reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 22 - Escrow Companies › Section 58-22-27 - Investigations by director; desist order; injunctions; fees.

A. The director may investigate, upon complaint or otherwise, when it appears that an escrow company is conducting its business in an unsafe and injurious manner or in violation of the Escrow Company Act or the regulations promulgated pursuant to that act, or when it appears that any person is engaging in the escrow company business without being registered under the provisions of that act.
B. Whenever it appears to the director, upon sufficient ground or evidence satisfactory to the director, that any escrow company has engaged or is about to engage in any act or practice in violation of the Escrow Company Act or any rule, regulation or order pursuant to that act, or the assets or capital of any escrow company are impaired or the escrow company's affairs are in an unsafe condition, the director may summarily order the escrow company to cease and desist from that act or practice, or the director may apply to the district court of the first judicial district of Santa Fe county to enjoin the act or practice and to enforce compliance with the Escrow Company Act or for any other appropriate equitable relief. Upon a proper showing, a temporary restraining order, followed by a preliminary injunction and a permanent injunction, shall be granted, a receiver may be appointed for the defendant or defendant's assets and the license may be canceled, and such additional or other equitable remedies may be provided as the court deems necessary and appropriate. The court shall not require the director to post a bond.
C. Whenever an investigation pursuant to Subsection A of this section becomes necessary, and that investigation reveals that an escrow company is conducting its business in an unsafe and injurious manner or in violation of the Escrow Company Act or the regulations promulgated pursuant to that act, or that any person is engaging in the escrow company business without being registered under the provisions of that act, the escrow company or person investigated shall pay to the director an investigation fee at the rate of one hundred fifty dollars ($150) per day or fraction of a day for each authorized representative engaged in the investigation.
History:
Laws 1983, ch. 135, § 27; 1987, ch. 292, § 13.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 22 - Escrow Companies › Section 58-22-28 - Subpoenas, oaths and examinations of witness; penalty.

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 and conduct of affairs of any person subject to the provisions of the Escrow Company Act and in connection therewith require the production of any books, records or papers relevant to the inquiry.
B. Where any person has refused to obey a subpoena issued to the director, the district court of the first judicial district of Santa Fe county or other district court having proper venue, upon application by the director, may issue to the person an order requiring him 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 touching 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. 135, § 28.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 22 - Escrow Companies › Section 58-22-28.1 - Violation of the Escrow Company Act; penalty.

Any person who violates Section 58-22-7, 58-22-20 or 58-22-26 NMSA 1978 is guilty of a misdemeanor and upon conviction shall be sentenced as provided for in the Criminal Sentencing Act [Chapter 31, Article18 NMSA 1978].
History:
1978 Comp., § 58-22-28.1, enacted by Laws 1987, ch. 120, § 5.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 22 - Escrow Companies › Section 58-22-29 - Review of order of director.

A. Any person aggrieved by a final order of the director may appeal to the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978.
B. The commencement of proceedings pursuant to Subsection A of this section does not, unless specifically ordered by the court, operate as a stay of the director's order.
History:
Laws 1983, ch. 135, § 29; 1998, ch. 55, § 60; 1999, ch. 265, § 64.
ANNOTATIONS
The 1999 amendment,
effective July 1, 1999, substituted "Section 39-3-1.1" for "Section 12-8A-1" in Subsection A.
The 1998 amendment,
effective September 1, 1998, rewrote Subsection A and in Subsection B, substituted "pursuant to" for "under".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 22 - Escrow Companies › Section 58-22-30 - Exemption from authority of superintendent of regulation and licensing.

The responsibilities and authority of the director under the Escrow Company Act are hereby explicitly exempted from the authority of the superintendent of regulation and licensing as set forth in Subsection B of Section 9-16-6 NMSA 1978.
History:
Laws 1983, ch. 135, § 30; 2015, ch. 135, § 8.
ANNOTATIONS
The 2015 amendment,
effective July 1, 2015, provided that the director of the financial institutions division is exempt from the authority of the superintendent of regulation and licensing; in the catchline, after "authority of", deleted "secretary of commerce and industry" and added "superintendent of regulation and licensing"; at the beginning of the sentence, after "authority of the director", deleted "of the financial institutions division", after "authority of the", deleted "secretary of commerce and industry" and added "superintendent of regulation and licensing", and after "Section", deleted "9-2-5" and added "9-16-6".
Temporary provisions.
— Laws 2015, ch. 135, § 9 provided that an escrow company licensed pursuant to the Escrow Company Act that, prior to the effective date of Laws 2015, ch. 135, §§ 1 to 8 (July 1, 2015), was not required to file a surety or other bond with the director of the financial institutions division of the regulation and licensing department shall have until January 1, 2016 to comply with the provisions of Section 58-22-10 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 22 - Escrow Companies › Section 58-22-31 - Effect on persons currently engaged in escrow company business.

Any person engaged in the escrow company business in the state for a period of at least ninety days prior to the effective date of the Escrow Company Act shall have thirty days from that date in which to file a proper and complete application for a license together with the required bonds pursuant to Section 10 [58-22-10 NMSA 1978] of the Escrow Company Act and evidence of insurance coverage pursuant to Section 11 [58-22-11 NMSA 1978] of that act and to pay all required fees; provided that such applicant shall not be required to meet the condition specified in Subsection B of Section 8 [58-22-8 NMSA 1978] of the Escrow Company Act. During that thirty-day period and until the director acts on the application, the person shall be entitled to operate without a license but shall otherwise comply with all other provisions of that act [58-22-1 to 58-22-33 NMSA 1978].
History:
Laws 1983, ch. 135, § 31.
ANNOTATIONS
Compiler's notes.
— Section 58-22-11 NMSA 1978 was repealed in 1986.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 22 - Escrow Companies › Section 58-22-32 - Status of preexisting escrows.

Nothing contained in the Escrow Company Act shall be so construed as to impair or affect the obligation of any escrow agreement that was lawfully entered into prior to the effective date of that act.
History:
Laws 1983, ch. 135, § 32.
ANNOTATIONS
Compiler's notes.
— Laws 1983, ch. 135, § 35 makes the Escrow Company Act effective on July 1, 1983.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 22 - Escrow Companies › Section 58-22-33 - No impairment of other remedies.

The Escrow Company Act is not intended to impair any remedies available to injured parties under other statutes or under the common law.
History:
Laws 1983, ch. 135, § 33.
ANNOTATIONS
Severability clauses.
— Laws 1983, ch. 135, § 34, 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 23 - Hospital Equipment Loans › Section 58-23-1 - Short title.

Chapter 58, Article 23 NMSA 1978 may be cited as the "Hospital Equipment Loan Act".
History:
Laws 1983, ch. 290, § 1; 1992, ch. 41, § 6.
ANNOTATIONS
The 1992 amendment,
effective May 20, 1992, substituted "Chapter 58, Article 23 NMSA 1978" for "This act".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-2 - Legislative findings.

The legislature finds that:
A. the delivery of high-quality health care in New Mexico has in recent years become increasingly dependent upon sophisticated equipment at a time when the acquisition and financing of equipment by health-care providers has become increasingly expensive;
B. the increased costs of financing modern equipment by New Mexico health-care providers is necessarily passed on to patients receiving medical care from the health-care providers, resulting in higher medical bills, increased health insurance premiums and higher medicare and medicaid payments;
C. the problems relating to the delivery of health care cannot be remedied solely through the operation of private enterprise or efforts by individual communities, but can be alleviated through the creation of a program to facilitate and enable the investment of private capital for the purpose of financing health-related equipment at interest rates lower than those available in the conventional credit markets;
D. the creation of a program to coordinate and cooperate with health-care providers and local communities is essential to alleviating the problematic conditions relating to the provision of health care and is in the public interest; and
E. alleviating these conditions by the encouragement of private investment is a public purpose and a beneficial use for which money provided by the sale of revenue bonds may be borrowed, expended, advanced, loaned and granted.
History:
Laws 1983, ch. 290, § 2.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-4 - Additional definitions.

As used in the Hospital Equipment Loan Act in connection with refinancing, renewing, funding, refunding or paying any bonds, "bonds" also means any bond, note, certificate or other evidence of indebtedness previously issued or incurred by any health facility, municipality, county, special hospital district or other political subdivision to refinance, finance or aid in financing property that would have constituted health-related equipment had it been originally financed by the council.
History:
1978 Comp., § 58-23-4, enacted by Laws 1992, ch. 41, § 7.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-5 - Council; created; members; qualifications; board.

A. There is created a public body politic and corporate, separate and apart from the state, constituting a governmental instrumentality to be known as the "New Mexico hospital equipment loan council" for the performance of essential public functions.
B. The council shall be governed by a board of directors consisting of five members. The governor, with the advice and consent of the senate, shall appoint the members of the board.
C. Each member of the board shall be a resident of the state, and in addition:
(1) two members shall be officers or directors of financial institutions located in New Mexico;
(2) two members shall be officers or directors of a health facility located in New Mexico. Such members shall have been employed for a total of five years as officers or directors of any health facility;
(3) one member shall be appointed from and represent the public and shall not be directly or indirectly affiliated with any health facility; and
(4) no more than three members shall be of the same political party.
D. The council shall be separate and apart from the state and shall not be subject to the supervision or control of any board, bureau, department or agency of the state except as specifically provided in the Hospital Equipment Loan Act. In order to effectuate the separation of the state from the council, no use of the terms "state agency" or "instrumentality" in any other law of the state shall be deemed to refer to the council unless the council is specifically referred to therein, except that the council is a state agency and instrumentality for the purposes of Article 8, Section 3 of the constitution of New Mexico.
History:
Laws 1983, ch. 290, § 5; 1986, ch. 60, § 6; 1987, ch. 49, § 2; 2006, ch. 90, § 2; 2006, ch. 92, § 2.
ANNOTATIONS
2006 amendments.
— Laws 2006, ch. 90, § 2 and Laws 2006, ch. 92, § 2, effective May 17, 2006, enact identical amendments to 58-23-5 NMSA 1978 that provide in Subsection D that the council is a state agency or instrumentality for the purposes of Article 8 of the constitution of New Mexico. Pursuant to 12-1-8 NMSA 1978, this section is set out as amended by Laws 2006, ch. 92, §2.
Applicability.
— Laws 2006, ch. 92, § 4 makes the provisions of this act applicable to property tax years beginning on or after January 1, 2006.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-6 - Council; board of directors; terms and conditions of service.

A. The members of the board shall be appointed for staggered terms of four or fewer years each so that the term of at least one member expires on January 1 of each year. Each member shall hold office for the term of his appointment and until his successor has been appointed and qualified. Any member is eligible for reappointment.
B. Each member of the board shall be removed for misfeasance, malfeasance or willful neglect of duty after reasonable notice and a public hearing, unless the same are expressly waived in writing.
History:
Laws 1983, ch. 290, § 6.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-7 - Board; expenses.

The members of the board shall receive no compensation for their services but shall receive reimbursement for actual and necessary expenses at the same rate and basis as provided in the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978].
History:
Laws 1983, ch. 290, § 7.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-8 - Board; quorum.

A majority of the members of the board then serving shall constitute a quorum for the transaction of business. The affirmative vote of at least a majority of a quorum present shall be necessary for any action to be taken by the authority. No vacancy in the membership of the council shall impair the right of a quorum to exercise all rights and perform all duties of the loan program.
History:
Laws 1983, ch. 290, § 8.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-10 - Board; bonding requirements.

At the time of the issuance of any bonds pursuant to the Hospital Equipment Loan Act, each member of the board shall execute a surety bond in the sum of twenty-five thousand dollars ($25,000). To the extent any member of the board is already required by state law to provide a surety bond, that member need not obtain another bond as long as the bond required by state law is in at least the sum specified in this section and covers the member's activities for the council. In lieu of such bonds, the chairman of the board may execute a blanket fidelity bond covering each member and the employees of the council. Each fidelity bond shall be conditioned upon the faithful performance of the duties of the respective office of the member or the employee and shall be issued by a surety company authorized to transact business in this state as surety. At all times after the issuance of any surety bonds, each member and employee shall maintain such surety bonds in full force and effect. All costs of the surety bonds shall be borne by the council.
History:
Laws 1983, ch. 290, § 10.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-12 - Council; duties.

The council shall have the following duties:
A. to invest any funds not needed for immediate disbursement, including any funds held in reserve, in direct and general obligations of or obligations fully and unconditionally guaranteed by the United States, obligations issued by agencies of the United States, obligations of this state or any political subdivisions thereof, the unsecured promissory notes or other obligations of state and national banking associations and other entities having an investment grade rating or as otherwise provided by the trust indenture or bond resolution securing the issuance of the bonds;
B. to collect fees and charges as the council determines to be reasonable in connection with its loans, leases, sales, advances, insurance, commitments and servicing; and
C. to cooperate with and exchange services, personnel and information with any federal, state or local governmental agency.
History:
Laws 1983, ch. 290, § 12; 1987, ch. 49, § 3.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-13 - Lease and loan agreements with participating health-care providers; insurance; loan and lease payments.

In addition to its other powers and duties, the council is specifically authorized to initiate a program of financing, refinancing or reimbursing the cost of health-related equipment to be operated by participating health facilities. In this regard, the council is authorized to exercise the following powers:
A. to establish eligibility standards for participating health facilities;
B. to enter into an agreement with any entity securing the payment of bonds pursuant to Subsections H and I of Section 11 [58-23-11 NMSA 1978] of the Hospital Equipment Loan Act, authorizing that entity to approve the participating health-care providers that can finance or refinance health-related equipment with proceeds from the bond issue secured by that entity and to approve any banks, savings and loan associations or other entities to which the council may loan its funds to finance, refinance or reimburse, directly or indirectly, the cost of health-related equipment for participating health facilities;
C. to lease to a participating health facility specific items of health-related equipment upon such terms and conditions as the council may deem proper or to purchase any or all of the health-related equipment to which the lease applies;
D. to lend to a participating health facility or a bank, savings and loan association or other entity to finance, refinance or reimburse, directly or indirectly, the cost of health-related equipment to a participating health facility upon a secured or unsecured promissory note evidencing such loan upon such terms and conditions as the council may deem proper;
E. to sell or otherwise dispose of unneeded health-related equipment under conditions as determined by the council;
F. to maintain, repair, replace and otherwise improve any health-related equipment owned by the council;
G. to obtain or aid in obtaining property insurance on all health-related equipment owned or financed by the council; and
H. to enter into any agreement, contract or other instrument with respect to any insurance, guarantee or letter of credit, accepting payment in the event of default by a participating health facility, and to assign any such insurance, guarantee or letter of credit as security for bonds issued by the council.
History:
Laws 1983, ch. 290, § 13.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-14 - Optional powers.

Prior to the exercise of any of the powers conferred by Section 13 [58-23-13 NMSA 1978] of the Hospital Equipment Loan Act, the council may:
A. require that the lease or installment purchase contract or loan agreement involved be insured by a loan insurer, be guaranteed by a loan guarantor or be secured by a letter of credit; or
B. require any other type of security from the participating health facilities or banks, savings and loan associations or other entities that it deems reasonable and necessary.
History:
Laws 1983, ch. 290, § 14.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-15 - Issuance of bonds.

The council is authorized to issue, sell and deliver its bonds, in accordance with the terms of the Hospital Equipment Loan Act, for the purpose of paying for or making loans to participating health facilities, banks, savings and loan associations and other entities for the financing or refinancing of all or any part of the cost of health-related equipment and any other purposes authorized by the Hospital Equipment Loan Act. In addition, the council has the power to issue from time to time bonds to renew or to pay bonds, including any interest, and, whenever it deems refunding expedient, to refund any bonds by the issuance of new bonds and to issue bonds partly to refund outstanding bonds and partly for another of its purposes. The refunding bonds may be sold and the proceeds applied to the purchase, redemption or payment of the bonds to be refunded or may be exchanged for the bonds to be refunded.
History:
Laws 1983, ch. 290, § 15.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-16 - Terms of payment and sale of bonds.

A. The bonds shall be dated, shall bear interest at such rate or rates, fixed or variable, shall mature at such time or times not exceeding twenty years, or not to exceed thirty years if the council determines bonds are necessary in connection with the acquisition, lease, fabrication, repair, restoration, reconditioning, refinancing or installation of real property, from their date and may be made redeemable prior to maturity at such price or prices and upon terms and conditions determined by the council. In cases where any officer whose signature or a facsimile of whose signature appears on any bonds or coupons ceases to be such officer before the delivery of and payment for such bonds, that signature or facsimile is valid and sufficient for all purposes the same as if the officer had remained in office until delivery and payment. The bonds may be issued in coupon or in fully registered form or both or may be payable to a specific person, as the council may determine, and provision may be made for the registration of any coupon bonds as to principal or as to both principal and interest, for the conversion of coupon bonds into fully registered bonds without coupons and for the conversion into coupon bonds of any fully registered bonds without coupons. The duty of conversion may be imposed upon a trustee in a trust agreement.
B. The principal of, redemption premium, if any, and interest on such bonds shall be payable solely from and may be secured by a pledge of the proceeds of bonds, revenues derived from the lease or sale of health-related equipment or realized from a loan made by the council to finance or refinance in whole or in part health-related equipment, revenues derived from operating health-related equipment, including insurance proceeds, or any other revenues provided by a participating health-care provider or a bank, savings and loan association or other entity to which a loan is made.
C. The council shall sell the bonds at such price or prices as it shall determine at public or private sale.
History:
Laws 1983, ch. 290, § 16; 1986, ch. 60, § 7.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-16.1 - Interest rates; refunding; approval by council; findings.

Bonds issued under the Hospital Equipment Loan Act are not subject to any limitations on interest rates or net effective interest rates or interest rate approval requirements contained in any other laws of the state, provided that:
A. the bond resolution or other instruments under which such bonds are issued shall contain findings by the council that any fixed rate or rates of interest or discount on the bonds or, in the case of a variable rate or rates of interest, that the maximum rate or method of determining the maximum rate and that the maximum net effective interest rate on the bonds are reasonable under existing or anticipated bond market conditions and necessary and advisable for the marketing and sale of the bonds. The bond resolution or other instruments under which such bonds are issued declare that the council has considered all relevant information and data in making its findings. The findings and declarations in the bond resolution or other instruments under which such bonds are issued shall constitute conclusive authority for the council to issue the bonds within the interest rate limitations set forth in the bond resolution, and no additional approval of any department, board or other officer of the state or any other official approval is required; and
B. any bonds issued pursuant to the Hospital Equipment Loan Act to renew, fund or refund any prior issue of bonds, in whole or in part, may be issued notwithstanding the provisions of any other laws of the state; provided that the bond resolution or other instruments under which such bonds are issued shall contain findings that the issuance of such bonds is necessary or advisable and the amount of such bonds which it is deemed necessary and advisable to issue. The determination of necessity or advisability contained in the bond resolution or other instruments under which such bonds are issued shall constitute conclusive authority for the council to issue any such renewal, funding or refunding bonds, and no additional approval of any department, board or other officer of the state or any official approval is required.
History:
1978 Comp., § 58-23-16.1, enacted by Laws 1986, ch. 60, § 8; 1987, ch. 49, § 4.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-17 - Use of bond proceeds.

The proceeds of the bonds of each issue shall not be used other than to pay, renew or refund bonds or to pay all or part of the cost of financing, refinancing or reimbursing health-related equipment or to make loans to participating health facilities, banks, savings and loan associations or other entities in order to directly or indirectly finance, refinance or reimburse the cost of the health-related equipment for which such bonds have been authorized. At the option of the council, the proceeds of each issue may be deposited to a reserve fund for the bonds; provided that the council shall be paid, out of money from the proceeds of the sale and delivery of its bonds, the council's out-of-pocket expenses and costs in connection with the issuance, sale and delivery of such bonds.
History:
Laws 1983, ch. 290, § 17.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-18 - Bonds secured by trust indenture.

The bonds may be secured by a trust indenture between the council and a corporate trustee which may be either a bank having the power of a trust company or a trust company. Such trust indenture may contain reasonable provisions for protecting and enforcing the rights and remedies of the bondholders, including covenants setting forth the duties of the council in relation to the exercise of its powers and the custody and use of the money. The council may provide by the trust indenture for the payment of the proceeds of the bonds and the revenue to the trustee under the trust indenture or other depository and for disbursement with safeguards as the council determines are necessary.
History:
Laws 1983, ch. 290, § 18.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-19 - Security for payment of bonds.

Any bond resolution or related trust agreement, trust indenture, indenture of mortgage or deed of trust may contain provisions, which shall be a part of the contract with the holders of the bonds to be authorized, as to:
A. pledging or assigning the revenues generated by the health-related equipment or pledging or assigning the notes and mortgage, lease or other security given by the participating health facilities, banks, savings and loan associations or other entities receiving loans with respect to which such bonds are to be issued or other specified revenues or property of the council;
B. the rentals, fees, interest and other amounts to be charged by the council, the schedule of principal payments and the sums to be raised in each year thereby and the use, investment and disposition of such sums;
C. setting aside any reserves of sinking funds and the regulation, investment and disposition thereof;
D. limitations on the use of the health-related equipment;
E. limitations on the purpose for which the proceeds of sale of any issue or bonds may be applied;
F. limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured and the terms upon which additional bonds may rank on a parity with, or be subordinate or superior to, other bonds;
G. the refunding of outstanding bonds;
H. the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amounts of bonds the holders of which must consent thereto, the manner in which such consent may be given and restrictions on the individual rights of action by bondholders;
I. acts or omissions which shall constitute a default in the duties of the authority to holders of its bonds, and rights of the holders in the event of default;
J. limitation of the liability of a participating health facility only for the amount of its obligation to the council; and
K. any other matters relating to the bonds which the council deems desirable.
In addition to the provisions set forth in this section, bonds of the council may be secured by and payable from a pooling of leases or of notes and mortgages or other security instruments whereby the council may assign its rights, as lessor, and pledge rents under two or more leases of health-related equipment with two or more participating health facilities, as lessees, or assign its rights as payee or secured party and pledge the revenues under two or more notes and loan agreements from two or more participating health facilities, banks, savings and loan associations or other entities upon such terms as may be provided for in bond resolutions or other instruments under which such bonds are issued.
History:
Laws 1983, ch. 290, § 19.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-20 - General obligation bonds; payment and security.

Except as may otherwise be provided by the council, every issue of its bonds is a general obligation of the council payable solely out of any revenue or money of the council, subject only to any agreements with the holders of particular bonds pledging any particular money or revenue. The bonds may be additionally secured by a pledge of any grant, contribution or guarantee from the federal government or any corporation, association, institution or person or a pledge of any money, income or revenue of the council from any source.
History:
Laws 1983, ch. 290, § 20.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-21 - Bonds; no obligation of state.

No bonds issued by the council under the Hospital Equipment Loan Act shall constitute a debt, liability or general obligation of this state or a pledge of the faith and credit of this state, but shall be payable solely as provided by Section 58-23-19 NMSA 1978. Each bond issued under the Hospital Equipment Loan Act shall contain on its face a statement that neither the faith and credit nor the taxing power of this state or any political subdivision thereof is pledged to the payment of the principal of or the interest on such bond.
History:
Laws 1983, ch. 290, § 21; 1987, ch. 49, § 5.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-22 - Council; pledge; recording of lien not required.

Any pledge made by the council shall be valid and binding from the time when the pledge is made. The revenue, money or properties pledged and later received by the council shall immediately be subject to the lien of such pledge without any further act, and the lien of any such pledge is valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the program, irrespective of whether the parties have notice thereof.
History:
Laws 1983, ch. 290, § 22.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-23 - Purchase of bonds; cancellation; purchase price.

The council, subject to existing agreements with bondholders, has the power to purchase bonds of the council out of any funds available for that purpose, which may thereupon be canceled, at any reasonable price which, if the bonds are then redeemable, shall not exceed the applicable redemption price plus accrued interest to the next interest payment date thereon.
History:
Laws 1983, ch. 290, § 23; 1987, ch. 49, § 6.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-24 - Bonds; negotiable instruments.

Whether or not the bonds are in the form and character of negotiable instruments, the bonds are hereby made negotiable instruments, subject only to provisions of the bonds relating to registration.
History:
Laws 1983, ch. 290, § 24.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-25 - Council members; limitation on personal liability.

Neither the members of the council nor any other person executing the bonds issued under the Hospital Equipment Loan Act shall be subject to personal liability in connection with issuance of the bonds.
History:
Laws 1983, ch. 290, § 25.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-26 - Deposit of money.

All money of the council, except as otherwise authorized or provided in the Hospital Equipment Loan Act or in a bond resolution, trust agreement or other instrument under which bonds are issued, shall be deposited as soon as practical in a separate account or accounts in banks or trust companies organized under the laws of this state or in national banking associations. All deposits of money shall, if required by the council, be secured in such a manner as the council determines to be prudent. Banks or trust companies are authorized to give security for the deposits of the council.
History:
Laws 1983, ch. 290, § 26; 1987, ch. 49, § 7.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-27 - Bondholders; pledge; agreement of the state.

The state pledges and agrees with the holder of any bonds issued under the Hospital Equipment Loan Act that the state will not alter the rights vested in the council to fulfill the terms of any agreements made with the bondholders or in any way impair the rights or remedies of the holders until the bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of the holders are fully met and discharged. The council is authorized to include this pledge and agreement of the state in any agreement with the holders of the bonds.
History:
Laws 1983, ch. 290, § 27.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-28 - Council expenses; liability of state or political subdivision prohibited.

All expenses incurred by the council in carrying out the provisions of the Hospital Equipment Loan Act shall be payable solely from funds provided under that act.
History:
Laws 1983, ch. 290, § 28.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-29 - Exemption from taxation; assets to state upon dissolution.

A. All property acquired or held by the council under the Hospital Equipment Loan Act, income therefrom and bonds issued under the Hospital Equipment Loan Act, plus the interest payable and income derived from the bonds, shall be exempt from taxation by the state or any subdivision thereof. Upon dissolution of the council, its assets, after payment of its indebtedness, shall inure to the benefit of the state.
B. All health-related equipment purchased, acquired, leased, financed or refinanced with the proceeds of bonds issued under the Hospital Equipment Loan Act is exempt from property taxation for as long as the participating health facility remains liable for any amount under any lease, loan or other agreement securing the bonds, but not to exceed thirty years from the date the bonds were issued for the health-related equipment.
History:
Laws 1983, ch. 290, § 29; 1987, ch. 49, § 8; 2006, ch. 90, § 3; 2006, ch. 92, § 3.
ANNOTATIONS
2006 amendments.
— Laws 2006, ch. 90, § 3 and Laws 2006, ch. 92, § 3, effective May 17, 2006, enact identical amendments to 58-23-29 NMSA 1978 that add Subsection B to provide a property tax exemption for health-related equipment. Pursuant to 12-1-8 NMSA 1978, this section is set out as amended by Laws 2006, ch. 92, §3.
Applicability.
— Laws 2006, ch. 92, § 4 makes the provisions of this act applicable to property tax years beginning on or after January 1, 2006.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-30 - Bonds; legal investments.

The bonds issued under the authority of the Hospital Equipment Loan Act shall be legal investments in which all public officers or public bodies of this state, insurance companies, banks and savings and loan associations, organized under the laws of this state, may invest funds.
History:
Laws 1983, ch. 290, § 30.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 23 - Hospital Equipment Loans › Section 58-23-31 - Loan program; annual report; contents; audit.

The council shall, following the close of each fiscal year, submit an annual report of its activities for the preceding year to the governor and to the legislative finance committee. Each member of the legislature may receive a copy of such report by requesting a copy from the chairman of the council. Each report shall set forth a complete operating and financial statement for the council during the fiscal year.
History:
Laws 1983, ch. 290, § 31.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-1 - Short title.

Sections 1 through 23 [58-24-1 to 58-24-23 NMSA 1978] of this act may be cited as the "Industrial and Agricultural Finance Authority Act".
History:
Laws 1983, ch. 300, § 1.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Eminent domain: industrial park or similar development as public use justifying condemnation of private property, 62 A.L.R.4th 1183.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-2 - Legislative findings; declaration of purpose.

A. The legislature hereby finds and declares that:
(1) the high cost and lack of availability of industrial loans for small- and medium-sized businesses make it difficult for many of these industrial and agricultural enterprises in New Mexico to hold or increase their present employment levels, and, as a result of the continuing increase in construction costs and other expenses, the state suffers from structural economic weaknesses which contribute to chronic unemployment and underemployment;
(2) the lack of gainful employment puts added pressure on the state's social programs and increases the cost of unemployment compensation to the existing enterprises of the state;
(3) the availability of financial assistance and suitable facilities is an important inducement to industrial, commercial and agricultural enterprises to remain and locate within the state; and
(4) it is an important function of government to increase opportunities for gainful employment and improved living conditions, assist in promoting a balanced and productive economy, encourage the flow of private capital for investment in productive enterprises and otherwise improve the prosperity, health and general welfare of the inhabitants of the state.
B. The legislature further finds and determines that:
(1) the establishment of an industrial and agricultural finance authority for the purpose of carrying out the powers granted in the Industrial and Agricultural Finance Authority Act is necessary to encourage and promote the provisions of productive facilities in areas of the state, especially in areas of high unemployment, where such facilities are needed to meet the aforesaid needs; and
(2) the advantages of this program to the general public would include an increase in the gainful employment of the citizens; a decrease in social services and unemployment compensation costs; an increase in the tax base of the state; an increase in the inventory of industrial, commercial and agricultural sites and modern industrial, commercial and agricultural buildings suitable to house new or expanding industrial, commercial and agricultural enterprises; and the expansion, reclamation or renovation of existing buildings to house new or expanding industrial, commercial and agricultural enterprises.
C. It is therefore expressly declared that the provisions of the Industrial and Agricultural Finance Authority Act and the powers conferred therein on the authority constitute a needed program in the public interest and serve a necessary and valid public purpose.
History:
Laws 1983, ch. 300, § 2.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-6 - Authority; loans.

A. The authority may:
(1) make, and undertake commitments to make, lender loans and project loans under terms and conditions requiring the proceeds thereof to be used to finance an industrial, commercial or agricultural project or facility. Project loan commitments and project loans shall be originated through and serviced by a lender; and
(2) invest in, purchase or make commitments to invest in or purchase, or take assignments or make commitments to take assignments of, project loans made by lenders to finance an industrial, commercial or agricultural project or facility.
B. Prior to exercising any of the powers authorized in Subsection A of this section, the authority shall require the lender to certify and agree that:
(1) the project loan is, or, if the project loan has not yet been made, will be at the time of making, in all respects a prudent investment; and
(2) such lender will use the proceeds of the lender loan, or the sale or assignments of a project loan, within a reasonable period of time to make project loans; or, if such lender has made a commitment to make project loans on the basis of a commitment from the authority to purchase such project loans, such lender will make and sell the project loans to the authority within a reasonable period of time.
C. Prior to exercising any of the powers under Subsection A of this section, the authority may, but is not obligated to, require any type of security, insurance or guarantee that it deems reasonable and necessary.
History:
Laws 1983, ch. 300, § 6.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-7 - Combining loans; advising sponsors and municipalities.

A. The authority may combine for the purposes of a single offering of bonds more than one project.
B. The authority shall inform a sponsor of a project or facility in appropriate cases of available federal programs to guarantee or otherwise assist in financing certain types of activities and shall assist sponsors in such cases in implementing such programs through commercial and investment bankers.
C. When the authority receives a written inquiry from a potential sponsor of a project or facility, the authority shall promptly notify in writing the governing body of the municipality and county where such project is proposed to be located, or, if such project is proposed to be located within a county but outside the boundaries of any municipality, the authority shall promptly notify in writing the board of county commissioners of that county.
D. Unless the governing body of the municipality or the board of county commissioners of the county in which the project is proposed to be located disapproves the proposed project within sixty days after the receipt of the written notice, the authority may finance the project, except that bonds issued for agricultural projects shall not be subject to this subsection.
History:
Laws 1983, ch. 300, § 7.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-8 - Rules and regulations of the board.

A. Subject to prior review by an interim committee designated by the New Mexico legislative council, the board shall adopt and may from time to time modify or repeal rules and regulations:
(1) for determining criteria for the classification and setting of priorities of commercial or agricultural industries in need of development, improvement or rehabilitation, which criteria may vary between different areas in the state and in accordance with the possible employment benefits; and
(2) for governing:
(a) the making of project loans;
(b) the making of lender loans; and
(c) the purchase of project loans, to implement the powers authorized and to achieve the purposes set forth in the Industrial and Agricultural Finance Authority Act.
B. The rules and regulations of the board relating to the making of lender or project loans or the purchase of project loans shall provide at least for the following:
(1) procedures for the submission by lenders to the board of:
(a) requests for loans; and
(b) offers to sell loans;
(2) written standards for allocating bond proceeds among lenders requesting lender loans from, or offering to sell project loans to, the authority;
(3) qualifications or characteristics of:
(a) commercial, industrial or agricultural facilities; and
(b) the sponsors or owners thereof; and
(4) requirements as to commitments and disbursements by lenders with respect to project loans.
History:
Laws 1983, ch. 300, § 8; 2003, ch. 223, § 2.
ANNOTATIONS
The 2003 amendment,
effective June 20, 2003, substituted "review by an interim committee designated by the New Mexico legislative council" for "approval of the industrial and agricultural finance authority oversight committee" near the beginning of Subsection A.