A. The director shall exercise general supervision and control over mortgage loan companies doing business in New Mexico. In addition to the other duties imposed on the director by law, the director shall:
(1) make reasonable rules necessary for the implementation of the Mortgage Loan Company Act; provided that promulgated rules shall be subject to judicial review in the manner set forth in Section 12-8-8 NMSA 1978;
(2) conduct investigations necessary to determine whether a person has engaged in or is about to engage in an act or practice constituting a violation of a provision of the Mortgage Loan Company Act; and
(3) conduct examinations, investigations and hearings in addition to those specifically provided for by law necessary and proper to the efficient administration of the Mortgage Loan Company Act.
B. The director may conduct an investigation upon complaint when it appears that a mortgage loan company is conducting business in a manner injurious to persons or when it appears that a person has improperly claimed an exemption pursuant to Section 58-21-6 NMSA 1978.
History: Laws 1983, ch. 86, § 9; 1993, ch. 210, § 10; 2001, ch. 251, § 7; 2001, ch. 264, § 7; 2009, ch. 122, § 33.
The 2009 amendment, effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act".
Severability. — Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2001 amendment, effective July 1, 2001, substituted "promulgated rules" for "such rules and regulations" in Paragraph A(1); in Subsection B, substituted "injurious to persons" for "injurious to consumers or brokers" and updated the internal reference.
The 1993 amendment, effective June 18, 1993, added the Subsection A designation, redesignated former Subsections A through C as present Subsections A(1) through A(3), and added Subsection B.
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.