2-12-5. Mortgage Finance Authority Act oversight committee;
171 words·~1 min read·
/nm/chapter-2-legislative-branch/article-12-oversight-committees/2-12-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
powers and duties.
The Mortgage Finance Authority Act oversight committee created by the provisions of Subsection W of Section 58-18-5 NMSA 1978 shall have the power to:
A. determine and monitor the actual distribution of funds derived by the authority from bond issues and other activities of the authority under the provisions of the Mortgage Finance Authority Act [Chapter 58, Article 18 NMSA 1978], both on a geographical basis and on the basis of the actual distribution to participants in its programs;
B. monitor the authority in its control of the issuance of mortgage commitments;
C. meet on a regular basis to receive and evaluate periodic reports from the authority as to its enforcement of the provisions of the Mortgage Finance Authority Act and the regulations adopted pursuant thereto; and
D. require the authority to document the need to the oversight committee regarding the issuance of any bonds.
History: 1978 Comp., § 58-18-5.1, enacted by Laws 1981, ch. 173, § 1; recompiled as 1978 Comp., § 2-12-5.
2-12-6 to 2-12-10. Repealed.