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#2256867 - 07/19/21 03:29 PM MLO # on Ad
Nicole Offline
100 Club
Joined: Nov 2018
Posts: 130
Hello,

Does anyone know if NM requires the MLO # on advertisements?

Thank you!

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#2256879 - 07/19/21 04:15 PM Re: MLO # on Ad Nicole
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,965
Galveston, TX
What sort of creditor are you - a bank or a State licensed lender?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2256883 - 07/19/21 04:24 PM Re: MLO # on Ad Nicole
Nicole Offline
100 Club
Joined: Nov 2018
Posts: 130
a bank

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#2256885 - 07/19/21 04:28 PM Re: MLO # on Ad Nicole
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,965
Galveston, TX
Then no. You are governed under the requirements of 12 CFR 1007.105.

https://www.bankersonline.com/regulations/12-1007-105
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2256893 - 07/19/21 05:18 PM Re: MLO # on Ad Nicole
Nicole Offline
100 Club
Joined: Nov 2018
Posts: 130
Ok thanks so much! So just so i can better understand, we fall under 12 CFR 1007.105, so therefore we don't need to, but can our state law require us too?

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#2256899 - 07/19/21 06:40 PM Re: MLO # on Ad Nicole
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,965
Galveston, TX
The New Mexico requirement can be found under: New Mexico Statutes Chapter 58. Financial Institutions and Regulations ยง 58-21B-24. Unique identifier shown

https://codes.findlaw.com/nm/chapte...nd-regulations/nm-st-sect-58-21b-24.html

But if you read Chapter 58 in total, which implements the New Mexico Mortgage Loan Originator Licensing Act, a depository institution is exempt from that Act.

If you have doubts, contact you State Banker's Association. I am sure they offer compliance support on State law issues.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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