2018 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 21 - Mortgage Loan Companies
Section 58-21-3 - License required; qualified manager.
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.
The 2009 amendment, effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act"; in Subsection A, after "mortgage loan company", deleted "or loan broker"; after "with the director", added "meeting requirements established by the director"; after "obtaining a", deleted "registration certificate" and added "license"; and added Subsections B and C.
Severability. — Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2001 amendment, effective January 31, 2002, deleted "unless such person is exempt from the provisions of the Mortgage Loan Company and Loan Broker Act under the provisions of Section 6 of that act" from the end of the section.
