HOUSE BILL 639

49th legislature - STATE OF NEW MEXICO - first session, 2009

INTRODUCED BY

Karen E. Giannini

AN ACT

RELATING TO FINANCIAL INSTITUTIONS; REQUIRING THAT ANY INSTITUTION OFFERING NO-COST MORTGAGE FINANCING IN OTHER STATES OFFER IT IN NEW MEXICO.

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

     Section 1. A new section of the Mortgage Loan Company and Loan Broker Act is enacted to read:

     "[NEW MATERIAL] NO-COST MORTGAGE FINANCING REQUIREMENT.--

          A. A lender that offers mortgage loans in New Mexico and that offers no-cost mortgage financing in a state other than New Mexico shall offer in this state no-cost mortgage financing pursuant to the same terms as in the other state.

          B. For the purposes of this section, "no-cost mortgage financing" means a mortgage for which the lender pays all of the borrower's settlement costs."

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