New Mexico Statutes 58-21-6. Persons exempt from licensing
The following persons shall be exempt from all provisions of the Mortgage Loan Company Act:
Terms Used In New Mexico Statutes 58-21-6
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Personal property: All property that is not real property.
A. banks, trust companies, savings and loan associations, credit unions, insurance companies or real estate investment trusts as defined in 26 U.S.C.A. 856;
B. an attorney licensed to practice law in New Mexico who is not principally engaged in the business of negotiating loans secured by real or personal property, when that person renders services in the course of the person’s practice as an attorney;
C. a New Mexico-licensed real estate broker rendering service in the performance of that person’s duties as a real estate broker who obtains financing for a real estate transaction involving an actual bona fide sale of real estate or real estate contract handled by the broker and who receives only the customary real estate broker’s commission in connection with the transaction;
D. a person doing an act under order of a court;
E. an individual making a single mortgage loan in a calendar year with the individual’s own funds for the individual’s own investment without the intent to resell the mortgage loan;
F. the United States of America, state of New Mexico or any of their branches, agencies, departments, boards, instrumentalities or institutions and all political subdivisions of the state and their agencies, instrumentalities and institutions; and
G. a company licensed as a small business investment company under the federal Small Business Investment Act of 1958.