reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 6 - OWNER'S, LEASEHOLD OWNER'S, AND CONTRACT PURCHASER'S POLICIES › Section 13.14.6.8 - OWNER'S POLICIES

Current through Register Vol. 35, No. 13, July 16, 2024
A. An
				owner's policy shall be written to protect the estate or interest in land held
				by the insured (e.g., fee simple, easement, etc.). Except as otherwise provided
				herein, an owner's policy shall be issued for the amount of the sales price of
				the land and any existing appurtenant improvements, or at the option of the
				insured, the cost of improvements immediately contemplated to be erected
				thereupon.
B. If no sale is being
				made at time of a policy issuance, an owner's policy shall be issued for an
				amount equal to the value of the land and any existing appurtenant
				improvements. If an owner's policy is issued at the time of payoff of a real
				estate contract and recording of a warranty deed, the owner's policy shall be
				issued for the amount of the contract price, except if the purchaser requests
				and provides evidence of value, then the owner's policy may be issued for the
				amount equal to the value of the land and any existing improvements, with the
				same option concerning immediately contemplated improvements.
C. An owner's policy may be endorsed to
				reflect the current value of the estate insured (upon payment of the current
				basic premium according to the current schedule less the insured current basic
				premium previously paid for the policy) if the insurer's underwriting standards
				are met; provided, however, that the effective date of the policy shall remain
				unchanged and no affirmative coverages or down dates shall be added.
D. NM form 55 shall be provided to any
				insured requesting the endorsement on an owner's policy issued prior to August
				1, 2008 without the endorsement.
E.
				Owner's policy insuring a leasehold estate: An owner's policy shall be issued
				to insure the leasehold estate in the amount, at the option of the insured, of:
(1) the total amount of the rentals payable
				under the lease contract; or
(2)
				the value of the land and any existing improvements.
(3) Unless otherwise specifically stated, an
				owner's policy insuring a leasehold estate shall contain the same standard
				exceptions, be subject to the same premium and be subject to deletion of the
				same standard exceptions in the same manner as a standard owner's
				policy.
(4) An NM form 20 shall be
				attached to an owner's policy to create a leasehold owner's policy. An owner's
				policy insuring a leasehold estate may be endorsed to insure a fee simple
				estate by attaching an NM form 31.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 6 - OWNER'S, LEASEHOLD OWNER'S, AND CONTRACT PURCHASER'S POLICIES › Section 13.14.6.9 - U.S. POLICIES

Current through Register Vol. 35, No. 13, July 16, 2024
A. NM
				form 34 shall contain standard exceptions subject to deletion as provided in
				these rules.
B. Whenever the United
				States postal service acquires title to property being insured, it is
				permissible to:
(1) amend the NM form 34 by
				striking therefrom in all places the name "United States of America" and
				substituting in lieu thereof the name "United States Postal Service;"
				and
(2) to insert the following
				paragraph to the conditions and stipulations: "In the event that the interests
				of the United States postal service with respect to the land referred to in
				this policy are not represented by the attorney general of the United States at
				the time any election, notice, request, permission, cooperation, assistance, or
				statement is required or permitted by these conditions and stipulations, then
				such election, notice, request, permission, cooperation, assistance, or
				statement, as so required or permitted, and otherwise conforming hereto, should
				be given or furnished by or to the United States postal service."
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 6 - OWNER'S, LEASEHOLD OWNER'S, AND CONTRACT PURCHASER'S POLICIES › Section 13.14.6.10 - STANDARD EXCEPTIONS

Current through Register Vol. 35, No. 13, July 16, 2024
An owner's policy shall contain standard exceptions 1 through
				  7, except as otherwise provided by these rules.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 6 - OWNER'S, LEASEHOLD OWNER'S, AND CONTRACT PURCHASER'S POLICIES › Section 13.14.6.11 - REISSUE OWNER'S POLICIES

Current through Register Vol. 35, No. 13, July 16, 2024
A. An
				owner's policy shall qualify for reissue rates only when insuring one of the
				following:
(1) a purchaser or lessee of the
				same real estate from one whose title thereto as owner's has been insured by
				any company in a previous policy issued prior to the application for a new
				policy; or
(2) a purchaser or
				lessee of the same real estate from an insured under a loan policy of any
				company which has acquired title to the same property described in said loan
				policy by foreclosure or by voluntary conveyance in extinguishment of the
				debt.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 6 - OWNER'S, LEASEHOLD OWNER'S, AND CONTRACT PURCHASER'S POLICIES › Section 13.14.6.12 - SUBDIVIDERS OR CONSTRUCTION BULK RATE QUALIFICATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
An insured owner qualifies for a subdivider or construction
				  bulk rate only if the owner acquires title directly from a person who meets at
				  least one of the following conditions:
A. owns of record at the same time two or
				more lots in the same approved subdivision holding the same for immediate sale
				upon completion of building improvements thereon;
B. owns two or more unsold vacant lots or
				acreage tracts at the same time in the same approved subdivision and has
				contracted with the insurer to purchase an owner's policy on each and every lot
				or tract as the same is sold; or
C.
				is the owner of record of two or more lots or tracts in the same approved
				subdivision, and:
(1) is a subdivider or
				builder who subdivides property for one to four family residential property
				use; or
(2) builds one to four
				family residential property for immediate resale upon completion of
				improvements and said lots or tracts are restricted to or zoned for one to four
				family residential property use or actually improved by one to four family
				residential property use at the time the policy is issued.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 6 - OWNER'S, LEASEHOLD OWNER'S, AND CONTRACT PURCHASER'S POLICIES › Section 13.14.6.13 - REPLACING OWNER'S POLICY UPON RECEIVERSHIP

Current through Register Vol. 35, No. 13, July 16, 2024
A. A title insurer or agency may sell a
				replacement policy to the insured of a title insurer under
				receivership.
B. A title insurer
				shall require the insured to surrender the existing policy before providing a
				replacement policy. A copy of the existing policy may be received in lieu of
				the original policy. The date of policy for the replacement policy shall be the
				same date as for the replaced policy. If a copy of an existing policy is
				requested from the prior title insurance agency or title insurer, a reasonable
				retrieval fee may be charged by the prior title insurance agency or title
				insurer.
C. A title insurer shall
				not issue a replacement policy without exceptions to coverage for defects,
				liens, encumbrances, adverse claims or for other matters known to exist by the
				insured on the date of issuance of the replacement policy, including but not
				limited to claims known by any owner's or other insured and claims reported
				under existing policies or claims that have been made against the receiver. A
				replacement policy shall contain the following exception on schedule B:
				"defects, liens, encumbrances, adverse claims or other matters not known to the
				issuing title insurance agency or title insurer at the issue date of this
				replacement policy, but known to any owner's or other insured claimant and not
				disclosed in writing to the title insurance agency or title insurer by the
				insured claimant prior to the date the insured claimant became insured under
				this policy."
D. A replacement
				owner's policy shall be issued in the amount of insurance shown on the replaced
				owner's policy. No search or examination of title or evidence thereof is
				required of a title insurance agency or insurer issuing a replacement policy
				pursuant to this rule. However, a title insurance agency or title insurer may
				conduct a search and examination at no additional expense to the insured,
				unless otherwise provided in these rules.
E. A replacement policy shall be marked as
				such by the words "REPLACEMENT POLICY; NO SEARCH REQUIRED," prior to the policy
				number on the cover page of the policy and on the top center of all other pages
				not considered a policy cover or jacket. After the words "REPLACEMENT POLICY;
				NO SEARCH REQUIRED," the date the replacement policy was issued shall be
				indicated after the word "issued" is typed.
F. A title insurer or agent shall accept as
				evidence either a replacement owner's policy or an owner's policy of an insurer
				under receivership, or a copy of the same, for purposes of the reissue
				rate.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 7 - LOAN, LEASEHOLD LOAN, AND CONSTRUCTION LOAN POLICIES › Section 13.14.7.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to all title insurers, all title insurance
				  agencies, and all title insurance agents conducting title insurance business in
				  New Mexico.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 7 - LOAN, LEASEHOLD LOAN, AND CONSTRUCTION LOAN POLICIES › Section 13.14.7.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  59A-2-8,
				  59A-2-9,
				  59A-30-4,
				  59A-30-6,
				  59A-30-6.1,
				  59A-30-6.2
				  and
				  59A-30-8 NMSA
				  1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 7 - LOAN, LEASEHOLD LOAN, AND CONSTRUCTION LOAN POLICIES › Section 13.14.7.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 1, 2021, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 7 - LOAN, LEASEHOLD LOAN, AND CONSTRUCTION LOAN POLICIES › Section 13.14.7.8 - LOAN POLICIES

Current through Register Vol. 35, No. 13, July 16, 2024
A. A loan policy shall be issued for the face amount of the loan or loans insured. When the land covered in the policy represents only part of the security of the loan(s), the policy shall be written in the amount of the value of such land or the amount of the loan(s) insured, whichever is less. When requested by an insured, a loan policy may be issued in an amount equal to the original principal amount of the indebtedness plus interest (capitalized or otherwise) not to exceed twenty percent of the principal amount.
B. A loan policy may insure liens on multiple tracts in the same manner as an owner's policy.
C. A title insurer or title insurance agency issuing a loan policy shall deliver the new owner's(s) NM form 9, containing all of the required information available at that time and shall ask the owner's(s) to indicate whether an owner's policy is declined. The title insurer or title insurance agency shall retain a copy of the completed NM form 9 with a copy of the loan policy for at least two years whenever an owner's policy is declined.
D. Unless otherwise provided in these rules, a loan policy with a leasehold loan endorsement shall contain the same standard exceptions, be subject to the same premium and be subject to deletion of the same standard exceptions as a standard loan policy. A leasehold loan endorsement shall be attached to a loan policy to create a loan policy insuring a leasehold estate.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 7 - LOAN, LEASEHOLD LOAN, AND CONSTRUCTION LOAN POLICIES › Section 13.14.7.10 - STANDARD EXCEPTIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A loan policy shall contain standard exceptions 1 through 7
				  except as otherwise provided by these rules.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 7 - LOAN, LEASEHOLD LOAN, AND CONSTRUCTION LOAN POLICIES › Section 13.14.7.16 - POLICY INSURING A CONSTRUCTION LOAN - PENDING DISBURSEMENT CLAUSE

Current through Register Vol. 35, No. 13, July 16, 2024
A. When a title
				insurer or agency issues a loan policy insuring a construction loan mortgage,
				the title insurer may require a specific pending disbursement clause. Such
				clause may be in the form directed by the title insurer, or it may be in the
				following form: "Pending disbursement of the full proceeds of the loan secured
				by the mortgage or deed of trust set forth under schedule A hereof, this policy
				insures only to the extent of the amount actually disbursed but increases as
				each disbursement is made, in good faith, and without knowledge of any defect
				in, or objections to, the title, up to the face amount of the policy." Prior to
				each disbursement of the loan proceeds, the title shall be down dated for
				possible liens or objections intervening between the date hereof and the date
				of such disbursement.
B. At the
				time of each disbursement, NM form 22 may be issued showing any changes in
				title to the insured property and stating the total amount of the proceeds of
				the construction loan advanced by the lender at the date the endorsement is
				issued.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 7 - LOAN, LEASEHOLD LOAN, AND CONSTRUCTION LOAN POLICIES › Section 13.14.7.17 - REPLACING LOAN POLICY UPON RECEIVERSHIP

Current through Register Vol. 35, No. 13, July 16, 2024
Issuance of a replacement loan policy shall be governed by
				  the rules applicable to a replacement owner's policy, except that a title
				  insurer or agency shall accept as evidence either a replacement loan policy or
				  a loan policy of an insurer under receivership, or a copy of the same, for
				  purposes of providing any applicable discount.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 7 - LOAN, LEASEHOLD LOAN, AND CONSTRUCTION LOAN POLICIES › Section 13.14.7.18 - LIMITED PRE-FORECLOSURE TITLE INSURANCE POLICY

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 41 and, if desired, NM form 42 may be issued upon
				  receipt of an order in anticipation of the filing of an action to judicially
				  foreclose a mortgage, or other lien or security instrument encumbering title,
				  or to non-judicially foreclose a deed of trust. No commitment shall be issued
				  in connection with the policy. The amount of coverage shall be equal to the
				  unpaid principal indebtedness due under the lien or note secured by the
				  security instrument to be foreclosed. The policy shall be furnished solely for
				  the purpose of facilitating the foreclosure.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 7 - LOAN, LEASEHOLD LOAN, AND CONSTRUCTION LOAN POLICIES › Section 13.14.7.19 - RESIDENTIAL LIMITED COVERAGE JUNIOR LOAN POLICY

Current through Register Vol. 35, No. 13, July 16, 2024
A title insurer or title insurance agency may, issue NM form
				  45 if all of the following conditions exist:
A. the real property to be insured is one to
				four family residential property;
B. the real property is located within an
				approved and recorded subdivision;
C. the title insurance agency or title
				insurer has a complete copy of the loan policy issued to an insured senior
				lender before the commencement of the title search; and
D. the loan is less than or equal to
				$125,000.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 7 - LOAN, LEASEHOLD LOAN, AND CONSTRUCTION LOAN POLICIES › Section 13.14.7.21 - RESIDENTIAL LIMITED COVERAGE MORTGAGE MODIFICATION POLICY

Current through Register Vol. 35, No. 13, July 16, 2024
A title insurer or title insurance agency may issue NM form
				  90 if all of the following conditions exist:
A. the amount of the policy shall not exceed
				the outstanding principal balance of the loan on the date of the
				policy;
B. the policy shall not
				increase the amount of coverage under the prior policy;
C. the real property to be insured is one to
				four family residential property; and
D. the title insurer or title insurance agent
				has a complete copy of the prior loan policy before the commencement of the
				title search.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to all title insurers, all title insurance
				  agencies, and all title insurance agents conducting title insurance business in
				  New Mexico.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  59A-2-8,
				  59A-2-9,
				  59A-30-4,
				  59A-30-5,
				  59A-30-6,
				  59A-30-6.1,
				  59A-30-6.2 and
				  59A-30-8 NMSA
				  1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.8 - USE OF CORRECTION/MULTIPURPOSE ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 11 may be used only as follows:
A. to modify any promulgated form if the
				modification is authorized by these rules;
B. to insert, delete or add to a commitment,
				policy or endorsement, language required or authorized by any of these rules
				when appropriate to do so; or
C. to
				correct errors in the information inserted in the appropriate spaces of any
				preprinted commitment, policy or endorsement (but not to change, alter or waive
				the promulgated terms) in the following manner: "This endorsement amends
				(commitment, policy or endorsement) numbered ______, dated _____________ to
				read as follows: No other amendments are made by this endorsement."
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.11 - IDENTIFIED RISK COVERAGE ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 85 may be attached to a policy only when authorized
				  by order of the superintendent and subject to such terms, conditions and
				  rate(s) specified by the superintendent.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.12 - INSURING AROUND ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				NM form 43 may be attached to a policy to insure around a lien or other adverse
				matter excepted to in Schedule B if the title insurer has determined that the
				lien or other adverse matter does not pose a material risk under the
				policy.
B.In lieu of attaching NM
				form 43, the exception to the lien or other adverse matter may be omitted from
				the policy provided the insured requests the omission, and the request and
				approval are documented or otherwise memorialized in writing.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.13 - CO-INSURANCE ENDORSEMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 77 shall be attached to a policy to provide
				  coordinated and proportionate coverage by two or more title insurers. Such
				  coverage may be provided, either by endorsement attached to a single policy and
				  executed by or on behalf of the co-insuring title insurers, or by the issuance
				  of separate policies by or on behalf of each of the co-insuring title
				  insurers.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.14 - RESTRICTIONS, ENCROACHMENTS, AND MINERALS ENDORSEMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Upon being furnished with a satisfactory
				survey:
(1) NM form 50 and NM form 50.1 may be
				attached to a loan policy;
(2) NM
				form 56 and NM form 56.1 may be attached to an owner's policy covering
				unimproved land;
(3) NM form 57 and
				NM form 57.1 may be attached to an owner's policy covering improved land;
				and
(4) NM Forms 50, 50.1, 56,
				56.1, 57, and 57.1 shall not be attached to policies issued on one to four
				family residential property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.15 - LAND ABUTS STREET ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 51 may be attached to a policy, upon being furnished
				  with a satisfactory survey. This endorsement may not be attached to a policy
				  that insures one to four family residential property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.16 - LOCATION ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 52 may be attached to a policy upon being furnished
				  with a satisfactory survey. This endorsement may not be attached to a policy
				  that insures one to four family residential property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.17 - SAME AS SURVEY AND SAME AS PORTION OF SURVEY ENDORSEMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 78 or 79 may be attached to a policy upon being
				  furnished with a satisfactory survey if the policy provides survey coverage.
				  These endorsements may not be attached to a policy that insures one to four
				  family residential property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.18 - CONTIGUITY OF PARCELS ENDORSEMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 54 or 66 may be attached to a policy upon being
				  furnished with a satisfactory survey. These endorsements may not be attached to
				  a policy that insures one to four family residential property.
A. For an owner's policy, the insured shall,
				have an interest (in fee, leasehold, or easement) in both parcels referred to
				in NM form 54, or in all parcels referred to in NM form 66.
B. For a loan policy the insured lender
				shall, have a lien upon an interest (in fee, leasehold, or easement) on both
				parcels referred to in NM form 54, or on all parcels referred to in NM form
				66.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.19 - FIRST LOSS ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 58 may be attached to a loan policy. This endorsement
				  may not be attached to a policy that insures one to four family residential
				  property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.20 - AGGREGATION ENDORSEMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 60 or NM form 60.1 may be attached to a loan policy.
				  These endorsements may not be attached to a policy that insures one to four
				  family residential property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.22 - ASSIGNMENT OF RENTS OR LEASES ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 62 may be attached to a loan policy. This endorsement
				  may not be attached to a policy that insures one to four family residential
				  property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.23 - ZONING UNIMPROVED LAND ENDORSEMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 64 or NM form 64.1 may be attached to a policy. These
				  endorsements shall not be attached to a policy that insures one to four family
				  residential property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.24 - ZONING - COMPLETED STRUCTURE ENDORSEMENT, ZONING - LAND UNDER DEVELOPMENT ENDORSEMENT, AND ZONING -COMPLETED STRUCTURE - NO APPLICABLE ZONING ORDINANCES ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 65, 65.1 or 65.2 may be attached to a policy upon
				  being furnished with a satisfactory survey.
A. These endorsements shall not be attached
				to a policy that insures one to four family residential property.
B. The coverage provided by any part of each
				endorsement may not be increased, but may be deleted.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.25 - ACCESS AND ENTRY ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 67 may be attached to a policy upon being furnished a
				  satisfactory survey. A separate endorsement shall be issued for each public
				  street, road or highway for which the insured wants access and entry coverage,
				  and a separate premium shall be paid for each endorsement
				  issued.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.26 - INDIRECT ACCESS AND ENTRY ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 68 may be attached to a policy upon being furnished a
				  satisfactory survey. A separate endorsement shall be issued for each public
				  street, road or highway for which the insured wants access and entry coverage,
				  and a separate premium shall be paid for each endorsement
				  issued.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.27 - UTILITY ACCESS ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 69 may be attached to a policy upon satisfactory
				  proof that the insured property has access to specified public
				  utilities.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.28 - COMMERCIAL ENVIRONMENTAL PROTECTION LIEN ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 70 may be attached to a policy. This endorsement
				  shall not be attached to a policy that insures one to four family residential
				  property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.29 - REVERSE MORTGAGE ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 71 may be attached to a loan policy that insures one
				  to four family residential property.
A. The loan policy issued on a reverse
				mortgage may be issued in either the total amount of advances or one
				hundred-fifty percent of the total amount of advances as requested by the
				lender. Schedule B of the loan policy issued on a reverse mortgage shall
				contain the following special exception: "pending disbursement of the full
				proceeds of the loan secured by the mortgage or deed of trust set forth under
				schedule A hereof, this policy insures only to the extent of the amount
				actually disbursed but increases as each disbursement is made, in good faith,
				and without knowledge of any defect in or objections to, the title, up to the
				full amount of the policy."
B.The
				two mortgages filed on a HUD HECM reverse mortgage loan may be insured on one
				loan policy if the priority of the mortgages is disclosed when describing the
				mortgages being insured in schedule A. The bracketed language in Subsection F
				of Paragraph 4 of NM form 71 may be deleted from the endorsement with the
				approval of the title insurer if:
(1)the risk
				is deemed acceptable; and
(2)standard exception No. 4 from schedule B
				of the underlying loan policy has been deleted, at no additional premium.
				Otherwise, the brackets themselves shall be removed and the language of
				Subsection F of Paragraph 4 of NM form 71 shall be included in the
				endorsement.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.30 - SINGLE TAX PARCEL ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 72 may be attached to a policy. This endorsement
				  shall not be attached to a policy that insures one to four family residential
				  property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.31 - MULTIPLE TAX PARCEL ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 73 may be attached to a policy. This endorsement
				  shall not be attached to a policy that insures one to four family residential
				  property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.32 - DOING BUSINESS ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 74 may be attached to a loan policy. This endorsement
				  shall not be attached to a policy that insures one to four family residential
				  property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.33 - SUBDIVISION ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 75 may be attached to a policy. This endorsement
				  shall not be attached to a policy that insures one to four family residential
				  property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.34 - EASEMENT - DAMAGE OR ENFORCED REMOVAL ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 76 may be attached to a policy. This endorsement
				  shall not be attached to a policy that insures one to four family residential
				  property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.36 - ENERGY PROJECT ENDORSEMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 88, 88.1, 88.2, 88.3, 88.4, 88.5, 88.6, 88.7, or 88.8
				  may be attached to a policy, as applicable. These endorsements shall not be
				  attached to a policy that insures one to four family residential
				  property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.37 - MEZZANINE FINANCING ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 89 may be attached to an owner's policy. This
				  endorsement shall not be attached to a policy that insures one to four family
				  residential property.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.42 - CONDOMINIUM ENDORSEMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 12 and NM form 30 may be attached to a policy, as
				  applicable. Paragraph 3 of NM form 30 may be deleted at the option of the title
				  insurer.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.43 - PLANNED UNIT DEVELOPMENT ENDORSEMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
NM form 13 and NM form 13.1 may be attached to a policy, as
				  applicable. Paragraph 1 of NM form 13 may be deleted at the option of the title
				  insurer.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 8 - GENERAL RATE PROVISIONS › Section 13.14.8.45 - DOWN DATE ENDORSEMENT TO RESIDENTIAL LIMITED COVERAGE JUNIOR LOAN POLICY JR 1

Current through Register Vol. 35, No. 13, July 16, 2024
A. NM form 46 may
				be issued one or more times after issuance of NM form 45.
B. NM form 46 may not be issued more than one
				year after the date of policy stated in NM form 45.
C.Upon request of the named insured and the
				proper recording of all necessary documents meeting the title insurer's
				underwriting standards, the amount of the loan secured by the insured's
				mortgage insurance previously stated in NM form 45 may be increased by adding a
				Paragraph D, which shall read as follows: "D. The amount of insurance of the
				policy is hereby amended to be $____," subject to the payment of the applicable
				premium, for the additional insurance.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to all title insurers, title insurance
				  agencies, and title insurance agents conducting the business of title insurance
				  in New Mexico.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  59A-2-8,
				  59A-2-9,
				  59A-30-4,
				  59A-30-6,
				  59A-30-6.1,
				  59A-30-6.2
				  and
				  59A-30-8 NMSA
				  1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.8 - SCHEDULE OF PREMIUM RATES

Current through Register Vol. 35, No. 13, July 16, 2024
The rates and charges authorized by these rules shall be
				  established by order of the superintendent in a title rate case conducted
				  pursuant to Subsection A of Section
				  59A-30-8 NMSA
				  1978, or as amended or supplemented by order issued after a hearing conducted
				  pursuant to Subsection B of Section
				  59A-30-8 NMSA
				  1978. All references to rates and charges in these rules shall mean the rates
				  and charges established by the superintendent's order in the most recent rate
				  hearing case, including any amending or supplementing order, in effect at the
				  time the premium or charge is incurred. On his own motion, or at the request of
				  an interested person, the superintendent may, at any time, conduct a formal or
				  informal hearing to consider whether to promulgate a new or amended rate or
				  charge.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.9 - COMBINATIONS OF CREDITS OR DISCOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
No title insurer or title insurance agency shall grant more
				  than one premium credit, reduction or discount for a single transaction, unless
				  one original owner policy premium in the largest amount is charged; provided,
				  however, that a simultaneous issue rate regulation may be combined with any
				  appropriate single issue rate regulation.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.10 - PREMIUM RATES INCLUSIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The premium rates and charges established by the
				  superintendent include all premiums for title insurance, examination of the
				  title or titles to be insured, determining that each insured estate has been
				  created, conveyed or modified as shown in the policy, and determining what
				  exceptions, if any, to insert in or delete from the policies to be issued as
				  provided in these rules. No other rates or charges shall be charged for title
				  insurance or title services.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.11 - PAYMENTS OF PREMIUM TO OTHERS

Current through Register Vol. 35, No. 13, July 16, 2024
No portion, split or percentage of any premium shall be paid
				  either directly or indirectly to any person, firm or organization for title
				  insurance, title examination, or determining status of title as set forth
				  above, except a division of premium between an insurer admitted to transact
				  title insurance business in New Mexico and its New Mexico title insurance
				  agency pursuant to their agency agreement, or between New Mexico title
				  insurance agencies (or title insurance agencies who do not have agency
				  agreements in a county where some of the property is located) who are
				  cooperating to close a transaction involving New Mexico property situated in
				  more than one county to be insured in a single policy when each title insurance
				  agency or title insurer is rendering part of the services included in the
				  premiums established in a title rate case. Any title insurance agency who has
				  cancelled its agency agreement or had its agency agreement cancelled by an
				  underwriter may prepare endorsements to existing policies then in force at the
				  time of cancellation upon request by the insured and approval by the
				  underwriter. Any such endorsement shall be signed by an officer of the
				  underwriter. The premium for any such endorsement shall be collected by the
				  cancelled title insurance agent and divided according to the controlling
				  promulgated rates at the time of issuance of the endorsement(s). The payment or
				  receipt of referral fees by or between title insurers or agencies and any
				  person is prohibited.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.12 - REBATES AND UNAUTHORIZED DISCOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
A title insurance agency or title insurer shall charge the
				  applicable rates and charges for each transaction and shall not offer or grant
				  a credit, discount or rebate that is not authorized by these
				  rules.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.13 - ROUNDING TO THE NEAREST DOLLAR

Current through Register Vol. 35, No. 13, July 16, 2024
All premiums charged for title insurance policies,
				  endorsements, or commitments shall be rounded to the nearest dollar after all
				  necessary computations have been performed. Fifty cents or more shall be
				  rounded up; 49 cents or less shall be rounded down.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.14 - FRACTIONAL THOUSAND DOLLARS OF LIABILITY

Current through Register Vol. 35, No. 13, July 16, 2024
To compute any premium, a $1,000 fraction of coverage shall
				  be calculated as a full $1,000.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.15 - NON-DISCRIMINATION IN AUTHORIZED DISCOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
A title insurance agency or title insurer shall charge
				  premiums rates, charges and fees on a non-discriminatory basis for like risks
				  and like insureds.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.16 - ADDITIONAL CHARGES

Current through Register Vol. 35, No. 13, July 16, 2024
Whenever the search or examination conducted for the issuance
				  of a policy involves either an extra chain of title or other unusual
				  complexity, fees shall be charged for each additional chain of title pertaining
				  to platted tracts and for each tract of unusual complexity of search and
				  examination. If the separate values for each tract are not apportioned in the
				  policy, their values for the purposes of this section shall be in the same
				  proportions as their areas bear to the entire area insured.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.17 - NON-PAYMENT OF PREMIUM

Current through Register Vol. 35, No. 13, July 16, 2024
No policy or endorsement (excluding pro formas) shall be
				  issued without payment in full of the premium for such policy or endorsement
				  within 15 days of the issuance of any policy or endorsement in accordance with
				  Section
				  59A-30-5.1
				  NMSA 1978. In the event that payment in available funds is not made within 15
				  days of the issuance of any policy or endorsement, the title insurer shall
				  cancel the policy or endorsement. The title insurer shall mail the insured(s)
				  and lender notice of the cancellation by certified mail, return receipt
				  requested, to the last known address, and by first class mail. Cancellation
				  shall be effective 10 days after mailing notice to the insured. A title
				  insurance agency shall promptly notify the title insurer of the non-receipt of
				  premiums within the period specified herein.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.19 - NON-POLICY CHARGES

Current through Register Vol. 35, No. 13, July 16, 2024
A.A
				charge shall be collected for the initial six months and for each additional
				six-month renewal or extension (or portion thereof) of a commitment. If a new
				version of a commitment is issued to correct an error by the title insurer or
				agency, the new version shall be issued at no charge.
B.If the transaction fails to close and no
				policy is issued, the title insurer or agency shall charge a cancellation
				fee.
C.The charge for a pro forma
				policy shall be established in a title rate case. If a pro forma is issued to
				correct an error by the issuing title insurer or agency, the corrected version
				shall be issued at no charge.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.20 - ORIGINAL OWNER'S POLICY SINGLE ISSUE RATES

Current through Register Vol. 35, No. 13, July 16, 2024
Original owner's policies not issued simultaneously with
				  another policy or policies and not as a reissue of an owner's policy shall be
				  issued at the basic premium rate according to the schedule in effect as of the
				  date of the policy.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.21 - ORIGINAL POLICY INSURING LEASEHOLD ESTATE SINGLE ISSUE RATES

Current through Register Vol. 35, No. 13, July 16, 2024
Original policies insuring a leasehold estate, not issued
				  simultaneously with another policy and not as a reissue of a policy insuring a
				  leasehold estate, shall be charged at the basic premium rate according to the
				  schedule in effect as of the date of the policy. Original policies insuring a
				  leasehold estate which are reissues of original owner's policies, including a
				  policy pertaining to a sale and leaseback transaction, shall qualify for the
				  reissue rate.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.24 - ABSTRACT RETIREMENT CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
When the applicant for an owner's policy transfers, at the
				  time of application for the policy, to the title insurance agency or title
				  insurer ownership of the abstract of title covering all or part of the premises
				  to be insured, a credit shall be determined based on a percentage of the
				  appropriate premium for the owner's policy.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.26 - REPLACEMENT POLICY RATE

Current through Register Vol. 35, No. 13, July 16, 2024
When a title insurer is placed in receivership, and a
				  replacement title insurance policy is issued by a title insurance agency, the
				  title insurance agency's division of premium shall be computed in accordance
				  with the current division ordered by the superintendent. If a title insurer
				  issues the policy directly, the title insurer shall retain the full
				  premium.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.28 - LIMITED PRE-FORECLOSURE TITLE INSURANCE POLICY AND DOWNDATE ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
The premium for NM form 41 and 42 shall be established in a
				  title rate case. If an NM 41 form is issued and an owner's policy is issued
				  following completion of the foreclosure, the owner's policy shall qualify for a
				  reissue rate ordered by the superintendent in a title rate case. All liability
				  insured above the amount of the foreclosure title insurance policy for a new
				  owner's policy must be computed at the basic premium rates in the applicable
				  bracket. If an NM form 41 is issued and if the foreclosure is not completed or
				  is terminated by reinstatement of the pertinent security instrument, and a new
				  owner's policy is issued to a new purchaser within one year of the date of the
				  NM form 41, a percentage of the premium paid for the NM form 41 shall be
				  credited toward the new owner's policy premium as established by the
				  superintendent in a title rate case.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.32 - SIMULTANEOUS ISSUE MULTIPLE OWNER'S POLICIES ON SAME LAND

Current through Register Vol. 35, No. 13, July 16, 2024
When two or more owner's policies, including leasehold
				  owner's policies, covering the same land are:
A.issued simultaneously to different
				insureds, the applicable owner's rate shall apply to the policy in the largest
				amount; or
B.issued to different
				insureds where a policy is issued in one transaction and one or more policies
				are issued within 30 days in a subsequent transaction or transactions,
				provided,
(1)each transaction covers identical
				land;
(2)all conveyances relating
				to the land to be insured in the subsequent transaction(s) are recorded no more
				than 30 days after the conveyances of the first transaction are recorded and
				all policies are issued by the same title insurer or title insurance agency no
				later than 30 days after the first transaction; and
(3)an owner's policy is issued insuring the
				interest of each and every owner created by the subsequent transaction(s), the
				premium for the first policy shall be the applicable owner's rate in effect as
				of the date of the first policy. If any subsequently issued policy exceeds the
				amount of insurance written in the first policy, the premium for the difference
				must be computed at the basic premium rates by brackets.