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Can you summarize Article 28, Chapter 58 NMSA?
Financial Institutions and Regulations > Land Title Trust Funds
Short Summary
The Land Title Trust Fund Act governs the establishment and operation of the land title trust fund in New Mexico. The act defines various terms, including the land title trust fund advisory committee, depository institution, financial institutions division, eligible organization, fund, low-income persons, pooled interest-bearing transaction account, title company, and trustee. The act applies to the New Mexico mortgage finance authority, land title industry representatives, banking industry representatives, real estate industry representatives, mortgage lending industry representatives, title companies, depository institutions, and eligible organizations. The act allows the New Mexico mortgage finance authority to serve as the trustee for the land title trust fund. The fund can be used to finance loans or grant projects that provide housing for low-income persons and other specified uses. The money in the fund is allocated annually for various purposes, including fund administration expenses, a permanent capital fund, making housing more accessible to low-income persons, scholarships for New Mexico high school graduates, and other housing-related programs approved by the trustee. The act also establishes the land title trust fund advisory committee, which reviews project applications and provides recommendations for funding to the trustee. The committee’s role is advisory to the trustee and subject to oversight by the Mortgage Finance Authority Act oversight committee. The committee is responsible for adopting rules and regulations regarding committee meetings, review procedures and standards for loan or grant project applications, and the obligations of title companies under the Land Title Trust Fund Act. The act also addresses the use of money from the land title trust fund, allowing title companies to maintain pooled interest-bearing transaction accounts and deposit customer funds into those accounts. The interest earned on customer funds deposited in the pooled interest-bearing transaction accounts must be remitted to the fund. If any part of the Land Title Trust Fund Act is found to be in conflict with federal requirements, the conflicting part is inoperative to the extent of the conflict. The act does not mention any specific exemptions or penalties.
Whom does it apply to?
New Mexico mortgage finance authority, land title industry representatives, banking industry representatives, real estate industry representatives, mortgage lending industry representatives, title companies, depository institutions, eligible organizations
What does it govern?
Establishment and operation of the land title trust fund
What are exemptions?
No exemptions are specified in this document
What are the Penalties?
No penalties are mentioned in this document
Jurisdiction
New Mexico