Chapter 58, Article 21A NMSA 1978 may be cited as the “Home Loan Protection Act”. History: Laws 2003, ch. 436, § 1; 2009, ch. 122, § 54. ANNOTATIONS Applicability. — Laws 2003, ch. 436, § 19, effective June 20, 2003, provided that the provisions of the Home Loan Protection Act apply to all home loans […]
Counties and municipalities, including home rule counties and municipalities, are prohibited from enacting and enforcing ordinances, resolutions or rules regulating financial or lending activities or imposing reporting requirements or any other obligations upon creditors regarding home loans that are subject to the Home Loan Protection Act. History: Laws 2003, ch. 436, § 10. ANNOTATIONS Effective […]
A. Notwithstanding any other provision of law, any person who purchases or is otherwise assigned a high-cost home loan shall be subject to all affirmative claims and any defenses with respect to the loan that the borrower could assert against the original creditor of the loan; provided that this subsection shall not apply if the […]
A violation of the Home Loan Protection Act constitutes an unfair or deceptive trade practice pursuant to the Unfair Practices Act [Chapter 57, Article 12 NMSA 1978]. History: Laws 2003, ch. 436, § 12. ANNOTATIONS Effective dates. — Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § […]
The financial institution division of the regulation and licensing department shall enforce the provisions of the Home Loan Protection Act and, after consulting with the attorney general and considering similar rules of the federal housing administration and the federal department of veterans affairs, shall adopt rules required pursuant to Subsection H of Section 5 [58-21A-5 […]
The Home Loan Protection Act shall be liberally construed to carry out its purpose. History: Laws 2003, ch. 436, § 14. ANNOTATIONS Effective dates. — Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature. […]
The legislature finds that: A. abusive mortgage lending has become an increasing problem in New Mexico, exacerbating the loss of equity in homes and causing the number of foreclosures to increase in recent years; B. one of the most common forms of abusive lending is the making of loans that are equity-based, rather than income-based; […]
As used in the Home Loan Protection Act: A. “adjustable rate home loan” means a home loan that has an initial interest rate that adjusts to a variable interest rate at the end of a specified initial period or subsequent periods of time during the remaining term of the home loan; B. “affiliate” means a […]
A. No creditor shall finance, directly or indirectly, credit life, credit disability, credit unemployment or credit property insurance, or any other life or health insurance, or any payments directly or indirectly for any debt cancellation or suspension agreement or contract, provided that nothing in this subsection prohibits the payment or receipt of insurance premiums or […]
A. No creditor or mortgage loan originator making a high-cost home loan shall directly or indirectly finance any points or fees in excess of two percent of the principal loan amount. B. No creditor shall make a high-cost home loan that contains a provision that increases the interest rate after default, provided that this provision […]
A. Before an action is filed to foreclose or collect money due pursuant to a home loan or before other action is taken to seize or transfer ownership of property subject to a home loan, the creditor or creditor’s assignee of the loan shall deliver to the borrower a notice of the right to cure […]
ANNOTATIONS Repeals. — Laws 2004, ch. 13, § 1 repeals 58-21A-7 NMSA 1978, being Laws 2003, ch. 436, § 7, effective February 27, 2004, relating to claims against certain sellers. For provisions of former section, see the 2003 NMSA 1978 on NMOneSource.com.
No person shall, with the intent to avoid the application or provisions of the Home Loan Protection Act: A. divide a loan transaction into separate parts; B. structure a home loan transaction as an open-end loan when the loan would have been a high-cost home loan if the loan had been structured as a closed-end […]
A. A borrower harmed by a violation of the Home Loan Protection Act may bring a civil action to recover: (1) actual damages, including consequential and incidental damages; (2) statutory damages equal to two times the finance charge paid under the loan and forfeiture of the remaining interest under the loan; (3) punitive damages, when […]
