NM Real Estate-Related Bills Passed by the Legislature
The following bills were passed by the Legislature and are on the Governor’s desk awaiting his approval or veto:
–HB 261: Disclosure of Property Taxes. The bill requires the seller or seller’s broker to obtain a written estimate of future property taxes from the County Assessor and that a buyer acknowledge receipt of the disclosure. The Realtors Association of New Mexico (RANM) insisted on amendments that required the County Assessor to provide the projected tax information, and on the addition of a provision that protects real estate brokers from liability.
–SB 342: Mortgage Loan Originator Act. This bill requires licensure of those engaged in the business of making residential home loans, but the original version did not exempt seller financing. Amendments offered by RANM were accepted in the bill and seller financing is now preserved in the version approved by the Legislature. The legislation was modeled after the Federal SAFE act, enacted by the U.S. Congress last year. At RANM’s request, the National Association of Realtors. NAR is now working to ensure that seller financing is exempt in federal legislation as well.
–HB47: Indian Subdivision Notification. HB 37 requires county commissioners to request opinions concerning a proposed subdivision from each Indian nation, tribe or pueblo that submits a written request for notification. RANM amendments accepted by the Legislature require a tribe to indicate how a cultural resource may be impacted by a subdivision, so that a subdivider may respond adequately to an adverse opinion. (the original wording by the author required only that the tribes indicate whether there was a negative impact.)
–HB 862: No Penalty for Mobile Home Payoffs. This bill prohibits lenders from applying a prepayment penalty on mobile home loans. Current law only prohibits prepayment penalties on a home loan.
NOTE: Only HB 37 has been signed into law by the Governor. The Governor has until April 10, 2009 to sign, veto, or pocket-veto the other measures.
To see bills acted on by the Governor of New Mexico during the current legislative session, visit the NM Legislature site.
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