In connection with any loan originated, brokered, negotiated or made by a licensee pursuant to the Mortgage Loan Company Act, a mortgage loan company shall not collect, charge or receive broker fees in excess of six percent of the principal amount of the loan. A licensee may charge reasonable settlement, origination, transaction and other fees or charges not otherwise prohibited or limited by applicable state or federal laws.
§ 58-21-18 NMSA 1978
Permissible charges
Known as the Mortgage Loan Company Act
The act spans §§ 58–58 (34 sections).
Laws 1983, ch. 86, § 18; 1984, ch. 15, § 2; 2001, ch. 251, § 11; 2001, ch. 264, § 11; 2009, ch. 122, § 40.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.