All the records required to be maintained by the Mortgage Loan Company Act are subject to examinations or investigations by representatives of the director within or without New Mexico as the director deems necessary or appropriate in the public interest or for the protection of investors. If the examination or investigation is conducted outside the state, the actual cost of travel for the examiners shall be reimbursed to the state by the mortgage loan company so examined or investigated.
History: Laws 1983, ch. 86, § 12; 1987, ch. 292, § 10; 2001, ch. 251, § 9; 2001, ch. 264, § 9; 2009, ch. 122, § 35.
The 2009 amendment, effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act"; deleted the second sentence which provided that a mortgage loan company or loan broker shall pay a fee for the examination at the rate of $300 per day for each representative engaged in the examination; in the last sentence, after "examination", added "or investigation"; after "mortgage loan company", deleted "or loan broker" and after "examined", added "or investigated".
Severability. — Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2001 amendment, effective July 1, 2001, substituted "examinations or investigations" for "annual examinations"; deleted "together with such special or other examinations" following "New Mexico" and increased the examination fee from $150 to $300.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 21 - Mortgage Loan Companies
Section 58-21-1 - Short title.
Section 58-21-2 - Definitions.
Section 58-21-3 - License required; qualified manager.
Section 58-21-4 - Application for license or renewal.
Section 58-21-5 - License fees; duration of license.
Section 58-21-6 - Persons exempt from licensing.
Section 58-21-7 - Surety bond.
Section 58-21-9 - Powers and duties of director.
Section 58-21-10 - Subpoenas, oaths and examination of witnesses; penalties.
Section 58-21-11 - Keeping of records.
Section 58-21-12 - Examination of records.
Section 58-21-13 - Public inspection of applications.
Section 58-21-14 - Notice of contemplated action; hearings.
Section 58-21-15 - Investigations by director.
Section 58-21-16 - Review of order of director.
Section 58-21-17 - Escrow services.
Section 58-21-18 - Permissible charges.
Section 58-21-19 - Compliance with federal and state law.
Section 58-21-20 - False statement unlawful.
Section 58-21-21 - Fraud unlawful.
Section 58-21-23 - Filing and destruction of documents.
Section 58-21-23.1 - Repealed.
Section 58-21-23.2 - Funding of real estate transactions; enforcement.
Section 58-21-25 - No impairment of other remedies.
Section 58-21-26 - Exemption from authority of superintendent of regulation and licensing.
Section 58-21-28 - Enforcement.
Section 58-21-29 - Power of court to grant relief.
Section 58-21-30 - Unlicensed activity.