N.M. Admin. Code § 14.12.2.10 - DEALERS
A. A dealer's
license entitles its holder to engage in the business of selling, exchanging,
buying for resale, leasing, offering to or attempting to negotiate sales or
exchanges or lease-purchases of new and pre-owned manufactured homes. A dealer
may also perform all functions, which a broker is authorized to perform under
the act and these regulations. Any person who in any manner acts as a dealer in
the transaction of more than one manufactured home in any consecutive 12-month
period is required to be licensed as a dealer.
B. Each dealer's location shall have a
qualifying party and each location shall have a separate license.
C. A dealer shall maintain a place of
business, which is an actual physically, established location from which
business can be conducted and where all documents directly related to the
purchase, sale, trade and installation of a manufactured home within the
preceding three years shall be available for inspection during normal business
hours by a representative of the division. All locations in which a dealer
offers manufactured homes off-site from the dealer's physical location are to
be considered an extension of the dealer's lot. A post office box, secretarial
service, telephone answering service, or similar entity does not constitute an
actual physically established location.
D. The following provisions shall govern all
transactions in which a dealer is involved in a transfer of a pre-owned
manufactured home between a buyer and a seller, other than the dealer.
(1) The dealer's role is that of a fiduciary
to his principal.
(2) In all such
transactions which require a transfer of title, the dealer must: determine the
status of title, including all recorded liens and security interests, of the
manufactured home according to the title records of the motor vehicle division,
and disclose in writing to all parties in the transaction the status of title
of the home as shown by such records.
(3) All listing agreements entered into by a
dealer shall disclose the percentage amount or fee to be received by the dealer
upon the completion of a transaction under the terms of the listing
agreement.
(4) Prior to the closing
between the buyer and seller on a transaction, the dealer shall deliver to both
the buyer and the seller a closing statement which shall contain, but is not
limited to, the following information: the purchase price; all funds paid and
to be paid by the buyer; all funds received and to be received by the seller;
receipt and disposition of all other funds relevant to the transaction; the
method of assumption, disposition or other treatment of existing loans on the
home and liens on or security interests in the home.
E. Each dealership location must have at
least one (1) licensed salesperson per location. For an individual dealer
operating a single lot, the dealer's license shall meet the requirement of a
salesperson license for the person to whom it is issued. A dealership operating
multiple lots must have at least one (1) licensed salesperson. All persons
engaged in selling manufactured homes for a dealer must be licensed with the
division before engaging in the business.
F. Each dealer is required at the time of
sale of a manufactured home to make a full disclosure to the buyer, concerning
the disposition of the wheels, axles and hitch(es). Such disclosure must be
acknowledged and signed by the purchaser.
G. If a dealership is open for business prior
to receiving the appropriate license to conduct business, the division may tag
each home with a "prohibit sales notice" and an inspection fee of $60.00 will
be charged to the dealer for removal of each such tag.
H. Any licensed dealership may display and
offer for sale manufactured homes off-site from the dealer's physical location.
All locations in which a dealer offers manufactured homes off-site from the
dealer's physical location are to be considered an extension of the dealer's
lot.
(1) The dealer shall notify the
manufactured housing division in writing, on a form supplied by the division,
of each address and location where homes off-site from the dealers physical
location will be displayed and offered for sale.
(2) Each home displayed off-site from the
dealer's physical location and offered for sale must display a copy of the
dealer's license and a copy of the MHD compliance poster.
(3) All rules and regulations of the
manufactured housing division shall apply to off-site sales
locations.
I. If a
dealer discharges a salesperson for any activities in violation of the MHD
rules and regulations the dealer must report the discharge within 30 days to
the division to investigate the potential violation.
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.