There is a newer version of the New Mexico Statutes
2013 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 21 - Mortgage Loan Companies and Loan Brokers
Section 58-21-3 - License required; qualified manager. (2009)
NM Stat § 58-21-3 (2013) What's This?
58-21-3. License required; qualified manager. (2009)
A. It is unlawful for any person to transact business in the state of New Mexico, either directly or indirectly, as a mortgage loan company without first filing an application with the director, meeting requirements established by the director and obtaining a license under the Mortgage Loan Company Act.
B. A mortgage loan company shall designate at least one qualified manager who shall:
(1) obtain and maintain a mortgage loan originator license and unique identifier number pursuant to the New Mexico Mortgage Loan Originator Licensing Act [58-21B-1 NMSA 1978]; and
(2) have not less than two years verifiable experience as a principal, partner, officer, director, manager, processor or underwriter of a mortgage loan company or a mortgage loan originator or have equivalent lending experience in a related business during the four years immediately preceding the time of application.
C. A qualified manager shall serve as a qualified manager for only one mortgage loan company.
History: Laws 1983, ch. 86, § 3; 2001, ch. 251, § 2; 2001, ch. 264, § 2; 2009, ch. 122, § 27.
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