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New Mexico Statutes Chapter 58. Financial Institutions and Regulations § 58-21B-14. Notice of contemplated action; hearings

Current as of January 01, 2024 | Updated by FindLaw Staff

A. When the director contemplates taking any action specified in Paragraphs (1) through (6) of Subsection A or in Subsection D of Section 13 of the New Mexico Mortgage Loan Originator Licensing Act, the director shall serve upon the licensed mortgage loan originator a written notice containing a statement:

(1) that the director has sufficient evidence that, if not rebutted or explained, will justify the director in taking the contemplated action;

(2) indicating the general nature of the evidence; and

(3) that unless the licensed mortgage loan originator within twenty days after service of the notice deposits in the mail a certified return receipt requested letter addressed to the director containing a request for a hearing, the director will take the contemplated action.

B. If the licensed mortgage loan originator does not mail a request for a hearing within the time and in the manner required by this section, the director may take the action contemplated in the notice, and such action shall be final and not subject to judicial review.

C. If the licensed mortgage loan originator mails a request for a hearing as required by this section, the director shall, within thirty days of receipt of the request, notify the licensed mortgage loan originator of the time and place of the hearing, the name of the person who shall conduct the hearing for the director and the statutes and regulations authorizing the director to take the contemplated action.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 58. Financial Institutions and Regulations § 58-21B-14. Notice of contemplated action; hearings - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-58-financial-institutions-and-regulations/nm-st-sect-58-21b-14/

Read this complete New Mexico Statutes Chapter 58. Financial Institutions and Regulations § 58-21B-14. Notice of contemplated action; hearings on Westlaw

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