New Mexico Statutes 58-28-8. Land title trust fund advisory committee created;
functions.
Terms Used In New Mexico Statutes 58-28-8
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Oversight: Committee review of the activities of a Federal agency or program.
- President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
- Trustee: A person or institution holding and administering property in trust.
A. The “land title trust fund advisory committee” is created. The committee shall consist of seven persons:
(1) the chairman of the trustee or his designee, who shall serve as chairman of the committee;
(2) two representatives of the land title industry appointed by the governor; (3) one representative of the banking industry and one representative of the real estate industry appointed by the president pro tempore of the senate; and
(4) one representative of the mortgage lending industry and one representative of the real estate industry appointed by the speaker of the house of representatives.
B. Of the first committee members appointed, two shall be appointed for terms of five years, two shall be appointed for terms of four years and two shall be appointed for terms of three years. Thereafter, appointed members shall be appointed for terms of five years. Members shall serve at the pleasure of their respective appointing authorities, and vacancies shall be filled by the appropriate appointing authority. Any member of the committee shall be eligible for reappointment.
C. The committee shall be advisory to the trustee and shall be subject to oversight by the Mortgage Finance Authority Act [N.M. Stat. Ann. Chapter 58, Article 18] oversight committee.
D. The committee shall review all project applications and make recommendations to the trustee for funding them. The committee shall not be involved in or advisory to the trustee in matters relating to the investment of the fund.
E. The committee shall adopt and promulgate rules and regulations regarding: (1) the time, place and procedures of committee meetings;
(2) the procedures for the review of and standards for recommending applications for loans or grant projects; and
(3) the obligations of title companies pursuant to the provisions of the Land Title Trust Fund Act.