Current through Register Vol. 35, No. 18, September 24, 2024
A.
License required.
(1) Title
agents and escrow officers shall be licensed as title insurance producers. In
addition to the requirements in this section, they shall also comply with
additional requirements set forth in Section
59A-30-1 et seq. NMSA
1978 and in 13.14.1 through 13.14.19 NMAC.
(2) An applicant for a title insurance
producer license shall comply with the provisions of
13.4.2.9
NMAC for individual producers or
13.4.2.10
NMAC for business entities.
(3) All
applications for a title insurance producer license shall contain a statement
that the applicant owns, operates, controls or is affiliated with a licensed
title abstract plant or is employed by an individual or entity that
does.
(4) Applications shall
specify only the county or counties that are supported by the title abstract
plant and the title producer license shall permit the licensee to issue
policies only on property located in the county or counties for which the
licensee has the necessary title abstract plant.
B.
Title abstract plant defined.
The title abstract plant shall consist of a set of records in which an entry
has been made for every document or matter that under the law imparts
constructive notice affecting title to, interest in or encumbrances on real
property, and that has been filed or recorded in the county for which the title
abstract plant is maintained.
(1) The records
shall cover a period of 20 years immediately prior to the date of application
and shall consist of:
(a) an index or indices
in which notations of or references to any documents that describe the property
affected are posted, entered or otherwise included, sorted and filed according
to the property described; or copies or briefs of all documents that describe
the property affected which are sorted and filed according to the property
described; and
(b) an index or
indices in which all other documents are posted, entered or otherwise included,
sorted and filed according to the name or names of the party or parties whose
title to real property or any interest or encumbrance is affected.
(2) A title insurance producer
license permits the licensee to issue title insurance only on property located
in the county or counties for which the licensee has the necessary licensed
title abstract plant.
(3) The title
insurance producer shall be responsible for maintaining and updating the
records of the title abstract plant within 30 days of the courthouse land
update schedule.
C.
Plant inspections. The title abstract plant shall be subject to
inspection by the superintendent. During an inspection, the superintendent may
inspect to ascertain that the plant's records are current and that all persons
engaged in the business of transacting title insurance are properly licensed
and have been appointed by all insurers for whom they transact
business.
