New Mexico Register / Volume XXIX, Issue 10 / May 29,
2018
This is an
amendment to 13.14.10 NMAC, Sections 9, 10, 11, 14, 24, 31, 32, 39, 47, 48, 61
and 64, effective July 1, 2018
13.14.10.9 MECHANICS’ LIEN COVERAGE IN OWNER’S POLICY (PERIOD NOT EXPIRED): Owner’s policies may be issued with no exception to possible unfiled mechanics’ or materialmen’s liens upon compliance with 13.14.6.15 NMAC and payment of the following additional premium:
A. When all
improvements have been fully completed and the statutory period for filing
mechanics’ or materialmen’s liens has expired, this endorsement shall be issued
for a premium of [twenty-five dollars ($25)] fifty dollars ($50.00)
and,
B. When new construction is involved, construction of the improvements has been fully completed and accepted by the insured owner and the period for filing mechanics’ or materialmen’s liens has not expired, this endorsement shall be issued for an extra hazard premium of three dollars ($3.00) per thousand calculated on the face amount of the owner’s policy.
[6/16/1986...4/1/1994; 6/1/1998; 13.14.10.9 NMAC - Rn, 13 NMAC 14.10.9, 5/15/2000; A, 5/31/2000; A, 7/31/2014; A, 8/15/2014; A, 7/1/2018]
13.14.10.10 SURVEY COVERAGE [IN AN OWNER’S
POLICY]:
A. An owner’s policy may be endorsed pursuant to 13.14.6.14 NMAC to provide survey coverage upon the payment of an additional premium equal to fifteen percent of the full basic premium rate for the said policy according to the schedule in effect as of the date of the endorsement.
B. A loan policy may be endorsed pursuant to 13.14.7.13 NMAC to provide
survey coverage upon the payment of a premium of fifty dollars ($50.00).
[6/16/1986; 13.14.10.10 NMAC - Rn, 13 NMAC 14.10.10, 5/15/2000; A, 7/1/2018]
[6/16/1986, 2/16/1987, 6/1/1998; 13.14.10.11 NMAC - Rn, 13 NMAC 14.10.11, 5/15/2000; A, 5/31/2000; A, 7/31/2014; A, 8/15/2014; A, 7/1/2018]
[6/16/1986, 2/16/1987, 6/1/1998; 13.14.10.14 NMAC - Rn, 13 NMAC 14.10.14, 5/15/2000; A, 5/31/2000; A, 8/17/2009; A, 7/31/2014; A, 8/15/2014; A, 3/1/2016; A, 7/1/2018]
[3/1/1989, 6/1/1998; 13.14.10.24 NMAC - Rn, 13 NMAC 14.10.24, 5/15/2000; A, 5/31/2000; A, 7/31/2014; A, 8/15/2014; A, 3/1/2016; A, 07/1/2018]
13.14.10.31 [TRUTH IN LENDING ENDORSEMENT: A truth in lending
endorsement to a loan policy may be issued upon payment of a premium of nine
percent of the full basic premium rate in effect as of the date of the loan
policy.] [RESERVED]
[6/1/1997; 13.14.10.31 NMAC - Rn, 13 NMAC 14.10.31, 5/15/2000; Repealed, 7/1/2018]
13.14.10.32 DOWN DATE ENDORSEMENT TO RESIDENTIAL LIMITED COVERAGE JUNIOR LOAN POLICY JR 1:
A. The down date endorsement to residential limited coverage junior loan policy JR1, NM form 46, may be issued one or more times after issuance of an ALTA residential limited coverage junior loan policy (NM form 45). The premium for the issuance of each NM form 46 endorsement is twenty-five dollars ($25). NM form 46 may not be issued more than one year after the date of policy stated in the ALTA residential limited coverage junior loan policy (NM form 45).
B. Paragraph B of NM form 46 shall describe the insured mortgage setting forth the date of recording of the insured’s mortgage. This endorsement may also be issued solely for update purposes, prior to recordation of the insured mortgage by inserting the word “None” at the end of Paragraph B and by deleting the phrase “date of endorsement is the date shown above or the date of recording of the insured’s mortgage, whichever is later” (if it appears on the NM form 46 endorsement after “date of endorsement”).
C. Upon request of the named insured and the proper recording of all necessary documents meeting insurer’s underwriting standards, the amount of the loan secured by the insured’s mortgage insurance previously stated in the ALTA residential limited coverage junior loan policy (NM form 45) may be increased by adding a Paragraph D. It shall read as follows: “D. The amount of insurance of the policy is hereby amended to be $____,” subject to the payment of the applicable premium for the additional insurance. The additional premium (in addition to the premium for the NM form 46) shall be the difference between the premium from the amount of insurance stated in the ALTA residential limited coverage junior loan policy (NM form 45) and the amount of insurance stated in Paragraph D of NM form 46, calculated pursuant to 13.14.9.29 NMAC.
[6/1/1998; 13.14.10.32 NMAC - Rn, 13 NMAC 14.10.32, 5/15/2000; A, 5/31/2000; A, 7/31/2014; A, 8/15/2014; A, 3/1/2016; A, 7/1/2018]
13.14.10.39 CONTIGUITY
OF PARCELS ENDORSEMENTS: When a contiguity [of] single parcel
endorsement, NM form 54, or a contiguity [of] multiple parcels
endorsement, NM form 66, is issued pursuant to 13.14.8.20, the premium for each
endorsement shall be one hundred dollars ($100) in addition to the premium
charged for the policy.
[13.14.10.39 NMAC - N, 5/15/2000; A, 7/1/2006; A, 7/1/2018]
13.14.10.47 ZONING,
UNIMPROVED LAND ENDORSEMENT: When a NM
form 64, zoning - unimproved land endorsement [(NM form 64)] or a NM
form 64.1, zoning - unimproved land - no applicable zoning ordinances
endorsement [(NM form 64.1)] is issued pursuant to 13.14.8.26 NMAC, the
premium shall be fifteen percent of the full basic premium rate. Agents shall receive commissions pursuant to
13.14.3.11 NMAC for liabilities up to $27,000,000; agents’ retention shall be
zero for liabilities greater than $27,000,000.
In no case shall the premium charge for the issuance of NM form 64 or NM
form 64.1 be less than $250. When
issuing multiple zoning endorsements simultaneously on an owner’s policy and a
loan policy or loan policies in a single transaction, only one premium shall be
charged calculated on the policy with the highest amount of insurance.
[13.14.10.47 NMAC - N, 7/1/2005, A, 3/1/2016; A, 7/1/2018]
13.14.10.48 ZONING-COMPLETED STRUCTURE ENDORSEMENT, ZONING - LAND UNDER DEVELOPMENT
ENDORSEMENT, AND ZONING COMPLETED STRUCTURE - NO APPLICABLE ZONING ORDINANCES
ENDORSEMENT: When a NM form 65,
zoning - completed structure endorsement [(NM form 65)], a NM form
65.1, zoning - land under development endorsement [(NM form 65.1)] or
a NM form 65.2, zoning - completed structure - no applicable zoning
ordinances endorsement [(NM form 65.2)] is issued pursuant to 13.14.8.27
NMAC, the premium shall be twenty-three percent of the full basic premium
rate. Agents shall receive commissions
pursuant to 13.14.3.11 NMAC for liabilities up to $27,000,000; agents’
retention shall be zero for liabilities greater than $27,000,000. In no case shall the premium charge for the
issuance of NM form 65, NM form 65.1 or NM form 65.2, be less than $250. When issuing multiple zoning endorsements
simultaneously on an owner’s policy and a loan policy in a single transaction,
only one premium shall be charged calculated on the policy with the highest
amount of insurance.
[13.14.10.48 NMAC - N, 7/1/2005; A, 7/31/2014; A, 3/1/2016; A, 7/1/2018]
13.14.10.61 MORTGAGE MODIFICATION ENDORSEMENTS:
A. When a mortgage modification
endorsement (NM form 80) or a modification with subordination endorsement (NM
form 80.1) is issued, the premium shall be [sixty-five dollars ($65)] one
hundred twenty-five dollars ($125.00) for each endorsement issued.
B. When a
mortgage with additional amount of insurance endorsement (NM form 80.2) is
issued, the premium shall be [sixty-five dollars ($65.00)] one
hundred twenty-five dollars ($125.00) plus an additional premium calculated
by determining the sum of: 1) the difference between the charge for a
loan policy in the amount of the current amount of insurance before the amount
of insurance is increased, and the charge for a loan policy in the amount of
the increased insurance utilizing the appropriate brackets in the schedule of
basic premium rates in effect as of the date of the endorsement; and 2) for
all endorsements for which the premium is calculated as a percentage of the
policy premium, or otherwise based on the policy amount, the difference between
the charge for the endorsements issued for a loan policy in the amount of the
current amount of insurance before the amount of insurance is increased and the
charge for such endorsements calculated on the amount of the loan policy in the
amount of increased insurance, utilizing the appropriate brackets in the
schedule of basic premium rates in effect as of the date of the endorsement. The minimum combined charge for the NM form
80.2 endorsement is [ninety dollars ($90.00)] one hundred
seventy-five dollars ($175.00) for each endorsement issued.
[13.14.10.61
NMAC - N, 3/1/2016; A, 7/1/2018]
[13.14.10.64 NMAC – N, 7/1/2018]