SENATE BILL 913

47th legislature - STATE OF NEW MEXICO - first session, 2005

INTRODUCED BY

Shannon Robinson

AN ACT

RELATING TO FINANCIAL INSTITUTIONS; ENACTING A NEW SECTION OF THE HOME LOAN PROTECTION ACT TO PROVIDE FOR EXEMPTIONS TO THAT ACT.

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

     Section 1. A new section of the Home Loan Protection Act is enacted to read:

     "[NEW MATERIAL] EXEMPTIONS.--Exempted from provisions of the Home Loan Protection Act are home loans that:

          A. are acquired by a national or state-chartered bank, savings association or credit union;

          B. can be purchased by the federal national mortgage association, the federal home loan mortgage association or the federal home loan bank;

          C. are to be insured by the United States department of housing and urban development;

          D. are to be guaranteed by the United States department of veterans affairs;

          E. are to be made or guaranteed by the United States department of agriculture rural housing service; or

          F. have a principal that exceeds the conforming loan size limit for a single-family dwelling as established by the federal national mortgage association."

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