A. A license shall expire on December 31 each year. Each licensee shall submit a renewal application on or before November 1 each year.

B. The director shall establish by rule fees that shall be sufficient to cover the costs of administering the Mortgage Loan Company Act. These fees may include:

1. (1) an original and renewal license fee paid by each licensee;
2. (2) an application fee to cover the costs of processing applications;
3. (3) an examination and investigation fee for all licensees; and

4. (4) late fees, license amendment fees, supervisory fees, divisional office fees, branch office fees and any other fees associated with the costs of administering the Mortgage Loan Company Act.

   C. A mortgage loan company shall not be charged investigation fees for the processing of complaints when the investigation determines that no violation of the Mortgage Loan Company Act occurred or when the mortgage loan company provides a remedy satisfactory to the complainant and the director and no order of the director is issued.

   D. The following fees shall be deposited into the general fund:

5. (1) original license fees;
6. (2) license renewal fees;
7. (3) examination fees;
8. (4) investigation fees;
9. (5) late fees; and

10. (6) license amendment fees.

    E. The following fees shall be deposited into the mortgage regulatory fund:

11. (1) application fees;
12. (2) divisional office fees;
13. (3) branch office fees; and
14. (4) supervisory fees.

History: Laws 1983, ch. 86, § 5; 1987, ch. 292, § 9; 1989, ch. 209, § 14; 1993, ch. 210, § 9; 2001, ch. 251, § 4; 2001, ch. 264, § 4; 2009, ch. 122, § 29.

ANNOTATIONS

The 2009 amendment, effective July 31, 2009, deleted former Subsection A, which provided for an initial license fee of $400 and a renewal fee of $300 and late fees; in Subsection A, changed "registration" to "license"; deleted language which provided that a registration continued for a period of twelve months and that a renewal application shall be filed at least thirty days before the expiration of the existing registration; deleted former Subsection C, which provided for a replacement license fee of $50; and added Subsections B through E.

Severability. — Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.

The 2001 amendment, effective July 1, 2001, deleted former Subsection C that provided fees for those persons claiming an exemption pursuant to Subsection H of Section 58-21-6 NMSA 1978, which was deleted by Laws 2001, ch. 264, § 5, effective January 1, 2002; and added a new Subsection C.

The 1993 amendment, effective June 18, 1993, added the second sentences in Subsections A and C.