The financial institution division of the regulation and licensing department shall enforce the provisions of the Home Loan Protection Act and, after consulting with the attorney general and considering similar rules of the federal housing administration and the federal department of veterans affairs, shall adopt rules required pursuant to Subsection H of Section 5 [58-21A-5 NMSA 1978] of the Home Loan Protection Act and such other rules as are necessary to implement that act.
History: Laws 2003, ch. 436, § 13.
Effective dates. — Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature.
Applicability. — Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 21A - Home Loan Protection
Section 58-21A-1 - Short title.
Section 58-21A-3 - Definitions.
Section 58-21A-4 - Prohibited practices and provisions regarding home loans.
Section 58-21A-5 - Limitations and prohibited practices for high-cost home loans.
Section 58-21A-6 - Default; notice; right to cure.
Section 58-21A-8 - Subterfuge prohibited.
Section 58-21A-9 - Civil action.
Section 58-21A-10 - Preemption.
Section 58-21A-11 - Actions based on home loans.
Section 58-21A-12 - Application of Unfair Practices Act.