{"data":{"id":"us-nm/58-21-3","jurisdiction":"us-nm","citation":"58-21-3","heading":"License required; qualified manager.","body":"A. It is unlawful for any person to transact business in the state of New Mexico, either directly or indirectly, as a mortgage loan company without first filing an application with the director, meeting requirements established by the director and obtaining a license under the Mortgage Loan Company Act.\nB. A mortgage loan company shall designate at least one qualified manager who shall:\n(1) obtain and maintain a mortgage loan originator license and unique identifier number pursuant to the New Mexico Mortgage Loan Originator Licensing Act [58-21B-1 to 58-21B-24 NMSA 1978]; and\n(2) have not less than two years verifiable experience as a principal, partner, officer, director, manager, processor or underwriter of a mortgage loan company or a mortgage loan originator or have equivalent lending experience in a related business during the four years immediately preceding the time of application.\nC. A qualified manager shall serve as a qualified manager for only one mortgage loan company.","path":["Chapter 58 - Financial Institutions and Regulations","ARTICLE 21 Mortgage Loan Companies"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18561/index.do","current_through":"2025-01-07","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"244c6062c8bd681b1ed5f18eaa0d380e398c42ad31f1b8014644e07fea5bdf64","source_id":"us-nm","stale":false,"prev":"us-nm/58-21-2","next":"us-nm/58-21-4"},"notice":"GroundRules: Original legal text. Not legal advice."}