As used in the Low-Income Housing Trust Act:
A. "appropriate financial institution service charges and fees" means those service charges and fees that a financial institution charges its customers on demand deposit accounts;
B. "division" means the financial institutions division of the regulation and licensing department;
C. "escrow closing agent" means an escrow agent other than a title company that acts in the normal course of business as the agent of the seller and buyer of real estate for the purpose of consummating a sale, including the performance of the following functions:
(1) preparation of deeds, mortgages, promissory notes, deeds of trust, real estate contracts, assignments or other documents incidental to the sale as permitted by law;
(2) calculations and disbursements of prorated taxes, insurance premiums, utility bills and other charges incidental to the sale;
(3) preparation of sellers' and buyers' closing statements;
(4) supervision of signing of documents;
(5) collection and disbursement of down payments, realtors' commissions, fees and other charges pursuant to a sales agreement; and
(6) recordation of documents;
D. "escrow servicing agent" means a person who in the normal course of business collects and disburses funds received from real estate-related financing instruments on behalf of a lender or borrower;
E. "first-time home buyer" means:
(1) an individual or the individual's spouse who has not owned a home other than a manufactured home during the three-year period prior to the purchase of a home; or
(2) an individual who is a displaced homemaker or a single parent;
F. "fund" means the land title trust fund created pursuant to the provisions of the Land Title Trust Fund Act [58-28-1 to 58-28-8 NMSA 1978];
G. "low-income persons" means a household consisting of a single individual or a family or unrelated individuals living together when the household's total annual income does not exceed eighty percent of the median income for the area, as determined by the United States department of housing and urban development and as adjusted for family size, or other income ceiling determined for the area on the basis of that department's findings that such variations are necessary because of prevailing levels of construction costs or fair market rents or unusually high or low family incomes;
H. "person" means an individual or any other legal entity;
I. "property manager" means a person who acts in the normal course of business as the agent for the owner of real property for the purpose of property rental, leasing and management; and
J. "trustee" means the New Mexico mortgage finance authority.
History: Laws 1994, ch. 146, § 3; 1997, ch. 118, § 9; 1999, ch. 41, § 1; 2003, ch. 304, § 2.
ANNOTATIONSCross references. — For provisions pertaining to the New Mexico mortgage finance authority, see 58-18-1 NMSA 1978.
The 2003 amendment, effective June 20, 2003, added Subsection J.
The 1999 amendment, effective July 1, 1999, deleted "but not limited to" following "including" in the introductory language of Subsection C, and in Subsection F substituted "land title trust" for "low-income housing trust" and "Land Title Trust Fund Act" for "Low-Income Housing Trust Act".
The 1997 amendment, effective April 9, 1997, substituted "other than a title" for "or insurer or title insurance" in Subsection C.