Pub. 11 2014 Issue 1

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S Spring • 2014 9 to federal policy and the policies of our neighboring states of Arizona, Colorado and Utah. Signed by Governor. Senate Bill 9 – One Stop Business Portal Act (Papen). The bill directs the state department of information technol- ogy to develop and maintain a web site that is free, user friendly, searchable and accessible to the public in order to con- duct business transactions electronically. The site may provide a single point of entry that allows users to access taxation information, make taxation filings and payments, access workers’ compensation information, complete and submit ap- plications for licenses, registrations and permits and other documents issued by state agencies that are required for trans - action of business in NewMexico. Signed by Governor. Senate Memorial 11 and House Memo- rial 15 – Foreclosure Study (Sen. Padilla/ Rep. Chasey). Memorials request the United South Broadway Corporation, a nonprofit community development cor - poration that provides housing counseling and foreclosure legal defense, to convene a task force to study the foreclosure process in New Mexico and make recommenda- tions to the Legislature. The task force will be made up of housing corporation representatives, independent living re- sources, community bankers, mortgage bankers, senior citizens organizations, the NewMexicoMortgage Finance Authority, veteran’s organizations, the Municipal League, the Association of Counties, title insurance officers, local homeowners, New Mexico Bar Association and a mem- ber of the Judiciary. Bills, Resolutions and Memo- rials Not Approved by Legis- lature A majority of the bills and resolutions the NMBAwas following failed including: • Data Breach Notification Act; • Interest rate caps on car titles and payday loans; • Minimum wage increase; • Increase in funding from the Land Grant Permanent Fund for early childhood education; • Reinstituting Glass-Steagall (me- morial); • Authorization for warrants of levy upon a financial institution for collection of tax from a delinquent taxpayer in electronic format; • Mandatory combined corporate income tax reporting for unitary corporate banks; and • Post-performance tax incentives. Courts Foreclosure Settlement Facilitation Projection. The 13th Judicial District Court with the assistance of the New Mexico Attorney General has initiated a Foreclosure Facilitation Project for San- doval and Valencia Counties. The 2-year project is funded by National Mortgage Settlement funds received by the New Mexico Attorney General. The foreclosure settlement facilitation process includes: • Referral. Upon filing the return of service, the district court will issue an order of referral for settlement facilitation for all foreclosure cases. The Project is intended for owner-occupied residences of 4 units or fewer. • Stay. The order stays litigation for 20 days, during which defendant homeowners must attend an infor- mation workshop. • Workshop. The workshop will pro- vide basic foreclosure information provided by the court. Defendant’s failure to attend the workshop will end the stay and defendant will have 30 days to file an answer. • Loss Mitigation Deadlines. With- in 5 business days of the order, Plaintiff’s attorney shall certify whether an application for loss mitigation is pending. If not, Plaintiff’s attorney shall deliver to the defendant homeowners an application for loss mitigation. Within 21 business days of the order defendant homeowners are required to submit the application for loss mitigation to Plaintiff’s at- torney. Within 28 business days of the order Plaintiff’s attorneys hall inform he defendant homeowners if any additional documentation in necessary. Defendant is required to submit the requested documenta - tion within 5 additional business days. Deadline for loss mitigation decision is 65 business days of the order. • Other Information. The NMBA would be please to supply any ad- ditional information that you may require. n visit us online! www.nmbankers.com www.nmbankers.com www.facebook.com/pages/New-Mexico-Bankers-Association/371559049590485 n  continued from page 7