New Mexico Administrative Code
Title 14 - HOUSING AND CONSTRUCTION
Chapter 12 - MANUFACTURED HOUSING
Part 4 - BONDS AND TRUST ACCOUNTS
Section 14.12.4.14 - BROKER'S CONSUMER PROTECTION BOND

Universal Citation: 14 NM Admin Code 14.12.4.14

Current through Register Vol. 35, No. 18, September 24, 2024

A. Each broker shall maintain a consumer protection bond with the division. Each bond may be satisfied by a surety bond or other security in the form and in the amount prescribed by the division, with a minimum amount of fifty thousand dollars ($50,000.00). Each branch office shall have an associate broker with a proper license and fifty thousand dollars ($50,000.00) consumer protection bond. Each surety in the form of a cash consumer protection bond must be posted with a financial institution located in New Mexico. Out of state brokers shall submit an affidavit consenting to service of process in New Mexico in connection with all claims filed pursuant to the provisions of the act.

B. Each bond shall be indemnity for any loss sustained by a consumer as a result of:

(1) a violation by the broker of any provision of the act or these regulations;

(2) fraud by the broker in the execution or performance of a contract;

(3) the misrepresentation or the making of a false promise by the broker or through the advertising, or the agents of the broker.

Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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