2020 New Mexico Statutes
Chapter 59A - Insurance Code
Article 30 - Title Insurance
Section 59A-30-2 - Purpose and legislative intent of article.

Universal Citation: NM Stat § 59A-30-2 (2020)

A. The purpose of the New Mexico Title Insurance Law is to provide a comprehensive body of law for the effective regulation and active supervision of the business of title insurance transacted within this state in accordance with the McCarran-Ferguson Act (P.L. 79-15, 15 U.S.C. Sections 1011-1015).

B. The legislature intends that the business of title insurance be regulated by the state to provide for the protection of consumers and purchasers of title insurance policies and the financial stability of the title insurance industry.

C. The legislature intends that the title insurance market be competitive for all title insurance agents, that regulation of the title insurance industry does not disproportionately impact independent title agencies and that regulation of the industry does not place independent title insurance agents at a competitive disadvantage with underwriter-owned title companies.

History: 1978 Comp., § 59A-30-2, enacted by Laws 1985, ch. 28, § 2; 2009, ch. 80, § 4.

ANNOTATIONS

The 2009 amendment, effective July 1, 2009, in Subsection A, before "the McCarran-Ferguson Act", changed "response to" to "accordance with"; in Subsection B, before "regulated", deleted "totally"; and added Subsection C.

Severability. — Laws 2009, ch. 80, § 15, effective July 1, 2009, 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.

Regulation of title insurance. — New Mexico's statutory scheme regulating title insurance is not contrary to state law. Coll v. First Am. Title Ins. Co., 642 F.3d 876 (10th Cir. 2011).

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