Chapter 59A, Article 30 NMSA 1978 may be cited as the "New Mexico Title Insurance Law".
History: 1978 Comp., § 59A-30-1, enacted by Laws 1985, ch. 28, § 1; 2009, ch. 80, § 3.
ANNOTATIONSRepeals and reenactments. — Laws 1985, ch. 28, § 1, repealed 59A-30-1 NMSA 1978, as enacted by Laws 1984, ch. 127, § 507, and enacted a new section.
The 2009 amendment, effective July 1, 2009, changed the statutory reference to the Chapter and Article of NMSA 1978.
Escrow accounts. — A title insurance company acting as escrow agent cannot retain for its own benefit interest paid by a financial institution on escrow accounts without express permission from the customer or written contract allowing this payment of interest as compensation. 1987 Op. Att'y Gen. No. 87-30.
The acceptance of other in-kind services and consideration in lieu of interest on escrow accounts is in violation of the fiduciary duties of the title insurance company, agent, broker, or solicitor to the principal. 1987 Op. Att'y Gen. No. 87-30.
Am. Jur. 2d, A.L.R. and C.J.S. references. — Title insurance company's rights in title information, 38 A.L.R.4th 968.