N.M. Admin. Code § 14.12.1.12

Current through Register Vol. 35, No. 21, November 5, 2024

Section 14.12.1.12 - STANDARD OF CONDUCT

A. Any dealer, salesperson, or broker who receives any consideration for arranging the transfer of equity or the assumption of a loan on a manufactured home shall ascertain whether such manufactured home has a lien or security interest filed on it with the motor vehicle division of the New Mexico department of taxation and revenue. Such licensee shall insure that written consent is obtained from the holder of the lien or security interest, if any, approving the transferee's assumption of the transferor's obligation to the lien holder within ten (10) days prior to the effective date of the transfer. For purposes of this subsection, "assumption of a loan" means any substitution or attempt to substitute the responsible persons on the contract or agreement of repayment of amounts owed to a lender and includes "wraparound" agreements.

B. No licensee shall aid or abet an unlicensed person to evade the provisions of the act or these rules; knowingly combine or conspire with, or act as an agent, partner, or associate for an unlicensed person.

C. It is a violation of the Manufactured Housing Act and these rules to act outside the scope of or to misrepresent intentionally or unintentionally the scope of any license issued by the division.

D. All conditions of a sales contract signed by a dealer or broker and homeowner must be completed within ninety (90) days from the date of delivery unless otherwise signed and agreed to by both parties.

E. A copy of a purchase agreement and sales contract signed by both the licensee and purchaser are to be given to the purchaser at the time of signing or closing.

F. When a licensed dealer or licensed manufacture agrees to provide any installation in connection with the sale or lease of a mobile or manufactured home, the licensed dealer or licensed manufacture must confirm that the installer or repairman is licensed in accordance with these rules and the act. Confirmation is a copy of the current license or verification of licensure printed from the division webpage and must be retained in the customers file and be available for inspection by the division.

G. When a licensed dealer or licensed manufacture agrees to provide any foundation work in connection with the sale or lease of a mobile or manufactured home, the licensed dealer or licensed manufacture must confirm that the general building contractor (GB-2, GB-98, or GS-4) is licensed in accordance with these rules and the act. Confirmation is a copy of the current license or verification of licensure printed from the division webpage and must be retained in the customers file and be available for inspection by the division.

N.M. Admin. Code § 14.12.1.12

14.12.1.12 NMAC - Rp, 14.12.1.11 NMAC, 12-01-10