law

Real Estate Recovery Fund (New Mexico)

New Mexico's fund under NMSA 61-29-20 through 61-29-29, administered by the Commission, that pays uncollectible court judgments against brokers. It pays up to $50,000 per judgment in unpaid actual damages regardless of the number of claimants or parcels, and up to $100,000 per calendar year for all claimants against one licensee. After the court judgment, the petition goes to the Commission. If money is short, claims are paid in the order filed with 8% interest. The broker cannot renew until repaying the fund, and the broker's spouse cannot claim.