All the records required to be maintained by the Mortgage Loan Company Act are subject to examinations or investigations by representatives of the director within or without New Mexico as the director deems necessary or appropriate in the public interest or for the protection of investors. If the examination or investigation is conducted outside the state, the actual cost of travel for the examiners shall be reimbursed to the state by the mortgage loan company so examined or investigated.
History: Laws 1983, ch. 86, § 12; 1987, ch. 292, § 10; 2001, ch. 251, § 9; 2001, ch. 264, § 9; 2009, ch. 122, § 35.
ANNOTATIONSThe 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"; deleted the second sentence which provided that a mortgage loan company or loan broker shall pay a fee for the examination at the rate of $300 per day for each representative engaged in the examination; in the last sentence, after "examination", added "or investigation"; after "mortgage loan company", deleted "or loan broker" and after "examined", added "or investigated".
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 July 1, 2001, substituted "examinations or investigations" for "annual examinations"; deleted "together with such special or other examinations" following "New Mexico" and increased the examination fee from $150 to $300.