reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-14 - Notice of contemplated action; hearings.

A. When the director contemplates taking any action specified in Section 58-21-8 NMSA 1978 and Paragraphs (1) through (7) of Subsection A of Section 58-21-28 NMSA 1978, the director shall serve upon the licensee a written notice containing a statement:
(1) that the director has sufficient evidence that, if not rebutted or explained, will justify the director in taking the contemplated action;
(2) indicating the general nature of the evidence; and
(3) that unless the licensee within twenty days after service of the notice deposits in the mail a certified return receipt requested letter addressed to the director and containing a request for a hearing, the director will take the contemplated action.
B. If the licensee does not mail a request for a hearing within the time and in the manner required by this section, the director may take the action contemplated in the notice, and such action shall be final and not subject to judicial review.
C. If the licensee mails a request for a hearing as required by this section, the director shall, within thirty days of receipt of the request, notify the licensee of the time and place of the hearing, the name of the person who shall conduct the hearing for the director and the statutes and regulations authorizing the director to take the contemplated action.
History:
Laws 1983, ch. 86, § 14; 2009, ch. 122, § 37.
ANNOTATIONS
The 2009 amendment,
effective July 31, 2009, deleted former Subsection A, which required notice of any proposed order of suspension, revocation or denial of registration; deleted former Subsection B, which provided that a mortgage loan company and a loan broker were entitled to a hearing on application; and added Subsections A through 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.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-15 - Investigations by director.

A. The director may make any public or private investigation, within or outside of this state, as the director finds necessary to determine whether a person has violated or is about to violate the Mortgage Loan Company Act or any rule or order of the director under that act or to aid in enforcement of that act or in the rules under that act.
B. The director may publish information concerning a violation of the Mortgage Loan Company Act or a rule or order of the director under that act or concerning mortgage loan activities of persons that may operate as a fraud or deceit.
History:
Laws 1983, ch. 86, § 15; 2001, ch. 251, § 10; 2001, ch. 264, § 10; 2009, ch. 122, § 38.
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, deleted "injunctions" from the section heading; rewrote Subsection A; deleted Subsection B, which gave the director power to investigate a mortgage loan company or loan broker and, if seeing that they are in violation of the Mortgage Loan Company and Loan Broker Act, to begin criminal proceedings, to give a cease and desist order or apply to any district court having venue to enjoin the act or practice and to enforce compliance; and added present Subsection B.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-16 - 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 the proceedings under 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. 86, § 16; 1998, ch. 55, § 59; 1999, ch. 265, § 63.
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.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-17 - Escrow services.

Any licensee under the Mortgage Loan Company Act who also performs any acts that are within the scope of activities regulated by any statutes of the state relating to escrow agents shall also comply with all provisions of those statutes, and the issuance of a license under the Mortgage Loan Company Act shall not serve to relieve the licensee from compliance with the provisions of such other statutes.
History:
Laws 1983, ch. 86, § 17; 2009, ch. 122, § 39.
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", changed "registrant" to "licensee"; and after "those statutes, and", deleted "registration", and added "the issuance of a license".
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 58-21-18 - Permissible charges.

In connection with any loan originated, brokered, negotiated or made by a licensee pursuant to the Mortgage Loan Company Act, a mortgage loan company shall not collect, charge or receive broker fees in excess of six percent of the principal amount of the loan. A licensee may charge reasonable settlement, origination, transaction and other fees or charges not otherwise prohibited or limited by applicable state or federal laws.
History:
Laws 1983, ch. 86, § 18; 1984, ch. 15, § 2; 2001, ch. 251, § 11; 2001, ch. 264, § 11; 2009, ch. 122, § 40.
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", changed "registrant" to "licensee"; after "Act, a", deleted "broker may" and added "mortgage loan company shall".
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 "Permissible" for "Prohibited" in the section heading; and rewrote the section, which formerly stated that no charges other than interest could be made, except for specific exceptions.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-19 - Compliance with federal and state law.

In connection with any loan originated, brokered, negotiated or made by a licensee pursuant to the Mortgage Loan Company Act, a licensee shall comply with:
A. applicable federal or state laws;
B. the provisions of the Home Loan Protection Act; and
C. the provisions of the New Mexico Mortgage Loan Originator Licensing Act [58-21B-1 to 58-21B-24 NMSA 1978].
History:
Laws 1983, ch. 86, § 19; 1984, ch. 15, § 3; 2001, ch. 251, § 12; 2001, ch. 264, § 12; 2003, ch. 436, § 17; 2009, ch. 122, § 41.
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", changed "registrant" to "licensee"; in Subsection A, after "applicable federal", deleted "consumer lending" and added "or state"; and added Subsection C.
Severability.
— Laws 2003, ch. 436, § 18, effective June 20, 2003, provides for the severability of the act if any part or application is held invalid.
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 2003 amendment,
effective June 20, 2003, inserted the Subsection A designation and added Subsection B.
The 2001 amendment,
effective July 1, 2001, rewrote the section heading, which formerly read "Prohibited withholding and escrowing of loan proceeds; disclosure; penalty"; deleted Subsections A to D, which prohibited withholding or escrowing of loan proceeds for certain purposes, prohibited prepaid interest in the nature of points, and required the applicant to supply a disclosure; and inserted "registrants shall comply with applicable federal consumer lending laws".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-20 - False statement unlawful.

It is unlawful for any person to make or cause to be made in any document filed with the director in any proceedings under the Mortgage Loan Company Act any statement that is at the time and in the light of the circumstances under which it is made false or misleading in any respect.
History:
Laws 1983, ch. 86, § 20; 2009, ch. 122, § 42.
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" and after "misleading in any", deleted "material".
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 58-21-21 - Fraud unlawful.

It is unlawful for any mortgage loan company in connection with the origination, brokering, negotiating or making of any mortgage loan, directly or indirectly, to:
A. employ any device, scheme or artifice to defraud; or
B. engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon any person.
History:
Laws 1983, ch. 86, § 21; 2009, ch. 122, § 43.
ANNOTATIONS
The 2009 amendment,
effective July 31, 2009, in the first sentence, after "mortgage", added "loan"; after "company", deleted "or loan broker" and after "brokering", added "negotiating".
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 58-21-22 - Penalties.

A person who violates Section 58-21-18, 58-21-19, 58-21-20 or 58-21-21 NMSA 1978, knowing the statement to be false or misleading in any respect, is guilty of a fourth degree felony and upon conviction shall be sentenced as provided for in Section 31-18-15 NMSA 1978. Civil and criminal penalties are in addition to any remedies available at common law.
History:
Laws 1983, ch. 86, § 22; 2001, ch. 251, § 13; 2001, ch. 264, § 13; 2009, ch. 122, § 44.
ANNOTATIONS
The 2009 amendment,
effective July 31, 2009, deleted Sections 58-21-3 and 58-21-20 NMSA 1978; added Section 58-21-20 NMSA 1978 and after "any", deleted "material".
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, updated the internal references throughout the section; substituted "Section 31-18-15 NMSA 1978" for "the Criminal Sentencing Act"; and inserted "Civil and criminal penalties are in addition to any remedies available at common law.".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-23 - Filing and destruction of documents.

A document is filed when it is received by the director. The director may permit the destruction of any document filed under the Mortgage Loan Company Act with the division or the director after six years from the date of filing documents.
History:
Laws 1983, ch. 86, § 23; 2001, ch. 251, § 14; 2001, ch. 264, § 14; 2009, ch. 122, § 45.
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, deleted Subsection B, which formerly read "the production of documents by photograph or microphotograph of a permanent nature"; and deleted the Subsection A designation, which preceded "six years".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-23.1 - Repealed.

History:
Laws 2005, ch. 191, § 2; repealed by Laws 2007, ch. 224, § 3.
ANNOTATIONS
Repeals.
— Laws 2007, ch. 224, § 3 repeals 58-21-23.1 NMSA 1978, being Laws 2005, ch. 191, § 2, relating to execution of documentation for real estate transactions, effective July 1, 2007. For provisions of former section,
see
the 2006 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-23.2 - Funding of real estate transactions; enforcement.

A. Unless the net loan funds necessary to complete a purchase of real property have been previously delivered to the seller or to the closing agent, a lender shall deliver the required net loan funds within two business days of the time that the lender deems the closing agent has fulfilled the requirements of the closing agent's duties, except for the recordation of documents, and shall:
(1) authorize the closing agent to record with the county clerk all documents necessary to complete the real estate transaction and release the proceeds of the real estate transaction in accordance with agreed upon escrow instructions;
(2) advise the closing agent of any funding conditions, as set forth in the lender's escrow instructions, that have not been satisfied and instruct the closing agent in writing what is to be done with any of the lender's funds held in escrow; or
(3) advise the closing agent that the documentation for the real estate transaction does not satisfy the lender's escrow instructions, specify the manner in which that documentation does not satisfy those instructions and instruct the closing agent in writing what is to be done with any of the lender's funds held in escrow.
B. In the event a lender does not comply with the requirements of Subsection A of this section, unreasonably refuses to approve the documentation necessary to complete a real estate action or unreasonably delays authorization of the recordation of closing documents and release of proceeds of a real estate transaction, the director of the division may, upon receipt of a complaint and in accordance with the procedures set forth in the Mortgage Loan Company Act, suspend or revoke any state registration or license issued to the lender for a period not to exceed one year.
History:
Laws 2005, ch. 191, § 3; 2007, ch. 224, § 2; 2009, ch. 122, § 46.
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 2007 amendment,
effective July 1, 2007, provides that unless the net loan funds have been delivered to the seller or the closing agent, the lender shall deliver the net loan funds within two business days after the closing agent has fulfilled the closing agent's duties, except for recordation of documents.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-24 - Repealed.

ANNOTATIONS
Repeals.
— Laws 2001, ch. 251, § 17 and Laws 2001, ch. 264, § 17 repeals 58-21-24 NMSA 1978, being Laws 1983, ch. 86, § 24, regarding the effect of the enactment of the Mortgage Loan Company and Loan Broker Act on existing mortgage loan companies or loan brokers, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-25 - No impairment of other remedies.

The Mortgage Loan Company Act is not intended to impair any remedies available to injured parties under other statutes or under common law.
History:
Laws 1983, ch. 86, § 25; 2009, ch. 122, § 47.
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 58-21-26 - Exemption from authority of superintendent of regulation and licensing.

The responsibilities and authority of the director under the Mortgage Loan Company Act are 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. 86, § 26; 2009, ch. 122, § 48.
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", changed "secretary of commerce and industry" to "superintendent of regulation and licensing" and changed Section 9-2-5 NMSA to Section 9-16-6 NMSA 1978.
Severability.
— Laws 1983, ch. 86, § 27, provides for the severability of the act if any part or application thereof is held invalid.
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 58-21-27 - Repealed.

ANNOTATIONS
Repeals.
— Laws 2001, ch. 251, § 17 and Laws 2001, ch. 264, § 17 repeals 58-21-27 NMSA 1978, being Laws 1987, ch. 343, § 1, requiring service entities who serve New Mexico customers to have an office or agent in New Mexico, and requiring a ten-day response time to customers' inquiries, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-29 - Power of court to grant relief.

A. Upon a showing by the director that a person has or is about to violate the Mortgage Loan Company Act or any rule or order of the director under that act, the district court of the first judicial district for Santa Fe county or other appropriate district court in the state may grant or impose one or more of the following appropriate legal or equitable remedies:
(1) a temporary restraining order, permanent or temporary prohibitory or mandatory injunction or a writ of prohibition or mandamus;
(2) a civil penalty up to a maximum of twenty-five thousand dollars ($25,000) for each violation;
(3) disgorgement;
(4) declaratory judgment;
(5) restitution to consumers;
(6) the appointment of a receiver or conservator for the defendant or the defendant's assets;
(7) recovery by the director of all costs and expenses for conducting an investigation or the bringing of any enforcement action under that act; or
(8) other relief as the court deems just.
B. In determining the appropriate relief to grant, the court shall consider enforcement actions taken and sanctions imposed by the director under Section 58-21-28 NMSA 1978 in connection with the transactions constituting violations of the Mortgage Loan Company Act.
C. The court shall not require the director to post bond in an action under this section.
History:
Laws 2001, ch. 251, § 16; 2001, ch. 264, § 16; 2009, ch. 122, § 50.
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"; and in Paragraph (2) of Subsection A, changed the maximum penalty from $5,000 to $25,000.
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 58-21-30 - Unlicensed activity.

A. A person that violates Subsection A of Section 58-21-3 NMSA 1978 for the first offense is guilty of a misdemeanor and upon conviction shall be sentenced pursuant to the provisions of Section 31-19-1 NMSA 1978.
B. In the case of a first conviction pursuant to Subsection A of this section, the court may impose a deferred sentence pursuant to the provisions of Section 31-20-6 NMSA 1978.
C. A person that violates Subsection A of Section 58-21-3 NMSA 1978 for a second or subsequent offense is guilty of a fourth degree felony and upon conviction shall be sentenced pursuant to the provisions of Section 31-18-15 NMSA 1978.
History:
Laws 2009, ch. 122, § 51.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 51 effective July 31, 2009.
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-31 - Licensee required disclosures.

A mortgage loan company shall, in addition to other disclosures required pursuant to other statutes or common law:
A. make all disclosures required by applicable federal and state laws;
B. provide a revised "good faith estimate" and a copy of the borrower's lock-in agreement to the borrower within three days of locking in the loan rate, pricing and terms;
C. make a full and fair disclosure of all facts within the knowledge of the mortgage loan company that are or may be material to the borrower's decision, rights or interests;
D. disclose at least two days prior to closing of the loan, in a manner that can be understood by a reasonable borrower, the total amount of any compensation the mortgage loan company expects to receive specific to the loan being offered, including origination fees, broker fees, yield spread premiums and other fees payable to the mortgage loan company by the lender or other third party at the time the loan is funded to the borrower;
E. clearly and conspicuously disclose in writing a mortgage loan summary, as specified by the director by rule; and
F. enter into a signed contract with the borrower, as specified by the director by rule, that provides for mortgage loan rate float or rate lock-in. The borrower may choose to:
(1) rate float, which means that a loan rate has not been locked in and the borrower is responsible for instructing the mortgage loan company when to lock in the loan rate; or
(2) lock in a rate, which means the mortgage loan originator shall lock in a loan rate. The rate lock-in shall include the loan interest rate, pricing, terms, lock-in period and any fees required for an extension of the lock-in period.
History:
Laws 2009, ch. 122, § 52.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 52 effective July 31, 2009.
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21 - Mortgage Loan Companies › Section 58-21-32 - Mortgage call reports.

Each licensee shall submit to the nationwide multistate licensing system and registry reports of condition, which shall be in such form and shall contain such information as the nationwide multistate licensing system and registry may require.
History:
Laws 2009, ch. 122, § 53; 2019, ch. 144, § 3.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry"; and after each occurrence of "nationwide", deleted "mortgage" and added "multistate".
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21A - Home Loan Protection › Section 58-21A-1 - Short title.

Chapter 58, Article 21A NMSA 1978 may be cited as the "Home Loan Protection Act".
History:
Laws 2003, ch. 436, § 1; 2009, ch. 122, § 54.
ANNOTATIONS
Applicability.
— Laws 2003, ch. 436, § 19, effective June 20, 2003, provided that the provisions of the Home Loan Protection Act apply to all home loans made or entered into after January 1, 2004. Further, the effective date of the provisions of Section 10 of this act is July 1, 2003 and, on or after that date, no county or municipality shall enact or enforce any ordinance, resolution or rule regarding home loans that are subject to the Home Loan Protection Act or that, except for the delayed applicability date above, would otherwise be subject to that act.
The 2009 amendment,
effective July 31, 2009, changed the reference to the act to the chapter and article of NMSA 1978.
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21A - Home Loan Protection › Section 58-21A-7 - Repealed.

ANNOTATIONS
Repeals.
— Laws 2004, ch. 13, § 1 repeals 58-21A-7 NMSA 1978, being Laws 2003, ch. 436, § 7, effective February 27, 2004, relating to claims against certain sellers. For provisions of former section,
see
the 2003 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21A - Home Loan Protection › Section 58-21A-8 - Subterfuge prohibited.

No person shall, with the intent to avoid the application or provisions of the Home Loan Protection Act:
A. divide a loan transaction into separate parts;
B. structure a home loan transaction as an open-end loan when the loan would have been a high-cost home loan if the loan had been structured as a closed-end loan; or
C. perform any other subterfuge.
History:
Laws 2003, ch. 436, § 8.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature.
Applicability.
— Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21A - Home Loan Protection › Section 58-21A-9 - Civil action.

A. A borrower harmed by a violation of the Home Loan Protection Act may bring a civil action to recover:
(1) actual damages, including consequential and incidental damages;
(2) statutory damages equal to two times the finance charge paid under the loan and forfeiture of the remaining interest under the loan;
(3) punitive damages, when the violation was malicious or reckless;
(4) costs and reasonable attorney fees; and
(5) injunctive, declaratory and such other equitable relief as the court deems appropriate in an action to enforce compliance with the Home Loan Protection Act.
B. The civil action and remedies provided in this section are not exclusive and are in addition to any other action or remedies available to a borrower under applicable law.
C. A creditor is not liable in an action brought pursuant to this section if:
(1) within thirty days of the home loan closing and prior to receiving any notice from the borrower of the violation, the creditor has made appropriate restitution to the borrower, and appropriate adjustments are made to the loan; or
(2) the violation was not intentional and resulted from a bona fide error in fact notwithstanding the maintenance of procedures reasonably adopted to avoid such errors and within sixty days of the loan closing and prior to receiving any notice from the borrower of the violation, the borrower is notified of the violation, appropriate restitution is made to the borrower and appropriate adjustments are made to the loan.
History:
Laws 2003, ch. 436, § 9.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature.
Applicability.
— Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21A - Home Loan Protection › Section 58-21A-10 - Preemption.

Counties and municipalities, including home rule counties and municipalities, are prohibited from enacting and enforcing ordinances, resolutions or rules regulating financial or lending activities or imposing reporting requirements or any other obligations upon creditors regarding home loans that are subject to the Home Loan Protection Act.
History:
Laws 2003, ch. 436, § 10.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 436, § 19 made this section effective July 1, 2003 and provided that on or after that date no county or municipality shall enact or enforce any ordinance, resolution, or rule regarding home loans that are subject to the Home Loan Protection Act or that, except for the delayed applicability date of the Act (January 1, 2004) would otherwise be subject to the act.
Applicability.
— Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21A - Home Loan Protection › Section 58-21A-12 - Application of Unfair Practices Act.

A violation of the Home Loan Protection Act constitutes an unfair or deceptive trade practice pursuant to the Unfair Practices Act [Chapter 57, Article 12 NMSA 1978].
History:
Laws 2003, ch. 436, § 12.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature.
Applicability.
— Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21A - Home Loan Protection › Section 58-21A-13 - Attorney general; enforcement of rules.

The financial institution division of the regulation and licensing department shall enforce the provisions of the Home Loan Protection Act and, after consulting with the attorney general and considering similar rules of the federal housing administration and the federal department of veterans affairs, shall adopt rules required pursuant to Subsection H of Section 5 [58-21A-5 NMSA 1978] of the Home Loan Protection Act and such other rules as are necessary to implement that act.
History:
Laws 2003, ch. 436, § 13.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature.
Applicability.
— Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21A - Home Loan Protection › Section 58-21A-14 - Liberal interpretation.

The Home Loan Protection Act shall be liberally construed to carry out its purpose.
History:
Laws 2003, ch. 436, § 14.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature.
Applicability.
— Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21B - New Mexico Mortgage Loan Originator Licensing › Section 58-21B-1 - Short title.

Sections 1 through 24 [58-21B-1 to 58-21B-24 NMSA 1978] of this act may be cited as the "New Mexico Mortgage Loan Originator Licensing Act".
History:
Laws 2009, ch. 122, § 1.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 1 effective July 31, 2009.
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21B - New Mexico Mortgage Loan Originator Licensing › Section 58-21B-2 - Findings; purpose.

A. The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable and immediate impact upon New Mexico's consumers, New Mexico's economy, the neighborhoods and communities of New Mexico and the housing and real estate industry. The legislature finds that accessibility to mortgage credit is vital to New Mexico's residents. The legislature also finds that it is essential for the protection of the residents of New Mexico and the stability of New Mexico's economy that reasonable standards for licensing and regulation of the business practices of mortgage loan originators be imposed. The legislature further finds that the obligations of mortgage loan originators to consumers in connection with originating or making residential mortgage loans are such as to warrant the regulation of the mortgage lending process.
B. The purpose of the New Mexico Mortgage Loan Originator Licensing Act is to protect consumers seeking mortgage loans.
History:
Laws 2009, ch. 122, § 2.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 2 effective July 31, 2009.
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21B - New Mexico Mortgage Loan Originator Licensing › Section 58-21B-6 - Issuance of license.

The director shall not issue a mortgage loan originator license unless the director makes at a minimum the following findings:
A. the applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a formal vacation of such revocation shall not be deemed a revocation;
B. the applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign or military court, not including a juvenile court:
(1) during the seven-year period preceding the date of the application for licensing and registration; or
(2) at any time preceding the date of application, if the felony involved an act of fraud or dishonesty, a breach of trust or money laundering; and
(3) provided that any pardon of a conviction shall not be a conviction for the purposes of this subsection;
C. the applicant has demonstrated financial responsibility, good character and general fitness so as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly and efficiently within the purposes of the New Mexico Mortgage Loan Originator Licensing Act. For the purposes of this subsection, an individual has shown that the individual is not financially responsible when the individual has shown a disregard in the management of the individual's own financial condition. A determination that an individual has not shown financial responsibility may include but is not limited to:
(1) current outstanding judgments, except judgments solely as a result of medical expenses;
(2) current outstanding tax liens or other government liens and filings;
(3) foreclosures within the past three years; or
(4) a pattern of seriously delinquent accounts within the past three years;
D. the applicant has completed the pre-licensing education requirement set forth in Section 7 [58-21B-7 NMSA 1978] of the New Mexico Mortgage Loan Originator Licensing Act;
E. the applicant has passed a written test that meets the test requirement set forth in Section 8 [58-21B-8 NMSA 1978] of the New Mexico Mortgage Loan Originator Licensing Act; and
F. the applicant has met the surety bond requirements set forth in Section 17 [58-21B-17 NMSA 1978] of the New Mexico Mortgage Loan Originator Licensing Act.
History:
Laws 2009, ch. 122, § 6.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 122, § 61 made the provisions of Laws 2009, ch. 122, § 6 effective July 31, 2009.
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21B - New Mexico Mortgage Loan Originator Licensing › Section 58-21B-7 - Pre-licensing education of mortgage loan originators.

A. In order to meet the pre-licensing education requirement referred to in Subsection D of Section 58-21B-6 NMSA 1978, an individual shall complete at least twenty hours of education approved in accordance with Subsection B of this section, which shall include at least:
(1) three hours of federal law and regulations;
(2) three hours of ethics, including instruction on fraud, consumer protection and fair lending issues;
(3) two hours of training related to lending standards for the nontraditional mortgage product marketplace; and
(4) three hours of New Mexico law and administrative rules.
B. For the purposes of Subsection A of this section, pre-licensing education courses shall be reviewed and approved by the nationwide multistate licensing system and registry based upon reasonable standards. Review and approval of a pre-licensing education course shall include review and approval of the course provider.
C. Nothing in this section shall preclude any pre-licensing education course, as approved by the nationwide multistate licensing system and registry, that is provided by the employer of the applicant or by an entity that is affiliated with the applicant by an agency contract, or by any subsidiary or affiliate of the employer or entity.
D. Pre-licensing education may be offered in a classroom, online or by any other means approved by the nationwide multistate licensing system and registry.
E. The pre-licensing education requirements approved by the nationwide multistate licensing system and registry in Paragraphs (1) through (4) of Subsection A of this section for any state shall be accepted as credit toward completion of pre-licensing education requirements in New Mexico.
F. An individual previously licensed pursuant to the New Mexico Mortgage Loan Originator Licensing Act subsequent to the effective date of that act applying to be licensed again shall prove that the individual has completed all of the continuing education requirements for the year in which the license was last held.
History:
Laws 2009, ch. 122, § 7; 2019, ch. 144, § 7.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry", and provided the statutory citation for a provision of the New Mexico Mortgage Loan Originator Licensing Act; after each occurrence of "nationwide", deleted "mortgage" and added "multistate"; and in Subsection A, in the introductory clause, after "Section", deleted "6 of the New Mexico Mortgage Loan Originator Licensing Act" and added "58-21B-6 NMSA 1978".
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21B - New Mexico Mortgage Loan Originator Licensing › Section 58-21B-8 - Testing of mortgage loan originators.

A. In order to meet the written test requirement referred to in Subsection E of Section 58-21B-6 NMSA 1978, an individual shall pass, in accordance with the standards established pursuant to this section, a qualified written test developed by the nationwide multistate licensing system and registry and administered by a test provider approved by the nationwide multistate licensing system and registry based upon reasonable standards.
B. A written test shall not be treated as a qualified written test for purposes of Subsection A of this section unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including:
(1) ethics;
(2) federal law and regulations pertaining to mortgage origination;
(3) New Mexico law and rules pertaining to mortgage origination; and
(4) federal and New Mexico law and regulations and rules, including those concerning fraud, consumer protection, the nontraditional mortgage product marketplace and fair lending issues.
C. Nothing in this section shall prohibit a test provider approved by the nationwide multistate licensing system and registry from providing a test at the location of the employer of the applicant or the location of any subsidiary or affiliate of the employer of the applicant, or at the location of any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.
D. An individual shall not be considered to have passed a qualified written test unless the individual achieves a test score of not less than seventy-five percent correct answers to questions.
E. An individual may retake a test two consecutive times, provided that each retake occurs at least thirty days after the preceding test. After failing three consecutive tests, an individual shall wait at least six months before taking the test again.
F. A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer shall retake the test, not taking into account any time during which the individual is a registered mortgage loan originator.
History:
Laws 2009, ch. 122, § 8; 2019, ch. 144, § 8.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry", and provided the statutory citation for a provision of the New Mexico Mortgage Loan Originator Licensing Act; after each occurrence of "nationwide", deleted "mortgage" and added "multistate"; and in Subsection A, after "Section", deleted "6 of the New Mexico Mortgage Loan Originator Licensing Act" and added "58-21B-6 NMSA 1978".
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21B - New Mexico Mortgage Loan Originator Licensing › Section 58-21B-9 - Standards for license renewal.

A. The minimum standards for license renewal for mortgage loan originators shall include the following:
(1) the mortgage loan originator continues to meet the minimum standards for license issuance pursuant to Section 58-21B-6 NMSA 1978;
(2) the mortgage loan originator has satisfied the annual continuing education requirements set forth in Section 58-21B-10 NMSA 1978; and
(3) the mortgage loan originator has paid all required fees for renewal of the license.
B. The license of a mortgage loan originator who fails to satisfy the minimum standards for license renewal shall expire. The director may adopt rules for the reinstatement of expired licenses consistent with the standards established by the nationwide multistate licensing system and registry.
History:
Laws 2009, ch. 122, § 9; 2019, ch. 144, § 9.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry", and provided statutory citations for certain provision of the New Mexico Mortgage Loan Originator Licensing Act; in Subsection A, Paragraph A(1), after "Section", deleted "6 of the New Mexico Mortgage Loan Originator Licensing Act" and added "58-21B-6 NMSA 1978", and in Paragraph A(2), after "Section", deleted "10 of the New Mexico Mortgage Loan Originator Licensing Act" and added "58-21B-10 NMSA 1978"; and in Subsection B, after "nationwide", deleted "mortgage" and added "multistate".
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 21B - New Mexico Mortgage Loan Originator Licensing › Section 58-21B-12 - Nationwide multistate licensing system and registry information challenge process.

The director shall establish rules whereby mortgage loan originators may challenge information entered into the nationwide multistate licensing system and registry by the director.
History:
Laws 2009, ch. 122, § 12; 2019, ch. 144, § 12.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry"; after each occurrence of "nationwide", deleted "mortgage" and added "multistate".
Severability.
— Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.