In connection with any loan originated, brokered, negotiated or made by a licensee pursuant to the Mortgage Loan Company Act, a licensee shall comply with:
A. applicable federal or state laws;
B. the provisions of the Home Loan Protection Act; and
C. the provisions of the New Mexico Mortgage Loan Originator Licensing Act [58-21B-1 to 58-21B-24 NMSA 1978].
History: Laws 1983, ch. 86, § 19; 1984, ch. 15, § 3; 2001, ch. 251, § 12; 2001, ch. 264, § 12; 2003, ch. 436, § 17; 2009, ch. 122, § 41.
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", changed "registrant" to "licensee"; in Subsection A, after "applicable federal", deleted "consumer lending" and added "or state"; and added Subsection C.
Severability. — Laws 2003, ch. 436, § 18, effective June 20, 2003, provides for the severability of the act if any part or application is held invalid.
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 2003 amendment, effective June 20, 2003, inserted the Subsection A designation and added Subsection B.
The 2001 amendment, effective July 1, 2001, rewrote the section heading, which formerly read "Prohibited withholding and escrowing of loan proceeds; disclosure; penalty"; deleted Subsections A to D, which prohibited withholding or escrowing of loan proceeds for certain purposes, prohibited prepaid interest in the nature of points, and required the applicant to supply a disclosure; and inserted "registrants shall comply with applicable federal consumer lending laws".