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STATE OF NEW MEXICO
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Is a license required? |
Not applicable. See below. |
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State
specific loan modification law? |
Yes. Offering loan modification services, is interpreted by the New Mexico Regulation and Licensing Department, Financial Institutions Division to quality as debt adjusting. Debt adjusting is outlawed in New Mexico Statutes Chapter 56 Section 22(Attached as Schedule A). |
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Advantages
of becoming a licensed Mortgage Broker? |
Not applicable. |
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Penalties
for operating in the state without a license: |
Not applicable. |
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Is an
advanced fee permitted? |
Not applicable. |
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Is a
written agreement required? |
Not applicable. |
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Other
noteworthy information? |
Someone at the Financial Institutions Division was contacted to look for any alternate avenue. The exception allowing attorney’s to engage in debt adjusting does not extend to their staff, which would mean an attorney would have to handle the entire service themselves and only applies in the regular course of their legal work. The Attorney General’s office was also contacted and stated that loan modification services are illegal in New Mexico and have no exception. |
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New
Mexico Statutes |
Section 56-2: Ctrl + Click Here New Mexico Regulation and Licensing Department Financial Institutions Division Contact Info: Ctrl + Click Here |