A. A licensee shall renew its license for each of its offices annually by filing an application for renewal with the director on or before June 1 of each year, accompanied by the appropriate fees. The application for renewal shall be on a form and shall contain such information as the director by rule shall prescribe, which information shall establish that the licensee has continued to maintain necessary qualifications as an escrow agent. If the application for renewal is timely and properly filed and the necessary qualifications are being maintained, the renewal of the license shall be effective on July 1 following the filing of the application and shall be evidenced by an appropriate license issued as of that date.
B. A licensee shall submit with the renewal application:
(1) a copy of the escrow company's corporate federal and state income tax returns or, if the licensee is a sole proprietor, a copy of the escrow company's federal Schedule C as it relates to the escrow company for the immediate prior fiscal year or the year ending December 31 of the year immediately preceding the licensing year. The information contained in the federal and state income tax returns shall be confidential and shall not be a public record; and
(2) as required by accounting control rules promulgated by the division, a copy of reconciliations and corresponding bank statements for the three months immediately preceding the renewal application.
History: Laws 1983, ch. 135, § 9; 2015, ch. 135, § 3.
ANNOTATIONSThe 2015 amendment, effective July 1, 2015, provided for additional requirements for renewal of an escrow agent's license; deleted "Each" and designated the previously undesignated paragraph as Subsection A; in Subsection A, in the first sentence, added "A", and after "renewal shall be on", deleted "such" and added "a", in the second sentence, after "the director by", deleted "regulation" and added "rule", and after "prescribe, which", added "information", and in the third sentence, after "If", deleted "such" and added "the"; and added a new Subsection B.
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.