Any person engaged in the escrow company business in the state for a period of at least ninety days prior to the effective date of the Escrow Company Act shall have thirty days from that date in which to file a proper and complete application for a license together with the required bonds pursuant to Section 10 [58-22-10 NMSA 1978] of the Escrow Company Act and evidence of insurance coverage pursuant to Section 11 [58-22-11 NMSA 1978] of that act and to pay all required fees; provided that such applicant shall not be required to meet the condition specified in Subsection B of Section 8 [58-22-8 NMSA 1978] of the Escrow Company Act. During that thirty-day period and until the director acts on the application, the person shall be entitled to operate without a license but shall otherwise comply with all other provisions of that act [58-22-1 to 58-22-33 NMSA 1978].
History: Laws 1983, ch. 135, § 31.
Compiler's notes. — Section 58-22-11 NMSA 1978 was repealed in 1986.
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.