Upon any recovery in an action on a bond required pursuant to Section 10 [ 58-22-10 NMSA 1978] of the Escrow Company Act, the licensee shall file a new bond. Failure to file a new bond within ten days of the recovery on a bond or within ten days after notification by the director that a new bond is required constitutes sufficient ground for action by the director under Subsection B of Section 27 [ 58-22-27 NMSA 1978] of the Escrow Company Act.
§ 58-22-14 NMSA 1978
New bond required; effect of failure to file new bond
Known as the Escrow Company Act
The act spans §§ 58–58 (36 sections).
Laws 1983, ch. 135, § 14.
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.