A. When the director contemplates taking any action specified in Section 58-21-8 NMSA 1978 and Paragraphs (1) through (7) of Subsection A of Section 58-21-28 NMSA 1978, the director shall serve upon the licensee a written notice containing a statement:
(1) that the director has sufficient evidence that, if not rebutted or explained, will justify the director in taking the contemplated action;
(2) indicating the general nature of the evidence; and
(3) that unless the licensee within twenty days after service of the notice deposits in the mail a certified return receipt requested letter addressed to the director and containing a request for a hearing, the director will take the contemplated action.
B. If the licensee does not mail a request for a hearing within the time and in the manner required by this section, the director may take the action contemplated in the notice, and such action shall be final and not subject to judicial review.
C. If the licensee mails a request for a hearing as required by this section, the director shall, within thirty days of receipt of the request, notify the licensee of the time and place of the hearing, the name of the person who shall conduct the hearing for the director and the statutes and regulations authorizing the director to take the contemplated action.
History: Laws 1983, ch. 86, § 14; 2009, ch. 122, § 37.
The 2009 amendment, effective July 31, 2009, deleted former Subsection A, which required notice of any proposed order of suspension, revocation or denial of registration; deleted former Subsection B, which provided that a mortgage loan company and a loan broker were entitled to a hearing on application; and added Subsections A through C.
Severability. — Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
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.