reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 18 - LOAN COMPANIES › Part 8 - LICENSING OF NONRESIDENT LENDERS › Section 12.18.8.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to define the requirements for
				  licensure for persons conducting a business of making small loans to residents
				  of New Mexico solely from locations outside of New Mexico.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 18 - LOAN COMPANIES › Part 9 - REFUND ANTICIPATION LOANS › Section 12.18.9.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
September 15, 2018, unless a later date is cited at the end
				  of a section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 18 - LOAN COMPANIES › Part 9 - REFUND ANTICIPATION LOANS › Section 12.18.9.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to require a small loan
				  licensee engaged in the business of making refund anticipation loans to provide
				  the consumer with a disclosure of the loan information on a form as prescribed
				  by the director.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 18 - LOAN COMPANIES › Part 9 - REFUND ANTICIPATION LOANS › Section 12.18.9.8 - MANDATORY DISCLOSURE OF LOAN INFORMATION

Current through Register Vol. 35, No. 13, July 16, 2024
All small loan companies engaged in the business of making
				  refund anticipation loans must provide a form to consumers that includes the
				  following:
A. a statement that "refund
				anticipation loan" means a loan that is secured by or that the creditor
				arranges or expects to be repaid, directly or indirectly, from the proceeds of
				the consumer's federal or state personal income tax refunds or tax credits,
				including any sale, assignment or purchase of a tax refund or tax credit at a
				discount or for a fee;
B. a list of
				the annual percentage rate and all fees that the borrower may be charged upon
				entering the refund anticipation loan agreement;
C. the estimated time to which the consumer
				may receive the proceeds from their anticipated tax refund or tax credit;
				and
D. the following statement in
				at least 12-point bold type:
(1) This
				agreement is considered to be a loan and not your actual tax refund or tax
				credit. You are borrowing money against your anticipated tax return.
(2) Neither the internal revenue service
				(IRS) nor the New Mexico taxation and revenue department guarantees that you be
				paid the full anticipated amount of a tax refund or tax credit, nor do they
				guarantee that a tax refund or tax credit will be deposited into your bank
				account or mailed on a specific date.
(3) You are responsible for the full
				repayment of this refund anticipation loan and for the payment of the total
				interest, fees, and charges incurred.
(4) Prior to executing a refund anticipation
				loan agreement, a small loan licensee shall require the borrower to provide a
				hand written or electronic signature acknowledging that the borrower
				understands the all required disclosures and has received a copy of the
				required disclosure. A copy of the acknowledgment form must be permanently kept
				with the loan records.
(5) This
				business is licensed and regulated by the New Mexico Regulation and Licensing
				Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos
				Road, Santa Fe, New Mexico 87504. To report any unresolved problems or
				complaints, contact the division by telephone at (505) 476-4885 or visit the
				website:
www.rld.nm.gov/financial-institutions/
.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 18 - LOAN COMPANIES › Part 9 - REFUND ANTICIPATION LOANS › Section 12.18.9.9 - PROHIBITED ACTS

Current through Register Vol. 35, No. 13, July 16, 2024
All small loan licensees engaged in the business of making
				  refund anticipation loans shall not:
A. directly or indirectly represent a refund
				anticipation loan as a refund or tax credit;
B. require a borrower to enter into a loan
				agreement in order to complete a tax return;
C. engage in a transaction, practice, or
				course of business that operates a fraud upon a borrower in connection with a
				refund anticipation loan, including making oral statements contradicting any of
				the information required to be disclosed pursuant to
				12.18.9.7 NMAC - Mandatory
				Disclosure of Loan Information;
D.
				take or arrange for a creditor to take possession of or a security interest in
				any property of the consumer other than the proceeds of the consumer's tax
				refund or tax credit to secure payment of a refund anticipation loan;
				and
E. withhold from a consumer, or
				from a dependent of a consumer, original personal identification
				documents.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 18 - LOAN COMPANIES › Part 10 - ELECTRONIC MEDIA REQUIREMENTS › Section 12.18.10.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
September 15, 2018, unless a later date is cited at the end
				  of a section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 18 - LOAN COMPANIES › Part 10 - ELECTRONIC MEDIA REQUIREMENTS › Section 12.18.10.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to establish required content
				  to be included on electronic marketing and business sites utilized by small
				  loan lenders.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 18 - LOAN COMPANIES › Part 10 - ELECTRONIC MEDIA REQUIREMENTS › Section 12.18.10.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"Business
				of lending"
means any person or business entity engaged in the
				origination of any extension of credit in the amount e amount of $10,000 or
				less, or the acceptance of a credit application containing a consumer's
				personal information beyond the below listed items:
(1) consumer's name;
(2) consumer's home address;
(3) consumer's phone number or electronic
				mail address;
(4) purpose of the
				potential loan; and
(5) loan amount
				requested.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 18 - LOAN COMPANIES › Part 10 - ELECTRONIC MEDIA REQUIREMENTS › Section 12.18.10.8 - MARKETING SITE REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Small loan businesses operating one or more marketing site(s) shall be
				responsible for providing all mandatory disclosures and consumer information as
				required by Subsection C of
				12.18.3.8 NMAC and Subsection A of
				12.18.4.8 NMAC to consumers. The
				required disclosures and consumer information shall be easily accessible to
				consumers to review on a New Mexico specific web page maintained by the small
				loan company. The small loan company must ensure active links to the New Mexico
				specific web page are included on all company marketing sites utilized for
				loans made to borrowers in New Mexico.
B. All small loan businesses operating one or
				more marketing site(s) shall provide a disclosure in a location or locations on
				the marketing site that will be easily accessible and visible to consumers
				accessing such marketing site with the following words "TO REPORT A PROBLEM OR
				COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL ________________." The blank
				shall be filled in with a position title, address, phone number, and email
				address of the company's problem resolution person.
C. The above shall also contain a separate
				disclosure stating the following words, "New Mexico Only: This lender is
				licensed and regulated by the New Mexico Regulation and Licensing Department,
				Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe,
				New Mexico 87504. To report any unresolved problems or complaints, contact the
				division by telephone at (505) 476-4885 or visit the website:
www.rld.nm.gov/financial-institutions/
."
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 18 - LOAN COMPANIES › Part 10 - ELECTRONIC MEDIA REQUIREMENTS › Section 12.18.10.9 - BUSINESS SITE REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Small
				loan businesses operating one or more business site(s) shall obtain a separate
				license for each site pursuant to Subsection A of Section
				58-15-3 NMSA 1978.
B. Small loan businesses shall make the most
				current small loan license certificate easily accessible and available for
				review within the business site.
C.
				Small loan businesses operating one or more business site(s) shall be
				responsible for all disclosures to be posted on such site(s). This shall
				include making the mandatory consumer information brochure pursuant to
				Subsection C of
				12.18.3.8 NMAC and the mandatory
				signage for all small loan companies pursuant to Subsection A of
				12.18.4.8 NMAC.
D. All small loan businesses operating one or
				more business site(s) shall provide a disclosure in an easily accessible and
				visible location the following words "TO REPORT A PROBLEM OR COMPLAINT WITH
				THIS LENDER, YOU MAY WRITE OR CALL ________________." The blank shall be filled
				in with a position title, address, phone number, and email address of the
				company's problem resolution person.
E. The above shall also contain a separate
				disclosure stating the following words: "New Mexico Only: This lender is
				licensed and regulated by the New Mexico Regulation and Licensing Department,
				Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe,
				New Mexico 87504. To report any unresolved problems or complaints, contact the
				Division by telephone at (505) 476-4885 or visit the website:
www.rld.nm.gov/financial-institutions/
."
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 18 - LOAN COMPANIES › Part 11 - NEW MEXICO ANNUAL PERCENTAGE RATE CALCULATION › Section 12.18.11.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
March 29, 2023, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 18 - LOAN COMPANIES › Part 11 - NEW MEXICO ANNUAL PERCENTAGE RATE CALCULATION › Section 12.18.11.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to establish regulations
				  governing the conduct of small loan licensees.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 18 - LOAN COMPANIES › Part 11 - NEW MEXICO ANNUAL PERCENTAGE RATE CALCULATION › Section 12.18.11.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"Truth in
				Lending Annual Percentage Rate" ("TIL-APR")
means the calculation of an
				Annual Percentage Rate mandated pursuant to Federal Law ( 12 CFR Part 1026 -
				Truth in Lending Act). It is intended to provide a single value for a consumer
				to compare the cost of credit between one lender and another.
B.
"New Mexico Annual Percentage Rate"
				("NM-APR")
means the calculation of an Annual Percentage Rate pursuant
				to New Mexico law (Section
				58-7-7 NMSA 1978 and Section
				58-15-17 NMSA 1978), which may
				include charges that are either excluded or may be excluded under certain
				conditions in the TIL-APR calculation.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 18 - LOAN COMPANIES › Part 11 - NEW MEXICO ANNUAL PERCENTAGE RATE CALCULATION › Section 12.18.11.8 - NEW MEXICO ANNUAL PERCENTAGE RATE EXCLUSIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The following charges, based solely on a
				borrower's individual behavior after the extension of credit, cannot reasonably
				be predicted and are therefore excluded from the calculation of the NM-APR:
(1) Actual expenditures, including reasonable
				attorney fees, for legal process or proceedings to collect on a loan pursuant
				to statutory limitation
(2)
				Ancillary products, such as insurance, sold after the extension of credit that
				are not required as a condition for extension of credit, are properly
				disclosed, which the customer authorizes a minimum of seven calendar days after
				the extension of the credit;
(3)
				Delinquency fee charges pursuant to statutory limitations and as properly
				disclosed in loan agreements;
(4)
				Force placed or similar collateral insurance in the event that a borrower fails
				to maintain in effect any collateral insurance required in connection with a
				loan transaction, pursuant to statutory conditions;
(5) Charges imposed by third parties in
				connection with credit or debit card transactions, Automated Clearing House
				(ACH) payments, or similar, provided that a specific method of payment by the
				borrower is not required as a condition of the extension of credit;
(6) Non-sufficient funds (NSF) charges for
				debits not honored by the drawee's financial institutions and are subsequently
				reversed from the lender's account, subject to statutory limitations;
(7) Parking or similar fees if they are
				charged to all individuals who utilize the parking area for which the fees are
				associated;
(8) Reimbursement for
				Global Positioning Systems (GPS) or similar devises installed on vehicles or
				other movable collateral when required as a condition of the extension of
				credit, when those devises are removed or destroyed by the borrower without the
				lender's authorization and subsequently not returned in working order to the
				lender within 15 days of such removal;
(9) Any other charges arising solely from the
				borrower's behavior that are not required by the lender as a condition for the
				extension of credit and are not either prohibited or prohibited from exclusion
				by law.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 1 - GENERAL PROVISIONS › Section 12.19.1.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Mortgage Loan Company Act, Section
				  58-21-9
				  NMSA 1978 and New Mexico Mortgage Loan Originator Licensing Act, Section
				  58-21B-19
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 1 - GENERAL PROVISIONS › Section 12.19.1.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to effectuate the purposes of
				  the Mortgage Loan Company Act, Section
				  58-21-1
				  NMSA 1978 et seq., and the New Mexico Mortgage Loan Originator Licensing Act,
				  Section 58-21B -1 NMSA 1978 et seq., and to clarify their
				  meaning.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 1 - GENERAL PROVISIONS › Section 12.19.1.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"Affiliate"
means a person who, directly or indirectly, through one or
				more intermediaries, controls or is controlled by or is under common control
				with another person.
B.
"Branch office"
means any location, including a divisional office,
				separate from the principal place of business of the mortgage loan company that
				is identified by any means to the public or customers as a location at which
				the licensee holds itself out as a mortgage loan company.
C.
"Clerical or support duties"
may include, subsequent to the receipt of an application:
(1) the receipt, collection, distributionand
				analysis of information common for the processing or underwriting of a
				residential mortgage loan; and
(2)
				communicating with a consumer to obtain the information necessary for the
				processing or underwriting of a loan, to the extent that such communication
				does not include offering or negotiating loan rates or terms or counseling
				consumers about residential mortgage loan rates or terms;
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico Mortgage Loan Originator Licensing Act, Section
				  58-21B-19
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
August 31, 2009, unless a later date is cited in the history
				  note at the end of a section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to effectuate the purposes of
				  the New Mexico Mortgage Loan Originator Licensing Act, Section
				  58-21B-1
				  NMSA 1978 et. seq.,and to clarify its meaning.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"Days"
means a period of time expressed in calendar days, except when
				disclosures are required to be given to borrowers, then "days" shall exclude
				Saturdays, Sundays and legal holidays.
B.
"Independent contractor"
means any person who processes or underwrites residential mortgage loans and is
				not a W-2 employee of a licensed mortgage loan company.
C.
"Scheduled long-term monthly debt
				payments"
means the monthly payments of all installment debts, revolving
				charge accounts, open accounts and lines of credit that would be used to
				determine a borrower's ability to repay per the current underwriting guidelines
				of the federal housing administration (FHA), the federal national mortgage
				association (FNMA), the federal home loan mortgage corporation (FHLMC) or the
				department of veteran's affairs (VA).
D.
"Takes a residential mortgage loan
				application",
with respect to Section 58-21B-3(K) NMSA 1978, means:
(1) any communication, regardless of form,
				from a mortgage loan originator to a borrower soliciting a loan application or
				requesting information typically required in an application for the purpose of
				deciding whether or not to extend the requested offer of a loan to a borrower;
				or
(2) any communication,
				regardless of form, from a borrower to a mortgage loan originator, for an offer
				or responding to a solicitation for an offer of residential mortgage loan terms
				or providing information typically required in an application for the purpose
				of deciding whether or not to extend the requested offer of a loan to a
				borrower.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.8 - FEES

Current through Register Vol. 35, No. 13, July 16, 2024
A mortgage loan originator shall pay the following fees.
				  These fees are non-refundable and are in addition to any fees established and
				  charged by the nationwide mortgage licensing system and registry, any approved
				  educational course provider, any approved educational testing provider, any law
				  enforcement agency for finger prints and background checks or by any credit
				  reporting agency used by the nationwide mortgage licensing system and
				  registry:
A. Mortgage loan originator
				fees:
(1) application fee: $200.00;
(2) license fee: $200.00;
(3) annual renewal license fee:
				$200.00;
(4) reinstatement fee:
				$100.00.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.9 - SURETY BOND

Current through Register Vol. 35, No. 13, July 16, 2024
Every surety bond shall provide that no suit or claim shall
				  be maintained to enforce any liability on the bond unless brought within six
				  years after the act upon which the suit or claim is based.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.10 - HEARING PROCEDURES AND CHALLENGE PROCESS

Current through Register Vol. 35, No. 13, July 16, 2024
A. In reference to Section
				58-21B-14
				NMSA 1978, hearings requested shall be conducted under the following
				procedures.
(1) The mortgage loan originator
				shall request a hearing in writing by certified return receipt letter
addressed to the director. The director shall, within 30 days
				  of receipt of the request, notify the mortgage loan
originator of the date, time and place of the hearing.
(2) Hearings shall be conducted
				pursuant to the Administrative Procedures Act, Sections
				12-8-10
				and
				12-8-11 NMSA
				1978.
(3) Hearings shall be
				conducted in Santa Fe county or another county if agreed to by the director and
				the mortgage loan originator.
(4)
				All hearings shall be conducted by the director or by a hearing officer
				designated by the director. A hearing officer shall, within 30 days following
				the hearing, submit to the director a report setting forth the hearing
				officer's findings of fact and conclusions of law.
(5) All hearings shall be open to the public.
				In cases in which the reputation of an applicant or licensee may be damaged or,
				for good cause shown, the director or hearing officer may hold a closed hearing
				and must state the reasons for this decision in the record.
(6) A complete record shall be made of all
				evidence and testimony received during the course of any hearing.
(7) Within sixty (60) days after the hearing,
				the director shall serve upon the applicant or licensee a copy of the final
				written order.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.11 - SUCCESSIVE YEARS FOR CONTINUING EDUCATION COURSES

Current through Register Vol. 35, No. 13, July 16, 2024
The New Mexico Mortgage Loan Originator Licensing Act,
				  Section 58-21B-10(E)(2) NMSA 1978, prohibits a licensed mortgage loan
				  originator from taking the same approved continuing education course in the
				  same or successive years to meet the annual continuing education requirements.
				  For purposes of this limitation, the term "successive years" means the two
				  years following the year in which a mortgage loan originator takes an approved
				  course.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.12 - REINSTATEMENT OF LICENSE

Current through Register Vol. 35, No. 13, July 16, 2024
The license of a mortgage loan originator that expires for
				  failure to satisfy the minimum standards for renewal may be reinstated if the
				  licensee meets the following requirements:
A. The license must be reinstated between
				January 1 and February 28 of the year immediately following the year the
				license expired.
B. All continuing
				education courses and any other minimum requirements for license renewal for
				the year in which the license expired must be completed by February 28 of the
				year immediately following the year the license expired.
C. The licensee must pay the applicable
				licensing, reinstatement and late fees. If a mortgage loan originator whose
				license has expired fails to meet the requirements for reinstatement specified
				in this section, the mortgage loan originator must apply for a license and meet
				the requirements for licensure in effect at that time.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.13 - DISCLOSURES

Current through Register Vol. 35, No. 13, July 16, 2024
At least two (2) days prior to closing, a mortgage loan
				  originator shall provide to the borrower(s) the following federal disclosures
				  specific to the mortgage loan the borrower(s) is receiving:
(1) a good faith estimate and
(2) a truth in lending statement. These
				documents shall be used to comply with Section 58-21B-20(B) NMSA 1978. For the
				purposes of the act, the yield spread premium or discount points received by
				the mortgage loan company shall be disclosed as a credit or charge in a dollar
				amount on all good faith estimates.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.14 - REASONABLE ABILITY TO REPAY

Current through Register Vol. 35, No. 13, July 16, 2024
The documentation of "reasonable ability to repay", in
				  Section 58-21B-13(C)(24) NMSA 1978, will depend upon the totality of facts and
				  circumstances relating to a specific residential mortgage loan transaction and
				  the borrower's financial condition and circumstances. While the documentation
				  of certain residential mortgage loan transactions may clearly demonstrate the
				  borrower's reasonable ability to repay, others may require closer scrutiny to
				  determine whether the documentation for a particular residential mortgage loan
				  transaction sufficiently demonstrates ability to repay. The "reasonable ability
				  to repay" standard shall be demonstrated through reasonably reliable
				  documentation. Reasonably reliable documentation means any documentation that
				  is required by a mortgage loan company to satisfy the requirements of a loan
				  product that meets the borrower's requested terms and qualifications, documents
				  the source of repayment and includes verifiable written documentation obtained
				  from the borrower or a third party. Reasonably reliable documentation may
				  include but may not be limited to verbal verifications.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.15 - AMENDING OR SURRENDERING A LICENSE

Current through Register Vol. 35, No. 13, July 16, 2024
A. A licensed mortgage loan originator shall
				amend information entered in the nationwide mortgage licensing system and
				registry for licensure within five days following the change in that
				information. The information that shall be required to be amended shall
				include, but not be limited to the following:
(1) name of mortgage loan
				originator;
(2) contact
				information;
(3)
				employment;
(4) surety
				bond.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.16 - CHANGE IN EMPLOYMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A licensed mortgage loan originator whose employment with a
				  mortgage loan company is terminated shall not originate new mortgage loans for
				  that mortgage loan company but may receive compensation for those mortgage
				  loans originated by him or her while employed by that mortgage loan
				  company.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.17 - INDIVIDUALS EXEMPT FROM LICENSING

Current through Register Vol. 35, No. 13, July 16, 2024
The exemption in Section 58-21B-4(B)(2) includes an
				  individual who offers or negotiates terms of a residential mortgage loan
				  financed in whole or in part by the individual and secured by the individual's
				  residence.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS › Section 12.19.2.18 - NINETY (90) DAY TEMPORARY LICENSE

Current through Register Vol. 35, No. 13, July 16, 2024
In reference to 58-21B-4(D), a mortgage loan originator may
				  obtain a ninety day temporary license to originate residential mortgage loans
				  in New Mexico while they complete the licensing requirements for a New Mexico
				  mortgage loan originator license. A temporary license shall be issued if the
				  mortgage loan originator meets the following requirements:
A. contact the division in writing via mail
				or email requesting a 90 day temporary license;
B. a license status of "Approved" in another
				state or jurisdiction; if the mortgage loan originator's license status changes
				during the ninety (90) day period to anything other than "Approved", their
				temporary license may be rescinded;
C. apply and pay for the New Mexico mortgage
				loan originator license, and
D. be
				sponsored by a mortgage loan company licensed in New Mexico.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS › Section 12.19.8.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Mortgage Loan Company Act, Section
				  58-21-9
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS › Section 12.19.8.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
December 15, 2008, unless a later date is cited in the
				  history note at the end of a section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS › Section 12.19.8.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to effectuate the purposes of
				  the Mortgage Loan Company Act.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS › Section 12.19.8.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"Applicant"
means a person who has applied for a license pursuant
				to the provisions of the Mortgage Loan Company Act, and includes all directors,
				officers, employees, trustees and owners of such person.
B.
"Days"
means a period of
				time expressed in calendar days, except when disclosures are required to be
				given to borrowers, then "days" shall exclude Saturdays, Sundays and legal
				holidays.
C.
"Independent
				contractor"
means any person who originates, processes or underwrites
				mortgage loans and is not a W-2 employee of a licensed mortgage loan
				company.
D.
"Licensee"
means a person who is licensed pursuant to the provisions of
				the act, and includes all directors, officers, employees, trustees and owners
				of such person.
E.
"Person
				who controls or is controlled"
, with respect to Section 58-21-2(A) NMSA
				1978, means a person who is a director or executive officer of a business or
				organization, who directly or indirectly, or acting in concert with one or more
				other persons or entities, owns, controls or holds power to vote, or holds
				proxies representing ten percent (10%) or more of the voting shares or rights
				of any entity, or the spouse of such person.
F.
"Reasonably reliable
				documentation"
means any documentation that is required by a mortgage
				loan company to satisfy the requirements of a loan product that meets the
				borrower's requested terms and qualifications, documents the source of
				repayment and includes verifiable written documentation obtained from the
				borrower or a third party. Reasonably reliable documentation may include but
				may not be limited to verbal verifications.
G.
"Scheduled long-term monthly debt
				payments"
means the monthly payments of all installment debts, revolving
				charge accounts, open accounts and lines of credit that would be used to
				determine a borrower's ability to repay per the current underwriting guidelines
				of the federal housing administration (FHA), the federal national mortgage
				association (FNMA), the federal home loan mortgage corporation (FHLMC) or the
				department of veteran's affairs (VA).
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS › Section 12.19.8.8 - APPLICANT AND LICENSEE REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Application for licensure:In addition to
				the information required by Section
				58-21-4
				NMSA 1978 of the act, each applicant for issuance or renewal of a license shall
				be subject to the following requirements:
(1)
				applications for license or renewal of a license shall be made using the
				nationwide mortgage licensing system and registry;
(2) a mortgage loan company shall obtain and
				maintain a unique identifier number issued by the nationwide mortgage licensing
				system and registry for each principal office, divisional office or branch
				office;
(3) an independent
				contractor who intends to originate mortgage loans and is not sponsored by a
				licensed New Mexico mortgage loan company shall, prior to originating mortgage
				loans, obtain a license under the Mortgage Loan Company Act, Section
				58-21-1
				NMSA 1978 et.seq.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS › Section 12.19.8.9 - GOOD BUSINESS REPUTATION

Current through Register Vol. 35, No. 13, July 16, 2024
Pursuant to Section 58-21-8(A) NMSA 1978 of the act, a
				  licensee or applicant may be deemed to lack a good business reputation if the
				  director finds that the licensee or applicant has done or is doing any of the
				  following, which includes, but is not limited to:
A. repeatedly issues worthless
				checks;
B. has outstanding
				unsatisfied judgments;
C.
				repeatedly fails to meet obligations when due;
D. fails to pay the examination fee or
				investigation fee provided by Section
				58-21-5
				or Section
				58-21-12
				NMSA 1978;
E. allows unlicensed
				independent contractors or mortgage loan originators to originate mortgage
				loans.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS › Section 12.19.8.10 - HEARING PROCEDURES

Current through Register Vol. 35, No. 13, July 16, 2024
Hearings requested, pursuant to Section
				  58-21-14
				  of the act, by applicants or licensees shall be conducted under the following
				  procedures.
A. Hearings shall be
				conducted pursuant to Section
				12-8-10
				NMSA 1978 and Section
				12-8-11 NMSA
				1978 of the Administrative Procedures Act (12-8-1 ) NMSA 1978
				and any future amendments to this section.
B. Hearings shall be conducted in Santa Fe
				county, or upon agreement by the director and an applicant or licensee, a
				hearing may be conducted in a county other than Santa Fe county or the county
				in which the apparent violation or violations occurred.
C. All hearings shall be conducted by the
				director or by a hearing officer designated by the director. A hearing officer
				shall, within 30 days following the hearing, submit to the director a report
				setting forth his findings of fact and conclusions of law.
D. All hearings shall be open to the public.
				In cases in which the reputation of an applicant or licensee may be damaged or,
				for good cause shown, the director or hearing officer may hold a closed hearing
				and must state the reasons for this decision in the record.
E. A complete record shall be made of all
				evidence and testimony received during the course of any hearing.
F. Within sixty (60) days after the hearing,
				the director shall serve upon the applicant or licensee a copy of the final
				written order.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS › Section 12.19.8.11 - FEES

Current through Register Vol. 35, No. 13, July 16, 2024
A mortgage loan company shall pay the following fees. These
				  fees are non-refundable and are in addition to any fees established and charged
				  by the nationwide mortgage licensing system and registry.
A. Main office:
(1) application fee: $500.00;
(2) license fee: $500.00;
(3) supervisory fee: $500.00;
(4) annual license renewal fee:
				$500.00;
(5) annual supervisory
				renewal fee: $500.00;
(6)
				reinstatement fee: $250.00;
(7)
				amendment fee: $50.00.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS › Section 12.19.8.12 - DISCLOSURES

Current through Register Vol. 35, No. 13, July 16, 2024
A. Mortgage loan
				companies shall provide rate lock disclosures to and enter into signed lock-in
				agreements with a borrower(s). The mortgage loan company shall use a rate lock
				disclosure form of their choosing. The rate lock disclosure shall include the
				following information:
(1) a rate float
				option,
(2) the lock-in loan
				interest rate,
(3) loan pricing for
				the lock-in interest rate,
(4) loan
				terms,
(5) loan lock-in period and
(6) any fees required for an
				extension of the lock-in period. For the purposes of act, the term "pricing"
				means the yield spread premium or discounts points disclosed as a credit or
				charge in dollars to the borrower(s) for the loan interest rate.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS › Section 12.19.8.13 - QUALIFIED MANAGER

Current through Register Vol. 35, No. 13, July 16, 2024
A. A qualified
				manager shall provide the director with the following documentation of his or
				her lending experience for verification purposes:
(1) income tax returns;
(2) W-2 and/or 1099 forms.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS › Section 12.19.8.14 - SURETY BOND

Current through Register Vol. 35, No. 13, July 16, 2024
Every surety bond shall provide that no suit or claim shall
				  be maintained to enforce any liability on the bond unless brought within six
				  years after the act upon which the suit or claim is based.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS › Section 12.19.8.15 - REASONABLE ABILITY TO REPAY

Current through Register Vol. 35, No. 13, July 16, 2024
The documentation of "reasonable ability to repay" in Section
				  58-21-8(N) NMSA 1978, will depend upon the totality of facts and circumstances
				  relating to a specific residential mortgage loan transaction and the borrower's
				  financial condition and circumstances. While the documentation of certain
				  residential mortgage loan transactions may clearly demonstrate the borrower's
				  reasonable ability to repay, others may require closer scrutiny to determine
				  whether the documentation for a particular residential mortgage loan
				  transaction sufficiently demonstrates ability to repay. The "reasonable ability
				  to repay" standard shall be demonstrated through reasonably reliable
				  documentation.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS › Section 12.19.8.16 - AMENDING OR SURRENDERING A LICENSE

Current through Register Vol. 35, No. 13, July 16, 2024
A. A licensed mortgage loan company shall
				amend information entered in the nationwide mortgage licensing system and
				registry for licensure within five days following the change in that
				information. The information that shall be required to be amended shall
				include, but not be limited to the following:
(1) company name;
(2) company address;
(3) company legal status;
(4) ownership;
(5) control persons;
(6) qualified manager;
(7) surety bond;
(8) branch name or location;
(9) branch manager.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 19 - MORTGAGE LENDING › Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS › Section 12.19.8.17 - MORTGAGE LOAN ORIGINATOR SPONSORSHIP

Current through Register Vol. 35, No. 13, July 16, 2024
A licensed mortgage loan originator whose employment with a
				  mortgage loan company is terminated shall not originate new mortgage loans for
				  that mortgage loan company but may receive compensation for those mortgage
				  loans originated by him or her while employed by that mortgage loan
				  company.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 11 - BOARD OF DIRECTORS › Section 12.20.11.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504.
				  Telephone No. (505) 827-7100.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 11 - BOARD OF DIRECTORS › Section 12.20.11.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  58-10-19 and
				  58-10-50
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 11 - BOARD OF DIRECTORS › Section 12.20.11.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
February 24, 1983, unless a later date is cited at the end of
				  a section or paragraph. Reformatted in NMAC format effective
				  8/30/97.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in
					 brackets.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 11 - BOARD OF DIRECTORS › Section 12.20.11.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to provide for
				  staggered terms of office for members of the board of
				  directors.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 11 - BOARD OF DIRECTORS › Section 12.20.11.8 - BOARD OF DIRECTORS' TERM OF OFFICE

Current through Register Vol. 35, No. 13, July 16, 2024
Notwithstanding the provisions of Section
				  58-10-19 NMSA
				  1978, the bylaws of an association may provide that the board of directors
				  shall be divided into three classes as nearly equal as possible, and that the
				  members of each class shall be elected for a term of three years and until
				  their successors are elected and qualified. One class shall be elected by
				  ballot annually.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 32 - LENDING AREA - PARTICIPATIONS › Section 12.20.32.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504.
				  Telephone No. (505) 827-7100.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 32 - LENDING AREA - PARTICIPATIONS › Section 12.20.32.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-10-38
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 32 - LENDING AREA - PARTICIPATIONS › Section 12.20.32.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
March 31, 1978, unless a later date is cited at the end of a
				  section or paragraph. Reformatted in NMAC format effective August 30,
				  1997.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in
					 brackets.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 32 - LENDING AREA - PARTICIPATIONS › Section 12.20.32.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to bring to
				  state savings and loan associations the definition of the term "regular lending
				  area".
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 32 - LENDING AREA - PARTICIPATIONS › Section 12.20.32.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
"Regular lending area" means the area within one hundred
				  miles of an established office of an association.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 33 - SAFEKEEPING RECEIPT › Section 12.20.33.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504.
				  Telephone No. (505) 827-7100.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 33 - SAFEKEEPING RECEIPT › Section 12.20.33.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  58-10-72
				  and
				  58-10-83
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 33 - SAFEKEEPING RECEIPT › Section 12.20.33.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
August 31, 1978, unless a later date is cited at the end of a
				  section or paragraph. Reformatted in NMAC format effective August 30,
				  1997.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in
					 brackets.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 33 - SAFEKEEPING RECEIPT › Section 12.20.33.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to establish
				  safekeeping requirements for any security of which a state-chartered savings
				  and loan association has ownership but not physical
				  possession.