Section 58-21B-11 - Authority to require license and to set fees.
58-21B-11. Authority to require license and to set fees.
A. In addition to any other duties imposed upon the director by law, the director shall require mortgage loan originators to be licensed and registered through the nationwide mortgage licensing system and registry. In order to carry out this requirement, the director may participate in the nationwide mortgage licensing system and registry. For this purpose, the director may establish requirements as necessary, including but not limited to:
(1) background checks for:
(a) criminal history through fingerprint or other databases;
(b) civil or administrative records;
(c) credit history; or
(d) any other information deemed necessary by the nationwide mortgage licensing system and registry;
(2) payment of fees to apply for or renew licenses through the nationwide mortgage licensing system and registry;
(3) setting or resetting as necessary renewal or reporting dates; and
(4) requirements for amending or surrendering a license or any other activities the director deems necessary for participation in the nationwide mortgage licensing system and registry.
B. The director shall establish by rule fees sufficient to cover the costs of administering the New Mexico Mortgage Loan Originator Licensing Act. These fees may include:
(1) an original and renewal license fee paid by each licensed mortgage loan originator;
(2) an application fee to cover the costs of processing applications;
(3) an examination or investigation fee to cover the costs of any examination or investigation of the books and records of a licensed mortgage loan originator or other person subject to the New Mexico Mortgage Loan Originator Licensing Act; and
(4) late fees, license amendment fees and any other fees associated with the costs of administering the New Mexico Mortgage Loan Originator Licensing Act.
C. Mortgage loan originators shall not be charged investigation fees for the processing of complaints when the investigation determines that no violation of the New Mexico Mortgage Loan Originator Licensing Act occurred or when the mortgage loan originator provides a remedy satisfactory to the complainant and the director and no order of the director is issued. All money, fees and penalties collected pursuant to the New Mexico Mortgage Loan Originator Licensing Act shall be deposited into the mortgage regulatory fund.
D. For the purposes of implementing an orderly and efficient licensing process, the director may establish licensing rules and interim procedures for licensing and acceptance of applications. For individuals previously registered or licensed pursuant to the Mortgage Loan Company and Loan Broker Act [Mortgage Loan Company Act, 58-21-1 NMSA 1978], the director may establish expedited review and licensing procedures.