New Mexico Statutes 9-16-15. Mortgage regulatory fund; created; purpose; appropriation
A. The “mortgage regulatory fund” is created as a nonreverting fund in the state treasury and shall be administered by the financial institutions division of the regulation and licensing department. The fund shall consist of application, licensing, renewal, examination, investigation and any other fees received that are associated with the costs of administering the New Mexico Mortgage Loan Originator Licensing Act [58- 21B-1 to 58-21B-24 N.M. Stat. Ann.], fees specified in Subsection E of Section 58-21-5 N.M. Stat. Ann. and any money that is appropriated or donated or that otherwise accrues to the fund. Money in the fund shall be invested by the state investment officer in the manner that land grant permanent funds are invested pursuant to N.M. Stat. Ann. Chapter 6, Article 8. Income from investment of the fund shall be credited to the fund.
Terms Used In New Mexico Statutes 9-16-15
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
B. Money in the mortgage regulatory fund is appropriated to the financial institutions division of the regulation and licensing department to carry out the provisions of the New Mexico Mortgage Loan Originator Licensing Act and the Mortgage Loan Company Act.
C. Money shall be disbursed from the mortgage regulatory fund only on warrant of the secretary of finance and administration upon vouchers signed by the director of the financial institutions division or the director’s authorized representative. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.