A. The director may investigate, upon complaint or otherwise, when it appears that an escrow company is conducting its business in an unsafe and injurious manner or in violation of the Escrow Company Act or the regulations promulgated pursuant to that act, or when it appears that any person is engaging in the escrow company business without being registered under the provisions of that act.
B. Whenever it appears to the director, upon sufficient ground or evidence satisfactory to the director, that any escrow company has engaged or is about to engage in any act or practice in violation of the Escrow Company Act or any rule, regulation or order pursuant to that act, or the assets or capital of any escrow company are impaired or the escrow company's affairs are in an unsafe condition, the director may summarily order the escrow company to cease and desist from that act or practice, or the director may apply to the district court of the first judicial district of Santa Fe county to enjoin the act or practice and to enforce compliance with the Escrow Company Act or for any other appropriate equitable relief. Upon a proper showing, a temporary restraining order, followed by a preliminary injunction and a permanent injunction, shall be granted, a receiver may be appointed for the defendant or defendant's assets and the license may be canceled, and such additional or other equitable remedies may be provided as the court deems necessary and appropriate. The court shall not require the director to post a bond.
C. Whenever an investigation pursuant to Subsection A of this section becomes necessary, and that investigation reveals that an escrow company is conducting its business in an unsafe and injurious manner or in violation of the Escrow Company Act or the regulations promulgated pursuant to that act, or that any person is engaging in the escrow company business without being registered under the provisions of that act, the escrow company or person investigated shall pay to the director an investigation fee at the rate of one hundred fifty dollars ($150) per day or fraction of a day for each authorized representative engaged in the investigation.
History: Laws 1983, ch. 135, § 27; 1987, ch. 292, § 13.
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.