A license authorizes the holder to do something that he or she would not be entitled to do without the license. Licensing may be directed toward revenue raising purposes, or toward regulation of the licensed activity, or both. Statutes frequently require that a person obtain a license before practicing certain professions such as law or medicine, or before carrying on a particular business such as that of a real estate broker or stock broker. If the license is required to protect the public from unqualified persons, an assignment of that license to secure a loan would probably not be enforceable.
New Mexico Assignment of Business License as Security for a Loan
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US-01467BG
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How to fill out Assignment Of Business License As Security For A Loan?
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Section 32 of Regulation Z implements the Home Ownership and Equity Protection Act of 1994 (HOEPA). HOEPA protects consumers from deceptive and unfair practices in home equity lending by establishing specific disclosure requirements for certain mortgages that have high rates of interest or assess high fees and points.
2021 New Mexico Statutes. Chapter 58 - Financial Institutions and Regulations. Article 21A - Home Loan Protection. Section 58-21A-5 - Limitations and prohibited practices for high-cost home loans.
Licensing: Every lender offering title loans in New Mexico must be licensed under the New Mexico Regulation and Licensing Department (4). 4. Repossession Laws: In the case of a loan default, New Mexico law allows the lender to repossess and sell the vehicle (5).
The goal of HOEPA is to stop abusive practices in refinances and closed-end home equity loans that have higher interest rates or high fees. If you decide to take out a "high-cost mortgage," meaning the interest rate or fees exceed specific amounts, HOEPA provides you with protection against abusive lending practices.
The purpose of the New Mexico Mortgage Loan Originator Licensing Act [58-21B-1 NMSA 1978] is to protect consumers seeking mortgage loans.
STATE LICENSE AND PERMITS. New Mexico requires that several types of businesses obtain licenses. It also requires that practitioners of several professions obtain licenses (Boards and Commissions governs this area). If a business serves alcohol, it must obtain an additional license.
On January 1, 2023, House Bill 132 went into effect enacting a 36% annual percentage rate (APR) cap on loans up to $10,000 made under the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act (SLA).
Your mortgage will be considered a higher-priced mortgage loan (HPML) if the APR is a certain percentage higher than the APOR, depending on what type of loan you have: First-lien mortgages: If your mortgage is a first-lien mortgage, the lender of this mortgage will be the first to be paid if you go into foreclosure.