The following persons shall be exempt from all provisions of the Mortgage Loan Company Act:
A. banks, trust companies, savings and loan associations, credit unions, insurance companies or real estate investment trusts as defined in 26 U.S.C.A. 856;
B. an attorney licensed to practice law in New Mexico who is not principally engaged in the business of negotiating loans secured by real or personal property, when that person renders services in the course of the person's practice as an attorney;
C. a New Mexico-licensed real estate broker rendering service in the performance of that person's duties as a real estate broker who obtains financing for a real estate transaction involving an actual bona fide sale of real estate or real estate contract handled by the broker and who receives only the customary real estate broker's commission in connection with the transaction;
D. a person doing an act under order of a court;
E. an individual making a single mortgage loan in a calendar year with the individual's own funds for the individual's own investment without the intent to resell the mortgage loan;
F. the United States of America, state of New Mexico or any of their branches, agencies, departments, boards, instrumentalities or institutions and all political subdivisions of the state and their agencies, instrumentalities and institutions; and
G. a company licensed as a small business investment company under the federal Small Business Investment Act of 1958.
History: Laws 1983, ch. 86, § 6; 1984, ch. 15, § 1; 1985, ch. 73, § 3; 2001, ch. 251, § 5; 2001, ch. 264, § 5; 2003, ch. 436, § 16; 2009, ch. 122, § 30.
ANNOTATIONSCross references. — For the federal Small Business Investment Act of 1958, see 15 U.S.C. § 661.
The 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".
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 2003 amendment, effective June 20, 2003, deleted "consumer finance companies" following "credit unions" in Subsection A.
The 2001 amendment, effective January 31, 2002, deleted Subsection H, which exempted any person doing business in New Mexico who has as one of his principal purposes the brokering, making or originating of loans secured by real estate mortgages and who does not place or sell more than ten percent of such loans to persons other than institutional investors from the Mortgage Loan Company and Loan Broker Act, and defined institutional investors.
Incidental contacts not "transacting business in state". — A foreign loan brokerage firm's incidental contacts with New Mexico necessary to communicate with its New Mexico client were too remote to constitute "transacting business in this state." Also, the fact that the firm chose to sue its client to recover its commission in a New Mexico court did not in and of itself constitute "transacting business in this state." V.P. Clarence Co. v. Colgate, 1993-NMSC-022, 115 N.M. 471, 853 P.2d 722.