N.M. Admin. Code § 13.14.4.8 - REQUIREMENTS FOR PROVIDING ESCROW SERVICES
A title insurer or title insurance agency providing escrow services shall:
A. only accept funds
pursuant to escrow instructions;
B.
not make changes to escrow instructions without the consent of all parties in
the manner specified by the escrow instructions;
C. receive and handle all funds pursuant to
the requirements of Sections
58-28-1 et seq. and 59A-12-22 NMSA
1978;
(1) an escrow account shall be separate
from all operating accounts, and shall be designated as an escrow, trust or
custodial account by the financial institution and in the books and records of
the title insurer or title insurance agency; and
(2) title insurers and title insurance
agencies are prohibited from receiving for their own use any interest from
escrow accounts or money accepted for escrow, except that nothing herein shall
preclude participation in the Land Title Trust Fund Act pursuant to the
Mortgage Loan Company Act, Section
58-28-1 NMSA 1978 et
seq.;
D. disburse or
deliver escrow funds only in accordance with escrow instructions;
E. disburse funds only out of an escrow
account deposited for that transaction and that are available funds in
compliance with Section
59A-30-5.1 NMSA 1978 and
Subsection F of Section
59A-30-3 NMSA 1978;
F. interplead or hold any funds that are the
subject of conflicting demands by the parties to an escrow until the title
insurer or title insurance agency receives written instructions signed by all
parties to the escrow transaction which resolve the conflict or until a final
court order;
G. upon completion of
an escrow transaction, deliver to each party a written statement of the escrow
specifying all receipts and disbursements of funds made by or on behalf of each
party to the escrow, whether disbursed to or from the escrow account, including
from whom received and to whom made, except that when the transaction involves
consumer credit, the most current version of the federal truth in lending
regulation, 12. C.F.R. § 1026, shall govern the delivery of documents to
the parties;
H. act with
impartiality toward all parties to an escrow in the disbursement of funds;
and
I. comply with all escrow
audits ordered by OSI and make available to OSI all information requested by
the superintendent.
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