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Overview
Mission
- The primary mission of the Financial Institutions Division is to license and regulate financial entities within its jurisdiction to promote a sound financial and economic environment and to safeguard consumer rights.
- The Division regulates state-chartered banks, state-chartered savings & loan associations (aka savings banks), state credit unions, state-certified independent trust companies, mortgage loan companies, small loan companies, money service businesses, and escrow companies. The Division also licenses other financial establishments such as small loan companies, collection agencies, mortgage firms, and escrow companies.
- Consumer protection is the underlying purpose of this Division that regulates over 14,700 financial institutions in New Mexico.
- Compliance is the primary focus in the administration of different rules, regulations, and acts related to non-depository industries (trust companies, collection agencies, endowed care cemeteries, small loan companies, motor vehicle sales finance companies, mortgage companies and loan brokers, escrow companies and money service businesses).
- Safety and soundness are the primary focus in the administration of the acts related to depository institutions (banks, credit unions, savings and loans).
To accomplish these goals the Division works closely with the Federal Deposit Insurance Corporation, the Federal Reserve Banks, and the National Credit Union Administration.
Important Notices to Customers of Roswell Escrow Services
NOTICE: We are experiencing extremely high call volume and it is filling up our voicemail system rapidly. To ensure everyone is able to make contact with the Division regarding Roswell Escrow Services, please email your contact information and questions to FID.questions@state.nm.us. This will be the best and quickest way to get a response.
The Financial Institutions Division of the New Mexico Regulation and Licensing Department is conducting an oversight examination of Roswell Escrow Services (RES) as per the statutory authority to oversee and regulate escrow companies pursuant to the New Mexico Escrow Act, § 58-22-1 through § 58-22-33 NMSA 1978.
The offices of RES are completely closed. No payments are being accepted, and no business activities are being conducted, at the RES offices located at 204 W. Second, Roswell, New Mexico. Clients of RES are instructed NOT to send payments to RES via U.S. Mail (or any other delivery service) and NOT to attempt to slide payments under the doors to the RES offices – such payments may be permanently lost, with no credit being applied to client accounts.
Roswell Escrow Services customers with questions about their accounts should read the letter below and can call the Financial Institutions Division hotline at 505-660-4687. Please see additional links below for more information regarding this issue.
Motor Vehicle Sales Finance Licensing Will Transition to the NMLS on November 1, 2019
UPDATE 11/1/2019: Companies holding the New Mexico Financial Institutions (FID) In State or Out of State Motor Vehicle Sales Finance license are required to submit a license transition request, not a renewal request, through NMLS by filing a Company Form (MU1) and an Individual Form (MU2) for each of their control persons by December 31, 2019. The Motor Vehicle Sales Finance In State or Out of State license will be available in NMLS to submit the transition request starting November 1, 2019. The transition to NMLS for this license is required. Additionally, for each branch holding a Motor Vehicle Sales Finance Branch In State or Out of State license, a company must complete and submit a Branch Form (MU3) through NMLS. Note: If you already have a record in NMLS and have submitted these forms in the past, you do not need to re-enter your company information into NMLS. You will only need to identify the business activities your company conducts and the states in which the various activities are conducted. Then, you will select the appropriate license in NM, and complete a few state-specific fields. It is important that current licensees have the appropriate transition number available when completing and submitting their Company Form (MU1), so they are not charged a new application fee. The transition number will be your current license number issued on your 2019 Motor Vehicle Sales finance license. For questions pertaining to licensing, you may call licensing specialist Johanna Sandoval at (505)-476-4559.
The New Mexico Financial Institutions Division (FID) is proud to announce that starting November 1, 2019, the FID will begin using NMLS to manage Motor Vehicle Sales Finance Company (MVSF) Licensing. Through NMLS, your company will be able to apply for, amend, and renew its license authority conveniently and safely online. Guidance has been sent to all licensees and it provides current licensees with important information to help them prepare to use NMLS. All renewals for 2020 will need to be done in the NMLS. Use the following link to review the guidance.
Motor Vehicle Sales Finance Licensing Guidance For Transition to NMLS
License Revocations / Denials:
Click the link below for Director's order to revoke or deny a license.
Verified Petition for Appointment of Receiver for Masonic Cemetery Association of Las Vegas, NM
To view the documents, click on the document name.
FID Notice of Pending Matter and of Hearing - FID v Masonic Cemetery Assoc. of Las Vegas et al
FID Verified Petition for Appointment of Receiver - and Attachments Masonic Cemetery Assoc. of Las Vegas
Financial Institutions Division's Explanatory Statement Concerning Rules Adopted on Small Loans and Amendments Thereto.
Public Comments
Regulatory Alert: The Advantage Group - Collection Agency
Click the following link to view the Regulatory Alert issued by the Financial Institution Division on September 24, 2019.
The Advantage Group Regulatory Alert
Desert State Life Management Updates
Press releases and significant court filings
February 22, 2019: Donisthorpe Sentenced to 144 Months in Prison - Department of Justice's Press Release
November 27, 2017: Paul A. Donisthorpe Pleads Guilty to Federal Wire Fraud and Money Laundering Charges, Sentencing Date to be Announced - U.S. Attorney's Office Press Release
November 2, 2017: FID files Receiver's Final Inventory and Report (Subject to Addendum as may be Authorized by the Court) - Receiver - Final Inventory Report - Subject to Addendum as Approved by Court
September 5, 2017: FID files initial inventory and monthly report with court - Receiver's Initial Inventory and First Monthly Report to Court
August 8, 2017: Judge Nash grants Petition for Injunction and Receivership for DSLM; Christopher Moya, Acting Director of the FID, appointed Receiver for DSLM - RECEIVER ORDER ENTERED BY COURT - D-202-CV-2017-0038 - FID-v-DSLM-et al-Order-Granting-Petition-for-Permanent-Injunction-and-Appointing-Receiver
August 3, 2017: Judge Nash orders declaratory judgment, permanent injunctive relief and appoints NM FID as receiver for DSLM - Order for Declaratory Judgment, Permanent Injunctive Relief, and Granting Application for Appointment of Receiver
July 5, 2017: Judge Nash grants motion for expedited hearing and TRO - Order Granting Motion for Expedited Hearing and Temporary Restraining Order
May 31, 2017: Case filed in the Second Judicial District Court, County of Bernalillo - Petition of Declaratory Judgment, Permanent Injunctive Relief, and Appointment of Receiver
Monthly Reports to Court
Bulletin Board
Licensing Instructions for the Money Services Business Industry
Please click the link below for NMLS information and instruction for licensing through the NMLS.
NMLS Information for the Industry
Regulatory Alert: Home Loan Protection Act
Click here for regulatory guidance regarding the Home Loan Protection Act 58-21A-4(N)(7).
Licensing Questions
Johanna Sandoval, Licensing Specialist
Phone (505) 476-4559
Email: johanna.sandoval@state.nm.us
Amanda Urban, Licensing Specialist
Phone (505) 476-4819
Email: amanda.urban@state.nm.us
Bank and Trust Questions
Rebecca S. Moore, Bank & Trust Industry Manager
Phone (505) 476-4567
Email: rebecca.moore@state.nm.us
Credit Union and Endowed Care Cemetery Questions
David Gee, Credit Union Industry Manager
Phone (505) 476-4563
Email: david.gee@state.nm.us
Small Loan, Collection Agency, Money Service Business, Motor Vehicle Sales Finance Company, and Repossessor Questions
Juan Trevizo, Consumer Industry Manager
Phone (505) 476-4519
Email: juan.trevizo@state.nm.us
Contact Licensing Specialist Johanna Sandoval @ (505) 476-4559 and you call will be directed accordingly.
Mortgage and Escrow Questions
Juan Trevizo, Mortgage Industry Manager
Phone (505) 476-4519
Email: juan.trevizo@state.nm.us
Contact Licensing Specialist Amanda Urban @ (505) 476-4819 and your call will be directed accordingly.
For more information contact:
Financial Institutions Division
P.O. Box 25101
Santa Fe, NM 87504
Phone: (505) 476-4885
Fax: (505) 476-4670