It is the intent of the legislature that the large and growing escrow industry be supervised and regulated by the financial institutions division of the commerce and industry department [regulation and licensing department] in order to protect the citizens of the state and to provide that the business practices of the escrow industry are fair and orderly among the members of the escrow industry, with due regard to the ultimate consumers in this important area of property protection.
History: Laws 1983, ch. 135, § 2.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Laws 1983, ch. 297, § 33 abolishes the commerce and industry department, referred to in this section. Section 31 of that act provides that references to the financial institutions division of the commerce and industry department shall be construed as references to the financial institutions division of the regulation and licensing department. See 9-16-4 NMSA 1978 and notes thereto.
Fidelity bond purchase. — The language of this section leaves no room for doubt that the purchase of the fidelity bond required by Section 58-22-10 NMSA 1978 inures to the benefit and protection of the public. Anchor Equities, Ltd. v. Pacific Coast Am., 1987-NMSC-041, 105 N.M. 751, 737 P.2d 532.