2015 New Mexico Statutes
Chapter 59A - Insurance Code
Section 12 Insurance Agents, Brokers and Solicitors
Section 59A-12-13 Special requirements, title insurance agents.

59A-12-13. Special requirements, title insurance agents.

A. The superintendent shall not issue or permit to remain in force an agent license as to title insurance except as to an applicant who, in addition to other applicable qualifications and requirements, owns, operates or controls an abstract plant consisting of a set of records in which an entry has been made of all documents or matters which under law impart constructive notice of matters affecting title to real property or any interest therein or encumbrance thereon, which have been filed or recorded in the county for which such title plant is maintained for a period of not less than twenty (20) years immediately prior to date of application for license. Such records shall consist of:

(1) an index or indices in which notations of or references to any such documents that describe property affected thereby are posted, entered or otherwise included, according to the property described therein; or copies or briefs of all such documents that describe the property affected thereby which are sorted and filed according to such property; and

(2) an index or indices in which all other such documents are posted, entered or otherwise included, according to the name or names of the parties whose title to real property or any interest therein or encumbrances thereon is affected.

B. Every applicant who, on January 1, 1965, was licensed as an agent to issue title insurance shall be exempted from the requirement of having a twenty-year abstract plant, if an abstract plant is maintained on a current basis commencing July 1, 1965.

C. A license as agent to issue title insurance shall permit the licensee to issue policies only on property located in the county or counties for which the licensee has the necessary abstract plant.

History: Laws 1984, ch. 127, 214.