NOTE: As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature. The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used for other purposes.

The most recent FIR version (in HTML & Adobe PDF formats) is available on the Legislative Website. The Adobe PDF version includes all attachments, whereas the HTML version does not. Previously issued FIRs and attachments may be obtained from the LFC in Suite 101 of the State Capitol Building North.

F I S C A L I M P A C T R E P O R T

SPONSOR:	Komadina		DATE TYPED:	1/30/03		HB
SHORT TITLE:		Homestead Bankruptcy Exception Act				SB	83
					ANALYST:		L. Kehoe

APPROPRIATION

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

FY03

FY04

NFI

(Parenthesis ( ) Indicate Expenditure Decreases)

Duplicates House Bill 363

SOURCES OF INFORMATION

New Mexico Mortgage Finance Authority (MFA)

SUMMARY

Synopsis of Bill

Senate Bill 83 exempts a debtor’s homestead from the processes of the bankruptcy court and prohibits any judgment, decree or execution of a lien against it in bankruptcy court except for the payment of taxes, tax assessments or obligations contracted for the purchase, improvement or repair of the homestead. The homestead exemption is limited to the owner of the homestead and his heirs.

Significant Issues

Senate Bill 83 would give affordable housing providers the ability to file a lien on the homestead owners’ property for debt owed to providers for housing improvements or repair. The bill further protects the rights of the home improvement providers to secure a means for recovery of their costs due through the lien proviso.

CONFLICT, DUPLICATION, COMPANIONSHIP, RELATIONSHIP

Senate Bill 83 duplicates House Bill 363.

F I S C A L I M P A C T R E P O R T

SOURCES OF INFORMATION

LMK/yr