in Section 58-18-5 NMSA 1978, the authority shall have the power to:
A. subject to the limitations of Subsection X of Section 58-18-5 NMSA 1978, make project mortgage loans or purchase or contract to purchase project mortgage loans from mortgage lenders or participate with mortgage lenders in project mortgage loans at prices and upon terms and conditions as the authority determines. Each project mortgage loan made or purchased by the authority shall:
(1) be evidenced by a properly executed note or other evidence of indebtedness and be secured by a properly recorded mortgage;
(2) provide for payments sufficient to pay the project mortgage loan in full not later than the expiration of the useful life of the multiple-family dwelling project or transitional or congregate housing facility as determined by the authority; and
(3) not exceed such percentage of such project costs as the authority may determine;
B. make and contract to make loans to mortgage lenders on such terms and conditions as the authority determines, including without limitation requirements relating to collateral for such loans; provided the authority shall require as a condition of any such loan that the mortgage lender make a project mortgage loan or loans to sponsors in an aggregate principal amount at least equal to the amount of the loan received from the authority; and
C. otherwise provide funding for project mortgage loans, including the issuance of bonds or notes in private placements or public offerings. Any bonds or notes issued in a public offering for any purpose authorized by this section shall, at the time of issuance, be rated in at least the third highest rating category by an independent nationally recognized bond rating service.
History:
1978 Comp., § 58-18-5.3, enacted by Laws 1982, ch. 86, § 4; 1987, ch. 58, § 1; 1995, ch. 9, § 9.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, added "transitional and congregate housing facilities" in the section heading and rewrote Subsections A and C.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-5.6 - Duties; behavioral health.

The authority shall:
A. appoint a representative to both the behavioral health planning council and the interagency behavioral health purchasing collaborative; and
B. ensure that any behavioral health services, including mental health and substance abuse services, and any housing provided for consumers of those services, that are provided, contracted for or approved by the authority are in compliance with requirements of Section 9-7-6.4 NMSA 1978.
History:
Laws 2004, ch. 46, § 13.
ANNOTATIONS
Effective dates.
— Laws 2004, ch. 46 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective May 19, 2004, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-7.1 - Sale of project mortgage loans.

All mortgage lenders are authorized to sell project mortgage loans to and to accept loans from the authority in accordance with the provisions of the Mortgage Finance Authority Act and the rules and regulations of the authority. To the extent that any provisions of this section may be inconsistent with any provision of law of the state governing the affairs of mortgage lenders, which other provision of law does not by its terms expressly amend the Mortgage Finance Authority Act, the provisions of this section shall control.
History:
1978 Comp., § 58-18-7.1, enacted by Laws 1982, ch. 86, § 6; 1995, ch. 9, § 13.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, deleted "Multiple family dwellings" at the beginning of the section heading and inserted "which other provision of law does not by its terms expressly amend the Mortgage Finance Authority Act" in the second sentence.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-7.3 - Rehabilitation loans and home improvement loans.

The authority may develop a tax-exempt bond, a taxable bond or an authority-funded program for the financing of home improvement or rehabilitation loans. Such a home improvement or rehabilitation loan program may be conducted in concert with any appropriation provided by the legislature for the purpose of developing and conducting a program of subsidizing the interest rates on home improvement or rehabilitation loans to persons of low or moderate income.
History:
1978 Comp., § 58-18-7.3, enacted by Laws 1984, ch. 62, § 2; 1987, ch. 168, § 1; 1995, ch. 9, § 15.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, deleted former Subsection A relating to the reservation of bond proceeds for the purchase of rehabilitation loans; substituted the language beginning "of home improvement" for "of the purchase of home improvement loans from mortgage lenders or for loans to mortgage lenders to fund home improvement loans" at the end of the first sentence; inserted "or rehabilitation" in two places and "or moderate" near the end; deleted "to the state investment council" following "by the legislature"; and made stylistic changes throughout the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-8 - Rules and regulations of the authority.

A. The authority shall adopt and may from time to time modify or repeal, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules and regulations:
(1) for determining income levels for the classification of persons of low or moderate income, which may vary between different areas in the state and in accordance with the size of family unit; and
(2) for governing:
(a) the making of loans to mortgage lenders; and
(b) the purchase of mortgage loans, to implement the powers authorized and to achieve the purposes set forth in the Mortgage Finance Authority Act.
B. The rules and regulations of the authority relating to the making of loans to mortgage lenders pursuant to Section 58-18-6 NMSA 1978 or the purchase of mortgage loans pursuant to Section 58-18-7 NMSA 1978 shall provide at least for the following:
(1) procedures for the submission by mortgage lenders to the authority of:
(a) requests for loans; and
(b) offers to sell mortgage loans;
(2) standards for allocating bond proceeds among mortgage lenders requesting loans from or offering to sell mortgage loans to the authority;
(3) standards for determining the principal amount to be loaned to each mortgage lender and the interest rate thereon;
(4) standards for determining the aggregate principal amount of mortgage loans to be purchased from each mortgage lender and the purchase price thereof;
(5) qualifications or characteristics of:
(a) residential housing; and
(b) the purchasers of residential housing to be financed by new mortgage loans made in satisfaction of the requirements of Subsection F of Section 58-18-6 NMSA 1978 or Subsection B of Section 58-18-7 NMSA 1978, as the case may be;
(6) restrictions as to the interest rates to be allowed on new mortgage loans and the return to be realized therefrom by mortgage lenders;
(7) requirements as to commitments and disbursements by mortgage lenders with respect to new mortgage loans; and
(8) standards for mobile homes eligible for use as security.
C. The rules and regulations of the authority shall also provide for:
(1) schedules of any fees and charges to be imposed by the authority; and
(2) any other matters related to the duties and the exercise of the powers of the authority under the Mortgage Finance Authority Act.
History:
1953 Comp., § 13-19-8, enacted by Laws 1975, ch. 303, § 8; 1979, ch. 399, § 4; 1995, ch. 9, § 16.
ANNOTATIONS
Cross references.
— For the Mortgage Finance Authority Act oversight committee,
see
2-12-5 NMSA 1978.
The 1995 amendment,
effective June 16, 1995, inserted "Mortgage Finance Authority Act" in the introductory paragraph of Subsection A, inserted "or moderate" in Paragraph A(1), and made a stylistic change.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-8.1 - Rules and regulations of the authority; multiple-family dwellings, transitional and congregate housing facilities.

Prior to financing a multiple-family dwelling project or transitional or congregate housing facility, the authority shall adopt, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules and regulations governing the purchase of project mortgage loans and the making of loans to finance project mortgage loans, which shall provide at least for the following:
A. procedures for the submission by mortgage lenders to the authority of:
(1) offers to sell project mortgage loans; or
(2) requests for loans;
B. standards for approving qualifications of sponsors and mortgage lenders;
C. standards for determining minimum equity requirements for sponsors and acceptable debt-to-equity ratios for sponsors;
D. methods for establishing uniform accounting systems for sponsors;
E. standards for approving costs of such projects; and
F. guidelines establishing reasonable geographic allocation procedures for project mortgage loans.
History:
1978 Comp., § 58-18-8.1, enacted by Laws 1982, ch. 86, § 7; 1995, ch. 9, § 17.
ANNOTATIONS
Cross references.
— For the Mortgage Finance Authority Act oversight committee,
see
2-12-5 NMSA 1978.
The 1995 amendment,
effective June 16, 1995, in the introductory paragraph, inserted "or transitional or congregate housing facility" near the beginning and substituted "to finance project mortgage loans" for "to mortgage lenders" near the end; and substituted "project mortgage loans" for "multiple family dwelling project loans" at the end of subsection F.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-8.2 - Rules and regulations of the authority; secondary market facility.

Prior to establishing a secondary market facility or issuing any pass-through security, the authority shall adopt, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules and regulations governing the operations of the secondary market facility and the issuance of pass-through securities, which shall provide for the following, to the extent that the secondary market facility proposes to engage in such activities:
A. procedures for submission by mortgage lenders to the authority of offers to sell:
(1) mortgage loans;
(2) pass-through securities; or
(3) obligations secured by mortgage loans or pledges of mortgage loan revenues;
B. standards for allocating available funds or guarantees among mortgage lenders through the secondary market facility;
C. qualifications or conditions relating to the reinvestment by mortgage lenders of the funds made available to mortgage lenders by the secondary market facility; and
D. characteristics of pass-through securities to be issued by the secondary market facility.
History:
1978 Comp., § 58-18-8.2, enacted by Laws 1983, ch. 285, § 3.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-8.3 - Rules and regulations of the authority; home improvement loan program.

Prior to implementing the home improvement loan program referred to in Subsection B of Section 58-18-7.3 NMSA 1978, the authority shall adopt, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules and regulations governing the purchase of home improvement loans or loans to mortgage lenders to fund home improvement loans under the program, which shall provide at least for the following:
A. procedures for submission by mortgage lenders to the authority of offers to sell home improvement loans;
B. standards for approving qualifications of mortgage lenders;
C. standards for allocating bond proceeds or other authority funds among mortgage lenders offering to sell home improvement loans to the authority and among mortgage lenders receiving loans from the authority to fund home improvement loans;
D. qualifications or characteristics of:
(1) residential housing upon which a home improvement loan may be made;
(2) the types of home improvements that may be made with the proceeds of home improvement loans, except that the authority shall not permit the proceeds to be used for landscaping, lawn sprinkling systems, swimming pools, tennis courts, saunas or other recreational facilities; and
(3) the persons of low or moderate income who may apply for home improvement loans;
E. restrictions as to the interest rates to be allowed on home improvement loans and the fees and other profit to be realized by mortgage lenders; and
F. procedures for determining eligibility for any subsidies to be provided to persons of low or moderate income.
History:
1978 Comp., § 58-18-8.3, enacted by Laws 1984, ch. 62, § 3; 1987, ch. 168, § 2; 1995, ch. 9, § 18.
ANNOTATIONS
Cross references.
— For the Mortgage Finance Authority Act oversight committee,
see
2-12-5 NMSA 1978.
Compiler's notes.
— The reference to Subsection B of 58-18-7.3 NMSA 1978 in the introductory language should now be a reference to 58-18-7.3 NMSA 1978 since the 1995 amendment to that section deleted Subsection A.
The 1995 amendment,
effective June 16, 1995, substituted "may be made" for "can be made" in Paragraphs D(1) and D(2) and inserted "or moderate" in Paragraph D(3) and Subsection F.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-9 - Required determinations of the authority.

The authority shall not make loans to mortgage lenders pursuant to Section 58-18-6 NMSA 1978 or purchase mortgage loans pursuant to Section 58-18-7 NMSA 1978 until the authority has determined:
A. that the supply of funds available in the private banking system in the state for residential mortgages is inadequate to meet the demand of persons of low or moderate income for residential mortgage financing; and
B. that the purchase of mortgages or making of loans by the authority will alleviate the inadequate supply of residential mortgage money in the state's banking system.
History:
1953 Comp., § 13-19-9, enacted by Laws 1975, ch. 303, § 9; 1995, ch. 9, § 19.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, in the introductory paragraph, substituted "shall not make" for "may not make" and substituted "Section 58-18-6 NMSA 1978" and "Section 58-18-7 NMSA 1978" for "Section 6 of the Mortgage Finance Authority Act" and "Section 7 of that act", respectively, inserted "or moderate" near the end of Subsection A, and made stylistic changes throughout the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-9.1 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1995, ch. 9, § 37 repeals 58-18-9.1 NMSA 1978, as amended by Laws 1983, ch. 310, § 2, relating to the authority's financing or purchase of multiple-family dwelling project mortgage loans insured by the SHA, effective June 16, 1995. For provisions of former section,
see
the 1994 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-10 - Planning, zoning and building laws.

A. All multiple-family dwelling projects and transitional and congregate housing facilities shall be subject to any applicable master plan, official map, zoning regulation, building code, housing ordinance and other laws and regulations governing land use or planning or construction of the municipality in which the project is or is to be located.
B. The authority shall provide a description of any multiple-family dwelling project or transitional or congregate housing facility for which it proposes to finance a project mortgage loan to the local governing body of the municipality in which the multiple-family dwelling project or transitional or congregate housing facility is or is to be located. The description shall include the proposed number and type of dwelling units and the location of the project. Unless the local governing body, by majority vote, disapproves the multiple-family dwelling project or transitional or congregate housing facility within thirty days after receipt of the description, the authority may finance a project mortgage loan on the project.
History:
1953 Comp., § 13-19-10, enacted by Laws 1975, ch. 303, § 10; 1982, ch. 86, § 9; 1995, ch. 9, § 20.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, substituted "All multiple-family dwelling projects and transitional and congregate housing facilities" for "all projects" at the beginning of Subsection A, inserted "or transitional or congregate housing facility" in three places in Subsection B, and made minor stylistic changes throughout the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-11.1 to 58-18-11.5 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1988, ch. 46, § 13, effective March 4, 1988, repeals former 58-18-11.1 NMSA 1978, as enacted by Laws 1981, ch. 174, § 1, regarding tax exempt mortgage subsidy bond issuance.
Laws 1995, ch. 9, § 37 repeals 58-18-11.2 NMSA 1978, as amended by Laws 1983, ch. 310, § 3, relating to bonds or notes issued in connection with financing of multiple-family dwelling projects, effective June 16, 1995. For provisions of former section,
see
the 1994 NMSA 1978 on
NMOneSource.com.
Laws 1983, ch. 310, § 5, repeals 58-18-11.3 and 58-18-11.4 NMSA 1978, relating to termination of the authorization to issue bonds to finance multiple-family dwelling projects and to the multiple-family sunset plan, respectively, effective April 7, 1983.
Laws 1990, ch. 118, § 2 repeals 58-18-11.5 NMSA 1978, as amended by Laws 1987, ch. 54, § 1, relating to expiration of authorization to issue bond to finance multiple-family dwellings, effective May 16, 1990. For provisions of former section,
see
the 1989 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-12 - Reserve funds.

A. The authority may create and establish one or more reserve funds.
B. The authority may create and establish other reserve funds as it deems advisable and necessary.
History:
1953 Comp., § 13-19-12, enacted by Laws 1975, ch. 303, § 12; 1995, ch. 9, § 22.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, deleted former provisions of Subsection A relating to debt service reserve funds and made stylistic changes in Subsection B.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-13 - Notice or publication not required.

No notice, consent or approval by any governmental body or public officer shall be required as a prerequisite to the issuance, sale or delivery of any bonds, notes or other obligations of the authority pursuant to the provisions of the Mortgage Finance Authority Act, except as specifically provided in that act.
History:
1953 Comp., § 13-19-13, enacted by Laws 1975, ch. 303, § 13; 1995, ch. 9, § 23.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, deleted "The internal revenue service shall be notified of the issuance of all bonds, notes and other obligations" at the beginning, substituted "notes or other obligations of the authority" for "notes of the authority or to the making of any loans to mortgage lenders or to the purchase of mortgage loans", and made related stylistic changes.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-14.1 - Project mortgage loans; enforcement of agreement.

A. Compliance by any mortgage lender with the terms of its agreement with or undertaking to the authority with respect to the making of any project mortgage loans to sponsors may be enforced by decree of any court of competent jurisdiction. The authority shall require as a condition of purchasing project mortgage loans from or making a loan to any national banking or federal savings and loan association the consent of the association to the jurisdiction of courts of the state over any such proceeding. The authority shall also require as a condition of the authority's purchasing project mortgage loans from or making a loan to any mortgage lender agreement by the mortgage lender to the payment of penalties to the authority for violation by the mortgage lender of its undertakings to the authority.
B. Each mortgage lender shall be liable to the authority for any damages suffered by the authority by reason of the untruth of any representation or the breach of any warranty, and, in the event that any representation proves to be untrue when made or in the event of any breach of warranty, the mortgage lender shall, at the option of the authority:
(1) repurchase the project mortgage loan for the original purchase price adjusted for amounts subsequently paid thereon, as the authority may determine; or
(2) repay the then unpaid principal balance of the loan, together with interest accrued thereon and the penalties owed pursuant to Subsection A of this section.
History:
1978 Comp., § 58-18-14.1, enacted by Laws 1982, ch. 86, § 11; 1995, ch. 9, § 25.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, substituted "Project mortgage loans" for "Multiple family dwellings" in the section heading, deleted "multiple-family dwelling" preceding "project mortgage loans" in Subsection A, and made stylistic changes throughout the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-15 - State and municipalities not liable on bonds and notes.

The bonds, notes and other obligations of the authority shall not be a debt of the state or of any municipality, and neither the state nor any municipality shall be liable thereon.
History:
1953 Comp., § 13-19-15, enacted by Laws 1975, ch. 303, § 15.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-16 - Agreement of the state.

The state does hereby pledge to and agree with the holders of any bonds, notes, other obligations, pass-through securities or guarantees issued under the Mortgage Finance Authority Act that the state will not limit or alter the rights vested in the authority or any secondary market facility to fulfill the terms of any agreements made with the holders of the bonds, notes, other obligations, pass-through securities or guarantees or in any way impair the rights and remedies of the holders of the bonds, notes, other obligations, pass-through securities or guarantees until the bonds, notes, other obligations, pass-through securities or guarantees together with the interest thereon, with interest on any unpaid installments of interest and all costs and expenses in connection with any action or proceedings by or on behalf of the holders of the bonds, notes, other obligations, pass-through securities or guarantees, are fully met and discharged. The authority or any secondary market facility is authorized to include this pledge and agreement of the state in any agreement with the holders of the bonds, notes, other obligations, pass-through securities or guarantees.
History:
1953 Comp., § 13-19-16, enacted by Laws 1975, ch. 303, § 16; 1995, ch. 9, § 26.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, inserted "other obligations, pass-through securities or guarantees" throughout the section, inserted "or any secondary market facility" near the beginning of the first sentence and in the second sentence, and made stylistic changes throughout the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-17 - Bonds, notes and other obligations; legal investments for public officers and fiduciaries.

The bonds, notes, other obligations, pass-through securities and guarantees of the authority or any secondary market facility are securities in which all insurance companies and associations and other persons carrying on insurance business, all banks, bank and trust companies, trust companies, private banks, savings banks, savings and loan associations, building and loan associations, investment companies and other persons carrying on a banking business, all administrators, guardians, executors, trustees and other fiduciaries and all other persons who are or may be authorized to invest in bonds or other obligations of the state may properly and legally invest funds including capital in their control or belonging to them.
History:
1953 Comp., § 13-19-17, enacted by Laws 1975, ch. 303, § 17; 1995, ch. 9, § 27.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, substituted "Bonds, notes and other obligations" for "Bonds and notes" in the section heading, inserted "other obligations, pass-through securities and guarantees" and "or any secondary market facility" near the beginning, and made stylistic changes throughout the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-18 - Tax exemption.

A. It is determined that the creation of the authority is in all respects for the benefit of the people of the state, for the improvement of their health and welfare and for the promotion of the economy and that those purposes are public purposes. The authority will be performing an essential governmental function in the exercise of the powers conferred upon it by the Mortgage Finance Authority Act, and the state covenants with the purchasers and all subsequent holders and transferees of bonds and notes issued by the authority, in consideration of the acceptance of and payment for the bonds and notes, that the bonds and notes of the authority issued pursuant to that act and the income therefrom shall at all times be free from taxation, except for estate or gift taxes and taxes on transfers.
B. The income and operations of the authority and any secondary market facility shall be exempt from taxation of every kind and nature, provided that the authority shall be obligated to pay all ad valorem taxes and special assessments. The authority and any secondary market facility shall pay any recording fee for instruments recorded by it or on its behalf but shall not be required to pay any transfer tax of any kind on account of instruments recorded by it or on its behalf.
History:
1953 Comp., § 13-19-18, enacted by Laws 1975, ch. 303, § 18; 1981, ch. 190, § 1; 1985, ch. 232, § 3; 1995, ch. 9, § 28.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, inserted "and any secondary market facility" in two places in Subsection B and made a stylistic change.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-19 - No contribution by state or municipality.

Neither the state nor any municipality shall have the power to pay out of its general funds or otherwise contribute its money to the authority, nor may the state or any state agency purchase any bonds or notes of the authority, nor shall the state or any municipality have the power to make or participate in the making of loans to mortgage lenders or to purchase or participate in the purchase of mortgage loans pursuant to the Mortgage Finance Authority Act. Notwithstanding the foregoing, neither the state nor any municipality shall be prohibited from appropriating its money to or in aid of the authority's programs or the beneficiaries of any program to the extent otherwise permitted by law.
History:
1953 Comp., § 13-19-19, enacted by Laws 1975, ch. 303, § 19; 1995, ch. 9, § 29.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, rewrote the second sentence which read: "The making of all loans to mortgage lenders and the purchase of all mortgage loans by the authority shall be made out of the proceeds from the sale of bonds or notes issued by the authority pursuant to the Mortgage Finance Authority Act".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-21 - Limitation of liability.

Neither the members of the authority nor any person acting in its behalf, while acting within the scope of their authority, shall be subject to any personal liability for any action taken or omitted within that scope of authority.
History:
1953 Comp., § 13-19-21, enacted by Laws 1975, ch. 303, § 21; 1995, ch. 9, § 31.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, substituted "for any action taken or omitted within that scope of authority" for "resulting from carrying out any of the powers given in the Mortgage Finance Authority Act" and made a stylistic change.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-22 - Assistance by state officers and agencies.

All state officers and all state agencies may render such services to the authority within their respective functions as may be requested by the authority.
History:
1953 Comp., § 13-19-22, enacted by Laws 1975, ch. 303, § 22.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-23 - Court proceedings; preference; venue.

Any action or proceeding to which the authority or the people of the state may be a party in which any question arises as to the validity of the Mortgage Finance Authority Act shall be preferred over all other civil causes in all courts of the state and shall be heard and determined in preference to all other civil business pending in the courts irrespective of position on the calendar. The same preference shall be granted upon application of counsel to the authority in any action or proceeding questioning the validity of that act in which he may be allowed to intervene. The venue of any action or proceeding to which the authority or the people of the state are a party shall be laid in the county in which the principal office of the authority is located.
History:
1953 Comp., § 13-19-23, enacted by Laws 1975, ch. 303, § 23; 1995, ch. 9, § 32.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, inserted "to which the authority or the people of the state are a party" in the third sentence and made stylistic changes throughout the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-24 - Corporate existence.

The authority and its corporate existence shall continue until terminated by law, provided that no such law shall take effect so long as the authority has bonds, notes, other obligations or pass-through securities or guarantees outstanding unless adequate provision has been made for the satisfaction or payment thereof. Upon termination of the existence of the authority, all its rights and properties in excess of its obligations shall pass to and be vested in the state.
History:
1953 Comp., § 13-19-24, enacted by Laws 1975, ch. 303, § 24; 1995, ch. 9, § 33.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, inserted "or pass-through securities or guarantees" and "satisfaction or" and made stylistic changes in the first sentence.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-25 - Conflicts of interest; penalty.

A. If any member, officer or employee of the authority has an interest, either direct or indirect, in any contract to which the authority or any secondary market facility is or is to be a party or in any mortgage lender requesting a loan from or offering to sell mortgage loans to the authority or any secondary market facility or in any sponsor requesting a project mortgage loan, the interest shall be disclosed to the authority in writing and shall be set forth in the minutes of the authority. The member, officer or employee having the interest shall not participate in any action by the authority or any secondary market facility with respect to the contract, mortgage lender or sponsor.
B. Nothing in this section shall be deemed or construed to limit the right of any member, officer or employee of the authority to:
(1) acquire an interest in bonds, notes, other obligations, pass-through securities or guarantees of the authority or any secondary market facility; or
(2) have an interest in any banking institution in which the funds of the authority are or are to be deposited or that is or is to be acting as trustee or paying agent under any trust instrument to which the authority is a party.
C. Any person having a conflict of interest as defined in this section and participating in any transaction involving the conflict of interest or failing to notify the authority of the conflict is guilty of a misdemeanor.
History:
1953 Comp., § 13-19-25, enacted by Laws 1975, ch. 303, § 25; 1981, ch. 172, § 1; 1982, ch. 86, § 12; 1995, ch. 9, § 34.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, inserted "or any secondary market facility" throughout the section; substituted "a project mortgage loan" for "a project loan for a multiple-family dwelling project" in the first sentence of Subsection A; inserted "other obligations, pass-through securities or guarantees" in Paragraph B(1); substituted "trust instrument" for "trust indenture" in Paragraph B(2); and made stylistic changes throughout the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-26 - Cumulative authority.

The Mortgage Finance Authority Act shall be deemed to provide an additional and alternative method for the doing of the things authorized by that act, shall be regarded as supplemental and additional to powers conferred by other laws and shall not be regarded as in derogation of any powers now existing; provided that the issuance of bonds, notes, other obligations, pass-through securities or guarantees under the provisions of the Mortgage Finance Authority Act need not comply with the requirements of any other law applicable to the issuance of bonds, notes, other obligations, pass-through securities or guarantees.
History:
1953 Comp., § 13-19-26, enacted by Laws 1975, ch. 303, § 26; 1995, ch. 9, § 35.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, inserted "other obligations, pass-through securities or guarantees" in two places and made stylistic changes.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-27 - Liberal interpretation.

The Mortgage Finance Authority Act, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect its purposes.
History:
1953 Comp., § 13-19-27, enacted by Laws 1975, ch. 303, § 27; 1995, ch. 9, § 36.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, substituted "effect its purposes" for "effect the purposes thereof" at the end.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18A - Municipal Mortgage Finance › Section 58-18A-1 - Short title.

This act [58-18A-1 to 58-18A-12 NMSA 1978] may be cited as the "Municipal Mortgage Finance Act".
History:
Laws 1979, ch. 381, § 1.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18A - Municipal Mortgage Finance › Section 58-18A-2 - Finding and declaration of necessity.

It is hereby declared that:
A. within the state there exists a shortage of funds available on reasonable terms and conditions for the making of mortgage loans to persons of low or moderate income which has resulted in a shortage of decent, safe and sanitary housing at prices which such persons can afford. This shortage constitutes a threat to the health, safety and welfare of the residents of the state, deprives the state of an adequate tax base and causes such persons to occupy overcrowded, congested dwelling accommodations, resulting in an increase in crime, threatening the health, welfare and safety of the residents of the state and impairing economic values;
B. an adequate supply of decent, safe and sanitary housing is essential to the promotion of increased productivity of the residents of the state's municipalities, to retaining existing industry and commercial activities near or within such municipalities and to attracting new industry and new commercial activities to such municipalities, thereby relieving conditions of unemployment;
C. the shortage of decent, safe and sanitary housing cannot be relieved except through the stimulation of the construction and rehabilitation of housing and the encouragement of individuals and private enterprise to undertake such construction and rehabilitation through the use of public financing;
D. it is necessary and desirable and in the public interest that the state's municipalities be authorized to issue revenue bonds to provide funds necessary to reduce the costs of financing the acquisition and purchase or the rehabilitation of decent, safe and sanitary housing by persons of low and moderate income;
E. the foregoing are hereby deemed and declared to be public purposes and functions pertaining to the government and affairs of the municipalities of the state.
History:
Laws 1979, ch. 381, § 2.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18A - Municipal Mortgage Finance › Section 58-18A-5 - Agreement establishing area of operation of issuer.

A. For the purposes of the Municipal Mortgage Finance Act, two or more municipalities may enter into an agreement designating one such municipality as issuer and establishing as the area of operation of the issuer the combined areas of operation of such participating municipalities or any portion thereof. The agreement shall be approved by the governing body of each such municipality and shall contain provisions:
(1) defining the area of operation of the issuer;
(2) providing a method for allocating available net proceeds among the areas of operation of participating municipalities and providing for the reallocation to the other participating municipalities of all or any portion of such funds not utilized to purchase mortgage loans within a stated period of time;
(3) providing for the approval by the governing body of each participating municipality of the issuance, by the issuer, of each series of bonds and of the forms of documents prepared in connection therewith; and
(4) containing such covenants as may be agreed upon by the participating municipalities.
B. No municipality which is a party to an agreement may issue bonds pursuant to the Municipal Mortgage Finance Act except as permitted by the terms of the agreement.
C. No issuer, whether or not such issuer shall be comprised of more than one municipality pursuant to an agreement, may issue bonds pursuant to the Municipal Mortgage Finance Act until at least seventy-five percent of available net proceeds in its area [of] operation have been disbursed to purchase mortgage loans.
History:
Laws 1979, ch. 381, § 5.
ANNOTATIONS
Compiler's note.
— The bracketed word "of" was added by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18A - Municipal Mortgage Finance › Section 58-18A-6 - Bonds.

A. Bonds of an issuer issued pursuant to the terms of the Municipal Mortgage Finance Act shall be authorized by ordinance of its governing body and may be issued in one or more series and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration provisions, contain such terms, covenants or conditions, be subject to such terms of redemption, with or without premium, and be executed in such manner as such ordinance or a trust indenture authorized to be entered into pursuant to such ordinance, may provide.
B. Any such ordinance shall set forth a finding and declaration:
(1) of the public purpose therefor; and
(2) that the ordinance is adopted pursuant to the Municipal Mortgage Finance Act, which finding and declaration shall be conclusive evidence of the existence and sufficiency of the public purpose and the power to carry out and give effect to such public purpose.
C. The bonds may be sold at public or private sale, in such manner and upon such terms as may be authorized by the governing body of the issuer. Pending the preparation of definitive bonds, interim receipts or certificates in such form and with such provisions as may be provided in the ordinance or a trust indenture authorized to be entered into pursuant to the ordinance may be issued to the purchaser or purchasers of the bonds.
D. Bonds issued pursuant to the Municipal Mortgage Finance Act shall be limited obligations of the issuer and shall be payable solely from payments and receipts received with respect to mortgage loans and the property securing such mortgage loans. The bonds shall not constitute an indebtedness of the issuer or any participating municipality within the meaning of any constitutional or statutory debt limitation or restriction and shall not be subject to the provisions of any other law relating to the authorization, issuance or sale of bonds.
E. In case any of the public officials of the issuer whose signatures appear on any bonds or coupons issued pursuant to the Municipal Mortgage Finance Act shall cease to be public officials before the delivery of the bonds, the signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if the officials had remained in office until delivery.
History:
Laws 1979, ch. 381, § 6.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18A - Municipal Mortgage Finance › Section 58-18A-7 - Provisions of bonds and trust indentures.

A. The principal of an interest of any bonds issued pursuant to the Municipal Mortgage Finance Act may be secured by and payable from a pledge of the revenues and receipts derived from the mortgage loans and property securing the mortgage loans and the revenues and receipts otherwise derived from the program, and the issuer may provide in the ordinance or a trust indenture authorized to be entered into pursuant to the ordinance authorizing the issuance of bonds, for the subsequent issuance of additional bonds to be equally and ratably secured by such pledge. The ordinance or trust indenture may contain any agreements and provisions customarily contained in instruments securing bonds, including, without limitation, provisions relating to:
(1) the sound and economical application or [of] bond proceeds to the purposes of the program;
(2) the receipt and collection of revenues;
(3) the maintenance of insurance with respect to the mortgage loans, the property securing the mortgage loans and the bonds in reasonable amounts and the disposition of the proceeds thereof;
(4) the terms and yields of mortgage loans;
(5) the creation and maintenance of adequate reserves;
(6) the investment of funds;
(7) the rights and remedies of bondholders and any indenture trustee in the event of default; and
(8) such other provisions as the issuer deems necessary or desirable.
B. The issuer shall not have the power to obligate itself except with respect to the application of the revenues of the program and shall not have the power to incur a pecuniary liability or a charge upon its general credit or against its taxing powers.
History:
Laws 1979, ch. 381, § 7.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18A - Municipal Mortgage Finance › Section 58-18A-8 - Residential mortgage revenue bonds; legal investments; security; negotiability.

The state and all public officers, municipal corporations, political subdivisions and public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees and other fiduciaries may legally invest any sinking funds, money or other funds belonging to them or within their control in any bonds or other obligations issued pursuant to the Municipal Mortgage Finance Act, and such bonds and other obligations shall be authorized security for all public deposits and shall be fully negotiable in this state; it being the purpose of that act to authorize any persons, firms, corporations, associations, political subdivisions, bodies and officers, public or private, to use any funds owned or controlled by them, including, but not limited to, sinking, insurance, investment, retirement, compensation, pension and trust funds and funds held on deposit for the purchase of any authorized security for all public deposits and shall be fully negotiable in this state; provided, however, that nothing contained in that act shall be construed as relieving any person, firm or corporation from any duty of exercising reasonable care in selecting securities.
History:
Laws 1979, ch. 381, § 8.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18A - Municipal Mortgage Finance › Section 58-18A-10 - Investment of funds.

The issuer, or any trustee or custodian on behalf of the issuer, may invest any funds held by it as provided in the ordinance authorizing the issuance of the bonds or a trust indenture executed pursuant thereto.
History:
Laws 1979, ch. 381, § 10.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18A - Municipal Mortgage Finance › Section 58-18A-11 - Exemption from taxation.

The bonds authorized by the Municipal Mortgage Finance Act and the income from the bonds shall be exempt from all taxation by the state or any political subdivision thereof, subject to the provisions of the Banking and Financial Corporations Tax Act.
History:
Laws 1979, ch. 381, § 11.
ANNOTATIONS
Compiler's notes.
— The Banking and Financial Corporations Tax Act, referred to in this section, was compiled as 7-6-1 NMSA 1978 et seq., and was repealed by Laws 1981, ch. 37, § 97. For present provisions, see the Corporate Income and Franchise Tax Act, 7-2A-1 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18A - Municipal Mortgage Finance › Section 58-18A-12 - Liberal interpretation.

The provisions of the Municipal Mortgage Finance Act shall be liberally construed in order to effectively carry out the purposes of that act.
History:
Laws 1979, ch. 381, § 12.
ANNOTATIONS
Severability clauses.
— Laws 1979, ch. 381, § 13, provides for the severability of the act if any part or application thereof is held invalid.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18B - Low-Income Housing Trust › Section 58-18B-1 - Short title.

This act [58-18B-1 to 58-18B-11 NMSA 1978] may be cited as the "Low-Income Housing Trust Act".
History:
Laws 1994, ch. 146, § 1.