reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18B - Low-Income Housing Trust › Section 58-18B-2 - Legislative findings.

The legislature finds that:
A. current economic conditions, federal housing policies and declining resources at the federal, state and local levels affect adversely the ability of low-income persons to obtain safe, decent and affordable housing;
B. it is in the public interest to establish a continuously renewable resource to be known as the New Mexico low-income housing trust program to assist low-income citizens in meeting their basic housing needs; and
C. the program described in Subsection B of this section should, whenever feasible, be implemented through assistance in the form of loans or grants.
History:
Laws 1994, ch. 146, § 2.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18B - Low-Income Housing Trust › Section 58-18B-4 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1999, ch. 41, § 8 repeals 58-18B-4 NMSA 1978, as enacted by Laws 1994, ch. 146, § 9, relating to the creation of the low-income housing trust fund, effective July 1, 1999. For provisions of former section,
see
the 1998 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18B - Low-Income Housing Trust › Section 58-18B-6 - Pooled interest-bearing escrow accounts authorized to be made available; computation of interest; reports.

A. Any depository institution regulated by the division that maintains trust or escrow accounts for customers may establish and make available pooled interest-bearing accounts. Interest on a pooled interest-bearing account shall be computed on the daily collected balance of the account or as otherwise computed in accordance with the institution's standard accounting practices.
B. Any depository institution participating in the program and making a remittance of interest to the fund pursuant to the provisions of Section 58-18B-5 NMSA 1978 shall, at the time of remittance, transmit a report to the trustee showing:
(1) the name of the account holder for whom the remittance is sent;
(2) the rate of interest used to compute the earned interest;
(3) the amount, if any, of appropriate financial institution service charges and fees deducted; and
(4) the account balance as of the ending date of the reporting period.
C. Remittances to the fund shall be made at least quarterly, no later than the tenth day of the month.
D. A copy of the report required to be made pursuant to the provisions of Subsection B of this section shall be sent to the person in whose name the account is maintained.
History:
Laws 1994, ch. 146, § 11; 1999, ch. 41, § 3.
ANNOTATIONS
The 1999 amendment,
effective July 1, 1999, in the introductory language in Subsection B deleted "low-income housing trust" following "interest to the", updated statutory references, and substituted "trustee" for "trust"; and deleted "low-income housing trust" following "Remittances to the" in Subsection C.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18B - Low-Income Housing Trust › Section 58-18B-7 - Use of money from fund.

Money from the fund and other sources shall be used in accordance with the provisions of the Land Title Trust Fund Act [58-28-1 to 58-28-8 NMSA 1978].
History:
Laws 1994, ch. 146, § 12; 1999, ch. 41, § 4.
ANNOTATIONS
The 1999 amendment,
effective July 1, 1999, substituted "from fund" for "for loans and grant projects to provide housing; eligible activities" in the catchline, and rewrote the section, which formerly related to money from the fund and other sources which could be used to finance loans or grant projects to provide housing for low-income persons and listed activities eligible for assistance from the fund.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18B - Low-Income Housing Trust › Section 58-18B-9 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1999, ch. 41, § 8 repeals 58-18B-8 and 58-18B-9 NMSA 1978, as enacted by Laws 1994, ch. 146, §§ 13 and 14, relating to organizations eligible to receive assistance from the trust under the Low-Income Housing Trust Act and to money from the fund being used to provide preconstruction technical assistance to eligible recipients seeking to construct, rehabilitate or finance housing-related services for low-income persons, effective July 1, 1999. For provisions of former sections,
see
the 1998 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18B - Low-Income Housing Trust › Section 58-18B-10 - Conflict with federal requirements.

If any part of the Low-Income Housing Trust Act is found to be in conflict with federal requirements that are a prescribed condition to the allocation of federal funds to the state, the conflicting part of that act is inoperative solely to the extent of the conflict and with respect to the agencies directly affected, and this finding does not affect the operation of the remainder of that act in its application to the agencies concerned. The rules adopted pursuant to the provisions of the Low-Income Housing Trust Act shall meet those federal requirements that are a necessary condition to the receipt of federal funds by the state.
History:
Laws 1994, ch. 146, § 15.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18B - Low-Income Housing Trust › Section 58-18B-11 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1999, ch. 41, § 8 repeals 58-18B-11 NMSA 1978, as enacted by Laws 1994, ch. 146, § 16, relating to money from the fund being used to match federal, local or private money for projects authorized under the Low-Income Housing Trust Act, effective July 1, 1999. For provisions of former section,
see
the 1998 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18C - New Mexico Housing Trust Fund › Section 58-18C-1 - Short title.

Sections 1 through 9 of this act [58-18C-1 to 58-18C-9 NMSA 1978] may be cited as the "New Mexico Housing Trust Fund Act".
History:
Laws 2005, ch. 105, § 1.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 105, § 11 makes the act effective July 1, 2005.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18C - New Mexico Housing Trust Fund › Section 58-18C-2 - Purpose.

The purpose of the New Mexico Housing Trust Fund Act is to provide flexible funding for housing initiatives in order to produce and preserve significant housing investment in the state.
History:
Laws 2005, ch. 105, § 2; 2021, ch. 24, § 1.
ANNOTATIONS
The 2021 amendment,
effective April 5, 2021, expanded the purpose of the New Mexico housing trust fund act to include the preservation of housing; after "to produce", added "and preserve", and after "significant", deleted "additional".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18C - New Mexico Housing Trust Fund › Section 58-18C-3 - Definitions.

As used in the New Mexico Housing Trust Fund Act:
A. "affordable housing" means residential housing primarily for persons or households of low or moderate income;
B. "authority" means the New Mexico mortgage finance authority;
C. "committee" means the New Mexico housing trust fund advisory committee;
D. "fund" means the New Mexico housing trust fund;
E. "persons of low or moderate income" means persons and households within the state who are determined by the authority to lack sufficient income to pay enough to cause private enterprise to build and preserve an adequate supply of decent, safe and sanitary residential housing in their locality or in an area reasonably accessible to their locality and whose incomes are below the income levels established by the authority to be in need of the assistance made available by the New Mexico Housing Trust Fund Act, taking into consideration, without limitation, such factors as defined under that act; and
F. "residential housing" means any building, structure or portion thereof that is primarily occupied, or designed or intended primarily for occupancy, as a residence by one or more households and any real property that is offered for sale or lease for the construction or location thereon of such a building, structure or portion thereof. "Residential housing" includes congregate housing, manufactured homes and housing intended to provide or providing transitional or temporary housing for homeless persons.
History:
Laws 2005, ch. 105, § 3; 2021, ch. 24, § 2.
ANNOTATIONS
The 2021 amendment,
effective April 5, 2021, revised the definition of "persons of low or moderate income" to conform to the inclusion of preservation of housing in the expanded purpose of the New Mexico Housing Trust Fund Act; and in Subsection E, after "to build", added "and preserve".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18C - New Mexico Housing Trust Fund › Section 58-18C-4 - New Mexico housing trust fund created.

A. The "New Mexico housing trust fund" is created in the authority. The fund shall consist of all distributions, appropriations and other allocations made to the fund. Earnings of the fund shall be credited to the fund, and unexpended and unencumbered balances in the fund shall not revert to any other fund except as provided in Subsection D of this section. The authority shall be the trustee for the fund, and the state investment council shall be the investment agent for the fund. The fund may consist of such subaccounts as the authority deems necessary to carry out the purpose of the fund.
B. The fund shall consist of revenue from the following recurring sources:
(1) appropriations and transfers from the general fund;
(2) proceeds of severance tax bonds issued pursuant to Section 1 [7-27-49 NMSA 1978] of this 2022 act and any payments of principal of and interest on loans for projects funded by the proceeds of those bonds;
(3) any other money appropriated or distributed to the fund; or
(4) any private contributions to the fund.
C. Money in the fund is appropriated to the authority for the purposes of carrying out the provisions of the New Mexico Housing Trust Fund Act [58-18C-1 to 58-18C-9 NMSA 1978]. The authority shall prioritize expending or encumbering balances in the fund from payments of principal of and interest on loans for projects funded by the proceeds of severance tax bonds prior to expending or encumbering any proceeds from more recently issued bonds.
D. The authority shall monitor and ensure proper reversions of severance tax bond proceeds as required by Section 1 of this 2022 act.
History:
Laws 2005, ch. 105, § 4; 2022, ch. 38, § 2.
ANNOTATIONS
The 2022 amendment,
effective May 18, 2022, required the New Mexico Mortgage Finance Authority to prioritize expending or encumbering certain balances in the New Mexico housing trust fund; in Subsection A, after "appropriations", added "and other allocations", after "shall not revert to any other fund", added "except as provided in Subsection D of this section", and after "shall be the investment agent for the fund", added "The fund may consist of such subaccounts as the authority deems necessary to carry out the purpose of the fund."; in Subsection B, added a new Paragraph B(2) and redesignated former Paragraphs B(2) and B(3) as Paragraphs B(3) and B(4), respectively; in Subsection C, added "The authority shall prioritize expending or encumbering balances in the fund from payments of principal of and interest on loans for projects funded by the proceeds of severance tax bonds prior to expending or encumbering any proceeds from more recently issued bonds"; and added Subsection D.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18C - New Mexico Housing Trust Fund › Section 58-18C-5 - Advisory committee created.

A. The "New Mexico housing trust fund advisory committee" is created. The committee shall consist of the following nine members, who shall represent geographically the state, affordable housing advocates and practitioners:
(1) three public members appointed by the governor;
(2) three public members appointed by the president pro tempore of the senate; and
(3) three public members appointed by the speaker of the house of representatives.
B. Members of the committee shall be appointed for two-year terms and shall be eligible for reappointment. Vacancies shall be filled by the appropriate appointing authority.
C. The committee shall be advisory to the authority and shall be subject to oversight by the Mortgage Finance Authority Act oversight committee.
D. The committee shall review all project applications or program guidelines and make recommendations to the authority for funding them. The committee shall not be involved in or advisory to the authority in matters relating to the investment of the fund.
E. The committee shall adopt rules regarding:
(1) the time, place and procedures of committee meetings; and
(2) the procedures for the review of and standards for recommending applications or program guidelines for loans or grant projects.
History:
Laws 2005, ch. 105, § 5; 2021, ch. 24, § 3.
ANNOTATIONS
The 2021 amendment,
effective April 5, 2021, required the New Mexico housing trust fund advisory committee to review all program guidelines and adopt rules regarding program guidelines; in Subsection D, after "applications", added "or program guidelines"; and in Subsection E, Paragraph E(2), after "applications", added "or program guidelines".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18C - New Mexico Housing Trust Fund › Section 58-18C-6 - Award of funds; accountability.

A. Trust funds shall be awarded either on a competitive basis or based on need as determined by the authority. The authority's staff shall work with the committee to develop an application and applicant scoring mechanism or program guidelines that encourage applicants to develop solutions that are responsive to local needs and are consistent with sound housing policy.
B. The authority's governing body shall be responsible for ensuring that on an overall basis the total funds awarded for housing activities attract at least three times as much funding from other sources.
History:
Laws 2005, ch. 105, § 6; 2021, ch. 24, § 4.
ANNOTATIONS
The 2021 amendment,
effective April 5, 2021, authorized trust funds to be awarded based on need as determined by the New Mexico mortgage finance authority, permitted the New Mexico mortgage finance authority to work with the New Mexico housing trust fund advisory committee to develop program guidelines; in Subsection A, after "awarded", added "either", after "competitive basis", added "or based on need as determined by the authority, and after "scoring mechanism", added "or program guidelines"; and in Subsection B, after "ensuring that on an", deleted "annual" and added "overall".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18C - New Mexico Housing Trust Fund › Section 58-18C-7 - Use of funds; eligible activities.

Money from the fund and matching funds from other sources may be used to finance in whole or in part any loans or grant projects that will provide affordable housing. Money from the fund may also be used to reimburse the authority for actual expenses incurred in administering the fund in an amount not to exceed five percent of total funds disbursed from the fund.
History:
Laws 2005, ch. 105, § 7.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 105, § 11 makes the act effective July 1, 2005.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18C - New Mexico Housing Trust Fund › Section 58-18C-8 - Conflict with federal requirements.

If any part of the New Mexico Housing Trust Fund Act is found to be in conflict with federal requirements that are a prescribed condition to the allocation of federal funds to the state, the conflicting part of that act is inoperative solely to the extent of the conflict and with respect to the agencies directly affected, and this finding does not affect the operation of the remainder of that act in its application to the agencies concerned. The rules adopted pursuant to the provisions of the New Mexico Housing Trust Fund Act shall meet those federal requirements that are a necessary condition to the receipt of federal funds by the state.
History:
Laws 2005, ch. 105, § 8.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 105, § 11 makes the act effective July 1, 2005.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18C - New Mexico Housing Trust Fund › Section 58-18C-9 - Matching funds.

Money from the fund may be used to match federal, local or private money to be used for projects authorized under the New Mexico Housing Trust Fund Act.
History:
Laws 2005, ch. 105, § 9.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 105, § 11 makes the act effective July 1, 2005.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 19 - Motor Vehicle Sales Finance › Section 58-19-1 - Short title.

Chapter 58, Article 19 NMSA 1978 may be cited as the "Motor Vehicle Sales Finance Act".
History:
1953 Comp., § 50-15-1, enacted by Laws 1959, ch. 204, § 1; 2001, ch. 123, § 1.
ANNOTATIONS
The 2001 amendment,
effective June 15, 2001, substituted "Chapter 58, Article 19 NMSA 1978" for "This act".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 19 - Motor Vehicle Sales Finance › Section 58-19-5 - Investigations; complaints; examinations; fees.

A. The director has the power to make such investigations as he deems necessary and, to the extent necessary for this purpose, may examine any licensee or any other person and has the power to compel the production of all relevant books, records, accounts and documents.
B. Any retail buyer having reason to believe that the Motor Vehicle Sales Finance Act relating to his retail installment contract has been violated may file with the director a written complaint setting forth the details of the alleged violation; and the director, upon receipt of the complaint, may inspect the pertinent books, records, letters and contracts of the licensee and of the retail seller involved.
C. As a fee for conducting any examination or investigation pursuant to this section, a sales finance company shall pay to the director the costs of such examination or investigation, as determined by the director.
History:
1953 Comp., § 50-15-5, enacted by Laws 1959, ch. 204, § 5; 1979, ch. 388, § 4; 1987, ch. 292, § 7.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
2 Am. Jur. 2d Administrative Law § 122 et seq.
73 C.J.S. Public Administrative Law and Procedure §§ 76 to 86.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 19 - Motor Vehicle Sales Finance › Section 58-19-6 - Powers of director.

The director shall have power to issue subpoenas to compel the attendance of witnesses and the production of documents, papers, books, records and other evidence before him in any matter over which he has jurisdiction, control or supervision pursuant to the provisions of the Motor Vehicle Sales Finance Act. The director shall have the power to administer oaths and affirmations to any person whose testimony is required.
If any person shall refuse to obey such subpoena, to give testimony or to produce evidence as required thereby, any judge of any district court of this state may, upon application and proof of such refusal, make an order awarding process of subpoena, or subpoena duces tecum, for the witness to appear before the director to give testimony, and to produce evidence as required thereby. Upon filing such order in the office of the clerk of such court, the clerk shall issue process of subpoena, as directed, under the seal of the court, requiring the person to whom it is directed to appear at the time and place therein designated.
If any person served with a subpoena shall refuse to obey the same, to give testimony or to produce evidence as required thereby, the director may apply to any judge of the court issuing such subpoena for an attachment against such person, as for a contempt. The judge, upon satisfactory proof of such refusal, shall issue an attachment, directed to any sheriff, constable or police officer for the arrest of such person, and upon his being brought before such judge, proceed to a hearing of the case. The judge shall have power to enforce obedience to such subpoena, the answering of any question and the production of any evidence, that may be proper by a fine, not exceeding three hundred dollars ($300), or by imprisonment in the county jail, or by both fine and imprisonment, and to tax such witness with the costs of such proceeding.
History:
1953 Comp., § 50-15-6, enacted by Laws 1959, ch. 204, § 6; 1979, ch. 388, § 5.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
2 Am. Jur. 2d Administrative Law § 261 et seq.
73 C.J.S. Public Administrative Law and Procedure §§ 124, 132.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 19 - Motor Vehicle Sales Finance › Section 58-19-8 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1981, ch. 263, § 4, repealed 58-19-8 NMSA 1978, relating to the finance charge limitation, effective July 1, 1981.
Compiler's notes.
— Laws 1981, ch. 263, § 6, revived 58-19-8 NMSA 1978, effective July 1, 1983.
Laws 1983, ch. 44, § 1, repealed Laws 1981, ch. 263, § 6, effective June 30, 1983.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 19 - Motor Vehicle Sales Finance › Section 58-19-9 - Credit upon anticipation of payments.

Notwithstanding the provisions of any retail installment contract to the contrary, any buyer may pay in full, at any time before maturity, the debt of any retail installment contract and in so paying such debt shall receive a refund credit thereon for such anticipation of payments. The amount of such refund shall represent at least as great a proportion of the finance charge as the sum of the monthly time balances, beginning one month after prepayment is made, bears to the sum of all the monthly time balances under the schedule of payments in the contract (commonly referred to as the rule of 78S [78's]). If the charge as so computed is less than twenty-five dollars ($25.00), then a maximum charge of twenty-five dollars ($25.00) and no more may be retained. Where the amount of credit is less than one dollar ($1.00), no refund need be made.
History:
1953 Comp., § 50-15-9, enacted by Laws 1959, ch. 204, § 9.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 19 - Motor Vehicle Sales Finance › Section 58-19-10 - Refinancing retail installment contract.

The holder of a contract, upon request by the buyer, may extend the scheduled due date of all or any part of any installment or defer payment or renew or restate the unpaid time balance of such contract, the amount of the installments and the time schedule therefor and may collect for such extension, deferment, renewal or restatement a refinance charge computed at the discretion of the holder, under either of the following optional methods of computation at the rates indicated as follows:
OPTION 1. In the event one or more installments are extended, deferred or restated, the holder may compute an extension charge on the amount of the installment payment or payments or part thereof which is extended, for the period of time for which each payment, or part thereof is extended, deferred or restated, at the following rates on contracts originally in the respective classification of motor vehicles set forth in Section 8A of this act:
Class 1
Class 2
Class 3 and 4
1 percent per month
1 1/2 percent per month
2 percent per month
Such extension charges may be computed on the basis of a full month for any fractional month period in excess of ten days.
OPTION 2. In the event the unpaid time balance of the contract is extended, deferred, renewed or restated, the holder may compute a refinance charge on such amount by adding to the unpaid time balance the cost for insurance and other benefits incidental to the refinancing plus any accrued delinquency and collection charges, and deducting any refund which may be due the buyer by prepayment pursuant to Section 9 [58-19-9 NMSA 1978] of the Motor Vehicle Sales Finance Act, at the rate of the finance charge specified in Section 8A of this act and by reclassifying the motor vehicle by its then year model, for the term of the refinancing agreement, but otherwise subject to the provisions of this act governing computation of the original finance charge. The provisions of this act governing minimum finance charges and acquisition costs under the refund schedule shall not apply in calculating refinance charges on the contract renewed under this method of computation.
History:
1953 Comp., § 50-15-10, enacted by Laws 1959, ch. 204, § 10.
ANNOTATIONS
Compiler's notes.
— "Section 8A of this act," referred to in the introductory paragraph of OPTION 1 and in the first sentence in OPTION 2, was compiled as 58-19-8A NMSA 1978 and was repealed by Laws 1981, ch. 263, § 4.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 19 - Motor Vehicle Sales Finance › Section 58-19-10.1 - Loan to refinance motor vehicle sale.

Any transaction in the form of a loan, other than a retail installment contract, is not subject to the provisions of the Motor Vehicle Sales Finance Act, even though all or a portion of the proceeds of such transaction in the form of a loan are applied to the unpaid balance of a retail installment contract.
History:
1978 Comp., § 58-19-10.1, enacted by Laws 1981, ch. 182, § 1.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 19 - Motor Vehicle Sales Finance › Section 58-19-11 - Penalty.

A. Any person who shall willfully violate any provision of the Motor Vehicle Sales Finance Act, or engage in the business of a sales finance company in this state without a license therefor as provided in this act, shall be guilty of a misdemeanor and upon conviction shall be punished by a fine not exceeding five hundred dollars ($500).
B. A willful violation of any of the provisions of Section 7 [58-19-7 NMSA 1978] or 8 of this act by any person or individual shall bar recovery of the finance charge, delinquency and collection or other charges whatsoever by the owner or holder of the retail installment contract involved.
History:
1953 Comp., § 50-15-11, enacted by Laws 1959, ch. 204, § 11.
ANNOTATIONS
Compiler's notes.
— The term "Section . . . 8 of this act," referred to in Subsection B, was compiled as 58-19-8 NMSA 1978 and was repealed by Laws 1981, ch. 263, § 4.
Transactions violating section void.
— An alleged compromise agreement whereby the plaintiffs who refused to accept the mobile home they ordered allowed the defendant to retain their down payment as a credit on another purchase, where the plaintiffs had a right under Section 58-19-7A(3) NMSA 1978 to rescission and refund, was unenforceable and void, because the effect of the alleged compromise amounted to an attempted waiver of the plaintiffs' rights, in violation of Section 58-19-12 NMSA 1978, and because of the general rule that transactions in violation of a statute prescribing penalties, such as those in Subsection A, are void.
White v. Singleton
, 1975-NMCA-104, 88 N.M. 262, 539 P.2d 1024.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 19 - Motor Vehicle Sales Finance › Section 58-19-12 - Waiver.

Any waiver of the provisions of this act shall be unenforceable and void.
History:
1953 Comp., § 50-15-12, enacted by Laws 1959, ch. 204, § 12.
ANNOTATIONS
Saving clauses.
— Laws 1959, ch. 204, § 14, provides that the act does not apply to contracts in effect prior to its effective date.
Severability clauses.
— Laws 1959, ch. 204, § 13, provides for the severability of the act if any part or application thereof is held invalid.
Compromise amounting to attempted waiver void.
— An alleged compromise agreement whereby the plaintiffs who refused to accept the mobile home they ordered allowed the defendant to retain their down payment as a credit on another purchase, where the plaintiffs had a right under Section 58-19-7A(3) NMSA 1978 to rescission and refund, was unenforceable and void, because the effect of the alleged compromise amounted to an attempted waiver of the plaintiffs' rights, in violation of this section, and because of the general rule that transactions in violation of a statute prescribing penalties, such as those in Section 58-19-11A NMSA 1978, are void.
White v. Singleton
, 1975-NMCA-104, 88 N.M. 262, 539 P.2d 1024.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 19 - Motor Vehicle Sales Finance › Section 58-19-13 - Creditor compliance with federal regulation deemed compliance with this act.

Any creditor engaging in transactions subject to the provisions of the Motor Vehicle Sales Finance Act who complies with the provisions of 15 United States Code Sections 1601 through 1665, and the regulations promulgated pursuant thereto, shall be deemed to have complied with applicable disclosure provisions of the Motor Vehicle Sales Finance Act.
History:
1953 Comp., § 50-15-13, enacted by Laws 1975, ch. 274, § 3.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 19 - Motor Vehicle Sales Finance › Section 58-19-14 - Validity of assignment of contracts.

Any sales finance company may purchase or acquire, or agree to purchase or acquire, from any seller any contract on such terms and conditions as may be agreed upon between them. Filing of the assignment, notice to the buyer of the assignment and any requirement that the holder maintain dominion over the payments or the motor vehicle if repossessed shall not be necessary to the validity of a written assignment of a contract as against creditors, subsequent purchasers, pledgees, mortgagees and lien claimants of the seller. Unless the buyer has notice of the assignment of his contract, payment thereunder made by the buyer to the last known holder of such contract shall be binding upon all subsequent holders.
History:
1978 Comp., § 58-19-14, enacted by Laws 1983, ch. 99, § 1.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 20 - Business of Selling Negotiable Checks, Drafts and Money Orders (Repealed.) › Section 58-20-1 - Repealed.

History:
1953 Comp., § 48-22-74, enacted by Laws 1965, ch. 293, § 1; 1975, ch. 330, § 37; 1983, ch. 54, § 1; 1987, ch. 292, § 8; 1989, ch. 209, § 12; 1991, ch. 66, § 1; repealed by Laws 2016, ch. 88, § 1006.
ANNOTATIONS
Repeals.
— Laws 2016, ch. 88, § 1006 repealed 58-20-1 NMSA 1978, as enacted by Laws 1965, ch. 293, § 1, relating to business of selling negotiable checks, drafts and money orders regulated, effective July 1, 2017. For provisions of former section,
see
the 2016 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-1 - Short title.

Chapter 58, Article 21 NMSA 1978 may be cited as the "Mortgage Loan Company Act".
History:
Laws 1983, ch. 86, § 1; 1989, ch. 209, § 13; 2009, ch. 122, § 25.
ANNOTATIONS
The 2009 amendment,
effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act".
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Vendor and purchaser: recovery for increased mortgage interest costs where vendor fails or refuses to convey, 28 A.L.R.4th 1078.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-3 - License required; qualified manager.

A. It is unlawful for any person to transact business in the state of New Mexico, either directly or indirectly, as a mortgage loan company without first filing an application with the director, meeting requirements established by the director and obtaining a license under the Mortgage Loan Company Act.
B. A mortgage loan company shall designate at least one qualified manager who shall:
(1) obtain and maintain a mortgage loan originator license and unique identifier number pursuant to the New Mexico Mortgage Loan Originator Licensing Act [58-21B-1 to 58-21B-24 NMSA 1978]; and
(2) have not less than two years verifiable experience as a principal, partner, officer, director, manager, processor or underwriter of a mortgage loan company or a mortgage loan originator or have equivalent lending experience in a related business during the four years immediately preceding the time of application.
C. A qualified manager shall serve as a qualified manager for only one mortgage loan company.
History:
Laws 1983, ch. 86, § 3; 2001, ch. 251, § 2; 2001, ch. 264, § 2; 2009, ch. 122, § 27.
ANNOTATIONS
The 2009 amendment,
effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act"; in Subsection A, after "mortgage loan company", deleted "or loan broker"; after "with the director", added "meeting requirements established by the director"; after "obtaining a", deleted "registration certificate" and added "license"; and added Subsections B and C.
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2001 amendment,
effective January 31, 2002, deleted "unless such person is exempt from the provisions of the Mortgage Loan Company and Loan Broker Act under the provisions of Section 6 of that act" from the end of the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-5 - License fees; duration of license.

A. A license shall expire on December 31 each year. Each licensee shall submit a renewal application on or before November 1 each year.
B. The director shall establish by rule fees that shall be sufficient to cover the costs of administering the Mortgage Loan Company Act. These fees may include:
(1) an original and renewal license fee paid by each licensee;
(2) an application fee to cover the costs of processing applications;
(3) an examination and investigation fee for all licensees; and
(4) late fees, license amendment fees, supervisory fees, divisional office fees, branch office fees and any other fees associated with the costs of administering the Mortgage Loan Company Act.
C. A mortgage loan company shall not be charged investigation fees for the processing of complaints when the investigation determines that no violation of the Mortgage Loan Company Act occurred or when the mortgage loan company provides a remedy satisfactory to the complainant and the director and no order of the director is issued.
D. The following fees shall be deposited into the general fund:
(1) original license fees;
(2) license renewal fees;
(3) examination fees;
(4) investigation fees;
(5) late fees; and
(6) license amendment fees.
E. The following fees shall be deposited into the mortgage regulatory fund:
(1) application fees;
(2) divisional office fees;
(3) branch office fees; and
(4) supervisory fees.
History:
Laws 1983, ch. 86, § 5; 1987, ch. 292, § 9; 1989, ch. 209, § 14; 1993, ch. 210, § 9; 2001, ch. 251, § 4; 2001, ch. 264, § 4; 2009, ch. 122, § 29.
ANNOTATIONS
The 2009 amendment,
effective July 31, 2009, deleted former Subsection A, which provided for an initial license fee of $400 and a renewal fee of $300 and late fees; in Subsection A, changed "registration" to "license"; deleted language which provided that a registration continued for a period of twelve months and that a renewal application shall be filed at least thirty days before the expiration of the existing registration; deleted former Subsection C, which provided for a replacement license fee of $50; and added Subsections B through E.
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2001 amendment,
effective July 1, 2001, deleted former Subsection C that provided fees for those persons claiming an exemption pursuant to Subsection H of Section 58-21-6 NMSA 1978, which was deleted by Laws 2001, ch. 264, § 5, effective January 1, 2002; and added a new Subsection C.
The 1993 amendment,
effective June 18, 1993, added the second sentences in Subsections A and C.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-7 - Surety bond.

A. Each mortgage loan company shall post and maintain with the director a corporate surety bond.
B. The penal sum of the surety bond shall be in an initial amount of fifty thousand dollars ($50,000). Upon renewal of the license, the penal sum of the surety bond shall be in an amount that reflects the total dollar amount of mortgage loans originated annually in New Mexico by the licensee, as follows:
(1) zero dollars ($0.00) to three million dollars ($3,000,000), a surety bond of fifty thousand dollars ($50,000);
(2) more than three million dollars ($3,000,000) and less than ten million dollars ($10,000,000), a surety bond of one hundred thousand dollars ($100,000); and
(3) ten million dollars ($10,000,000) or more, a surety bond of one hundred fifty thousand dollars ($150,000).
C. Every bond shall provide for suit thereon by any person who has a cause of action under the Mortgage Loan Company Act.
D. The bond shall be in substantially the form as the director prescribes.
E. When an action is commenced on a licensee's bond, the director may require the filing of a new bond.
F. Immediately upon recovery upon any action on a bond, the licensee shall file a new bond.
History:
Laws 1983, ch. 86, § 7; 2009, ch. 122, § 31.
ANNOTATIONS
The 2009 amendment,
effective July 31, 2009, in Subsection A, after "mortgage loan company", deleted "or loan broker" and after "bond", deleted "in the amount of twenty-five thousand dollars ($25,000)"; added Subsections B, E and F; and in Subsection C, deleted the last sentence which limited the liability of the surety to the amount of the bond and provided for a three-year statute of limitation.
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-9 - Powers and duties of director.

A. The director shall exercise general supervision and control over mortgage loan companies doing business in New Mexico. In addition to the other duties imposed on the director by law, the director shall:
(1) make reasonable rules necessary for the implementation of the Mortgage Loan Company Act; provided that promulgated rules shall be subject to judicial review in the manner set forth in Section 12-8-8 NMSA 1978;
(2) conduct investigations necessary to determine whether a person has engaged in or is about to engage in an act or practice constituting a violation of a provision of the Mortgage Loan Company Act; and
(3) conduct examinations, investigations and hearings in addition to those specifically provided for by law necessary and proper to the efficient administration of the Mortgage Loan Company Act.
B. The director may conduct an investigation upon complaint when it appears that a mortgage loan company is conducting business in a manner injurious to persons or when it appears that a person has improperly claimed an exemption pursuant to Section 58-21-6 NMSA 1978.
History:
Laws 1983, ch. 86, § 9; 1993, ch. 210, § 10; 2001, ch. 251, § 7; 2001, ch. 264, § 7; 2009, ch. 122, § 33.
ANNOTATIONS
The 2009 amendment,
effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act".
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2001 amendment,
effective July 1, 2001, substituted "promulgated rules" for "such rules and regulations" in Paragraph A(1); in Subsection B, substituted "injurious to persons" for "injurious to consumers or brokers" and updated the internal reference.
The 1993 amendment,
effective June 18, 1993, added the Subsection A designation, redesignated former Subsections A through C as present Subsections A(1) through A(3), and added Subsection B.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-10 - Subpoenas, oaths and examination of witnesses; penalties.

A. In the conduct of any examination, investigation or hearing, the director may:
(1) compel the attendance of any person or obtain any documents by subpoena;
(2) administer oaths; and
(3) examine any person under oath concerning the business of any person subject to the provisions of the Mortgage Loan Company Act and in connection therewith require the production of any books, records or papers relevant to the inquiry.
B. In case of refusal to obey a subpoena issued to any person, the district court of the first judicial district of Santa Fe county, upon application by the director, may issue to the person an order requiring the person to appear before the director or the staff member designated by the director, there to produce documentary evidence if so ordered or to give evidence relating to the matter under investigation or in question. Failure to obey the order of the court may be punished by the court as a contempt of court.
History:
Laws 1983, ch. 86, § 10; 2009, ch. 122, § 34.
ANNOTATIONS
The 2009 amendment,
effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act".
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-11 - Keeping of records.

Every mortgage loan company and loan broker shall make and keep those accounts, correspondence, memoranda, papers, books, data and other records as the director by rule prescribes. All records so required shall be preserved for six years.
History:
Laws 1983, ch. 86, § 11; 2001, ch. 251, § 8; 2001, ch. 264, § 8.
ANNOTATIONS
2001 amendments.
— Identical amendments to this section were enacted by Laws 2001, ch 251, § 8 and Laws 2001, ch. 264, § 8, both effective July 1, 2001, deleting "and filing of reports" from the section heading; and deleting the last two sentences, which provided for the filing of financial reports and the correction of those reports if necessary. The section is set out as amended by Laws 2001, ch. 264, § 8. See 12-1-8 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-12 - Examination of records.

All the records required to be maintained by the Mortgage Loan Company Act are subject to examinations or investigations by representatives of the director within or without New Mexico as the director deems necessary or appropriate in the public interest or for the protection of investors. If the examination or investigation is conducted outside the state, the actual cost of travel for the examiners shall be reimbursed to the state by the mortgage loan company so examined or investigated.
History:
Laws 1983, ch. 86, § 12; 1987, ch. 292, § 10; 2001, ch. 251, § 9; 2001, ch. 264, § 9; 2009, ch. 122, § 35.
ANNOTATIONS
The 2009 amendment,
effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act"; deleted the second sentence which provided that a mortgage loan company or loan broker shall pay a fee for the examination at the rate of $300 per day for each representative engaged in the examination; in the last sentence, after "examination", added "or investigation"; after "mortgage loan company", deleted "or loan broker" and after "examined", added "or investigated".
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2001 amendment,
effective July 1, 2001, substituted "examinations or investigations" for "annual examinations"; deleted "together with such special or other examinations" following "New Mexico" and increased the examination fee from $150 to $300.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-13 - Public inspection of applications.

Applications for licensing or a license renewal and all papers, documents, reports and other written instruments filed with the director under the Mortgage Loan Company Act are public documents and open to public inspection except for files of ongoing examinations and investigations relating to violations of that act, which investigations do not culminate, or have not yet culminated, in administrative, civil or criminal action.
History:
Laws 1983, ch. 86, § 13; 2009, ch. 122, § 36.
ANNOTATIONS
The 2009 amendment,
effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act"; after "Applications for", deleted "registration" and added "licensing or a license"; and after "files" added "of ongoing examinations and".
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.