HOUSE BILL 862

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

INTRODUCED BY

Rhonda S. King

AN ACT

RELATING TO MONEY, INSTRUMENTS AND USURY; PROHIBITING A PREPAYMENT PENALTY FOR MORTGAGES OR OTHER PAYMENTS ON PURCHASE OF A MOBILE HOME.

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

     Section 1. Section 56-8-30 NMSA 1978 (being Laws 1980, Chapter 64, Section 9) is amended to read:

     "56-8-30. NO PREPAYMENT PENALTY ON HOME LOANS.--No provision in a home loan or a loan for a mobile home, the evidence of indebtedness of a home loan, a real estate contract or an obligation secured by a real estate mortgage or other purchase contract requiring a penalty or premium for prepayment of an installment payment or prepayment of the balance of the indebtedness is enforceable."

.177335.1