The director may deny an escrow company's application for initial licensing or renewal if:
A. the applicant has ever had an escrow company license revoked for cause;
B. the applicant was a partner, owner, officer, director, trustee, manager or principal stockholder of any partnership, corporation or unincorporated association whose escrow company license has been revoked for cause;
C. the applicant has any owner, officer, director or principal stockholder who has had an escrow company license revoked for cause;
D. the director has knowledge that the applicant or a partner, owner, officer, director, trustee or principal stockholder of the applicant has been convicted of fraud, embezzlement or any crime involving moral turpitude pursuant to the laws of New Mexico or has been adjudged disqualified for employment as an escrow company pursuant to the provisions of the Escrow Company Act. For the purpose of this subsection, the division shall be considered a law enforcement agency and the director may acquire arrest record information from another law enforcement agency pursuant to Section 29-10-5 NMSA 1978;
E. there is no officer or manager possessing necessary escrow experience to be stationed in the proposed business location;
F. any false statement of a material fact has been made in application for licensure; or
G. the applicant or any officer, owner, partner, director or incorporator of the applicant has violated any provision of the Escrow Company Act or the rules thereunder or any similar regulatory scheme of a foreign jurisdiction.
History: Laws 1983, ch. 135, § 15; 1987, ch. 120, § 3; 2015, ch. 135, § 5.
ANNOTATIONSThe 2015 amendment, effective July 1, 2015, provided that the financial institutions division shall be considered a law enforcement agency and authorized the director of the financial institutions division to acquire arrest record information from other law enforcement agencies for purposes of licensing escrow companies; in Subsection D, added the last sentence; and in Subsection G, deleted "For the purposes of Subsection D of this section, the director is authorized to acquire arrest record information from a law enforcement agency pursuant to Section 29-10-5 NMSA 1978.".
Temporary provisions. — Laws 2015, ch. 135, § 9 provided that an escrow company licensed pursuant to the Escrow Company Act that, prior to the effective date of Laws 2015, ch. 135, §§ 1 to 8 (July 1, 2015), was not required to file a surety or other bond with the director of the financial institutions division of the regulation and licensing department shall have until January 1, 2016 to comply with the provisions of Section 58-22-10 NMSA 1978.