FORTY-NINTH LEGISLATURE

FIRST SESSION

March 5, 2009

SENATE FLOOR AMENDMENT number ___1___ toSENATE BILL 342, as amended

Amendment sponsored by Senator Phil A. Griego

    1. On page 65, strike lines 1 through 10 in their entirety and insert in lieu thereof the following new section:

    "Section 40. Section 58-21-18 NMSA 1978 (being Laws 1983, Chapter 86, Section 18, as amended by Laws 2001, Chapter 251, Section 11 and by Laws 2001, Chapter 264, Section 11) is amended to read:

    "58-21-18. PERMISSIBLE CHARGES.--In connection with any loan originated, brokered, negotiated or made by a [registrant] licensee pursuant to the Mortgage Loan Company [and Loan Broker] Act, a [broker may] mortgage loan company shall not collect, charge or receive broker fees in excess of six percent of the principal amount of the loan. A [registrant] licensee may charge reasonable settlement, origination, transaction and other fees or charges not otherwise prohibited or limited by applicable state or federal laws."".

                                    _______________________________

                                    Phil A. Griego

Adopted ___________________ Not Adopted ________________________

          (Chief Clerk)                (Chief Clerk)

                  Date _________________