N.M. Admin. Code § 13.14.2.9

Current through Register Vol. 35, No. 23, December 10, 2024

Section 13.14.2.9 - OWNS, OPERATES OR CONTROLS

For purposes of Section 59A-12-13 NMSA 1978 "owns, operates, or controls" include the following activities:

A."Owns" - holding legal or equitable title or controlling interest in a title plant, either as sole or joint proprietor, any partner of a general partnership, or the general partner of a limited partnership, holder of more than ten percent of the voting stock of a corporation, or as a lessee under a written lease agreement or lease purchase agreement.

B."Operates" - directly responsible for the maintenance, updating or retrieval of information contained in a title plant or the searching, abstracting, or examining of title to real property or preparation of abstracts, searches, or commitments relating to real property derived from research from a title plant.

C."Controls" - ultimate regulating authority or any intermediate supervisory authority over any person directly responsible for the operation of a title plant, who promulgates or administers the general policies providing for the direction and management of a title plant, including general policies of maintenance, updating, and retrieval of information from a title plant or the purchase, sale, or leasing of a title plant. A lease of a title plant shall qualify as "control" if the following conditions are met:

(1) All initial leases for a title plant must contain the terms of a minimum of five years and renewals for a minimum term of three years. No early termination of leases shall be allowed without the express written consent of OSI.

(2) A lease agreement shall be invalid unless approved by OSI.

(3) Access to a title plant under a lease agreement has not been terminated, suspended or denied.

(a) If the lessee is denied access to a leased title plant, the lessee shall notify OSI of the date of denial of access and the reason.

(b) Upon notification of a lessee's denial of access to a leased title plant, OSI shall notify each title insurer who has appointed the lessee of such denial of access.

N.M. Admin. Code § 13.14.2.9

3-1-90; 13.14.2.9 NMAC - Rn, 13 NMAC 14.3.9, 5-15-00; A, 10-1-12, Amended by New Mexico Register, Volume XXVI, Issue 24, December 30, 2015, eff. 3/1/2016, Adopted by New Mexico Register, Volume XXXI, Issue 24, December 29, 2020, eff. 1/1/2021