The Escrow Company Act shall not apply to:
A. banks, trust companies, savings banks, savings and loan associations, credit unions, insurance companies not actively engaged in business as escrow companies or mortgage loan companies who have applied for and received an exemption pursuant to the Mortgage Loan Company and Loan Broker Act [Chapter 58, Article 21 NMSA 1978];
B. a person licensed to practice law in this state who is not actively engaged in business as an escrow company;
C. a person who is not actively engaged in business as an escrow company and whose principal business is that of preparing abstracts or making searches of title that are used as a basis for the issuance of any title insurance policy by a company doing business under the laws of this state relating to insurance companies;
D. any broker licensed by the New Mexico real estate commission while performing acts in the course of or incidental to a single real estate transaction and in which the broker is performing an act for which a real estate license is required; provided, however, that any such acts which constitute escrow activity shall not exceed a period of ninety days. Trust accounts of a broker licensed by the New Mexico real estate commission shall not be escrow accounts within the meaning of the Escrow Company Act;
E. a company licensed as a small business investment company pursuant to the Small Business Investment Act of 1958;
F. any person acting under court order; or
G. the United States or the state of New Mexico or any of its branches, agencies, departments, boards, instrumentalities or institutions and all political subdivisions of the state, their agencies, instrumentalities and institutions.
History: Laws 1983, ch. 135, § 4; 1989, ch. 209, § 15.
Cross references. — For the federal Small Business Investment Act of 1958, see 15 U.S.C. § 661.
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.