New Mexico Statutes 58-21-5. License fees; duration of license
A. A license shall expire on December 31 each year. Each licensee shall submit a renewal application on or before November 1 each year.
Terms Used In New Mexico Statutes 58-21-5
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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. The director shall establish by rule fees that shall be sufficient to cover the costs of administering the Mortgage Loan Company Act. These fees may include:
(1) an original and renewal license fee paid by each licensee;
(2) an application fee to cover the costs of processing applications;
(3) an examination and investigation fee for all licensees; and
(4) late fees, license amendment fees, supervisory fees, divisional office fees, branch office fees and any other fees associated with the costs of administering the Mortgage Loan Company Act.
C. A mortgage loan company shall not be charged investigation fees for the processing of complaints when the investigation determines that no violation of the Mortgage Loan Company Act occurred or when the mortgage loan company provides a remedy satisfactory to the complainant and the director and no order of the director is issued.
D. The following fees shall be deposited into the general fund: (1) original license fees;
(2) license renewal fees; (3) examination fees;
(4) investigation fees; (5) late fees; and
(6) license amendment fees.
E. The following fees shall be deposited into the mortgage regulatory fund: (1) application fees;
(2) divisional office fees; (3) branch office fees; and (4) supervisory fees.