Unless the consideration necessary to create the estate to be insured has been previously delivered, no title insurance agent or title insurer shall issue a title insurance policy until the title insurance agent, title insurer or a third party fiduciary holds available funds, as defined under Subsection E of Section 59A-30-3 NMSA 1978, in an amount sufficient to create the estate being insured and to pay in accordance with the instructions of the parties to the transaction, all sums required to be paid through and at the time of the closing.
History: 1978 Comp., § 59A-30-5.1, enacted by Laws 1989, ch. 95, § 2.
Structure New Mexico Statutes
Section 59A-30-1 - Short title.
Section 59A-30-2 - Purpose and legislative intent of article.
Section 59A-30-3 - Definitions.
Section 59A-30-4 - Control and supervision by superintendent.
Section 59A-30-4.1 - Reporting by superintendent.
Section 59A-30-5 - Policy forms.
Section 59A-30-5.1 - Available funds required to issue policy.
Section 59A-30-6 - Premiums; agency agreements; duty to promulgate reasonable rates; exception.
Section 59A-30-6.1 - Premiums; refinanced property.
Section 59A-30-6.2 - Premiums; Indian nation, tribe or pueblo trust property.
Section 59A-30-7 - Reporting of experience.
Section 59A-30-8 - Hearings; notice.
Section 59A-30-9 - Review; appeals.
Section 59A-30-10 - Reserve for losses and loss expenses.
Section 59A-30-11 - Underwriting standards and record retention.
Section 59A-30-12 - Maintenance assessment.
Section 59A-30-13 - Title insurance maintenance assessment fund created; appropriation.