A. Within fourteen days of a written request made by a party to the escrow agreement, a licensee shall provide a full statement of the escrow account, setting forth credits to principal and interest for the period and other information requested.
B. Within the ten-day period following a buyer depositing the final payment on an account, the licensee shall send a notice to the seller and the buyer of property, containing a final statement of account, which statement shall disclose at a minimum the following information:
(1) the names of the seller and the buyer on the account;
(2) the address or legal description of real property or a definitive description of the property if it is not real property;
(3) a statement that the account was paid in full;
(4) the amount of the final payment;
(5) the date that the final payment was deposited with the licensee; and
(6) the date that the final payment was or is expected to be disbursed by the licensee. Money shall be disbursed within five days of the money becoming available to the licensee.
C. A copy of the notice required by this section shall be retained by the licensee and shall be available for examination by the director pursuant to Section 58-22-17 NMSA 1978.
History: Laws 1983, ch. 135, § 18; 2015, ch. 135, § 6.
The 2015 amendment, effective July 1, 2015, provided additional requirements for escrow agents in providing notices of final statements on an account; designated the previously undesignated language in the section as Subsection A; in Subsection A, after "escrow agreement", deleted "each" and added "a"; and added new Subsections B and C.
Temporary provisions. — Laws 2015, ch. 135, § 9 provided that an escrow company licensed pursuant to the Escrow Company Act that, prior to the effective date of Laws 2015, ch. 135, §§ 1 to 8 (July 1, 2015), was not required to file a surety or other bond with the director of the financial institutions division of the regulation and licensing department shall have until January 1, 2016 to comply with the provisions of Section 58-22-10 NMSA 1978.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Section 58-22-1 - Short title.
Section 58-22-3 - Definitions.
Section 58-22-4 - Exempt persons and transactions.
Section 58-22-5 - Exemption or exception; burden of proof.
Section 58-22-6 - Director; duties and powers.
Section 58-22-7 - License required.
Section 58-22-8 - Application for license.
Section 58-22-9 - Annual renewal of license.
Section 58-22-10 - Surety bond required.
Section 58-22-12 - Issuance of license.
Section 58-22-13 - Action on bond; limitation.
Section 58-22-14 - New bond required; effect of failure to file new bond.
Section 58-22-15 - Grounds for denying a license.
Section 58-22-16 - Transferability.
Section 58-22-17 - Keeping of records; examination.
Section 58-22-18 - Statement of account.
Section 58-22-19 - Division documents exception to Inspection of Public Records Act.
Section 58-22-20 - Bank deposit required; maintenance of trust accounts.
Section 58-22-21 - Attachment.
Section 58-22-21.1 - Suit to recover trust funds; attorney's fees authorized.
Section 58-22-23 - Additional business office locations.
Section 58-22-25 - Limit on fees for servicing loans or contracts of sale.
Section 58-22-26 - Unauthorized business practices.
Section 58-22-27 - Investigations by director; desist order; injunctions; fees.
Section 58-22-28 - Subpoenas, oaths and examinations of witness; penalty.
Section 58-22-28.1 - Violation of the Escrow Company Act; penalty.
Section 58-22-29 - Review of order of director.
Section 58-22-30 - Exemption from authority of superintendent of regulation and licensing.
Section 58-22-31 - Effect on persons currently engaged in escrow company business.