SENATE BILL 284

45th legislature - STATE OF NEW MEXICO - first session, 2001

INTRODUCED BY

Phil A. Griego







AN ACT

RELATING TO INSURANCE; PROHIBITING THE CANCELLATION OF HOMEOWNER'S INSURANCE ON THE BASIS OF INFORMATION FROM CREDIT REPORTS.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. A new section of Chapter 59A, Article 16 NMSA 1978 is enacted to read:

"[NEW MATERIAL] PROHIBITION AGAINST CANCELING HOMEOWNER'S INSURANCE BASED ON CREDIT REPORT.--An insurer shall not cancel a homeowner's insurance policy based upon the receipt of an unsatisfactory credit report on the insured if the policy is in good standing and payment of premiums is current."

.135002.1