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2005 vol. III 2013 (2005)

handle is hein.ssl/ssnm0014 and id is 1 raw text is: Chapter 191
1                                AN ACT
2    RELATING TO REAL ESTATE TRANSACTIONS; ESTABLISHING DEADLINES
3    FOR THE FUNDING OF REAL ESTATE TRANSACTIONS; PROVIDING FOR
4    ENFORCEMENT; AMENDING AND ENACTING SECTIONS OF THE MORTGAGE
5    LOAN COMPANY AND LOAN BROKER ACT.
6
7    BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
8         Section 1. Section 58-21-2 NMSA 1978 (being Laws 1983,
9    Chapter 86, Section 2, as amended by Laws 2001, Chapter 251,
10    Section 1 and by Laws 2001, Chapter 264, Section 1) is
11    amended to read:
12         58-21-2. DEFINITIONS.--As used in the Mortgage Loan
13    Company and Loan Broker Act:
14              A. affiliate means a person who, directly or
15    indirectly, through one or more intermediaries, controls or
16    is controlled by or is under common control with another
17    person;
18               B. closing agent means a person, including a
19    title insurance agent or title insurance company, that acts
20    in the normal course of business in a fiduciary capacity as a
21    disinterested third party for the seller and buyer of real
22    property for the purpose of consummating a sale of real
23    property, including the performance of the following
24    functions:
25                    (1) preparation of deeds, mortgages,
Senate Bill 652, aa
Approved April 6, 2005

Chap. 191

Laws of 2005

2013

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