Section 58-21A-12 – Application of Unfair Practices Act.
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, § […]
Section 58-21A-1 – Short title.
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 […]
Section 58-21A-2 – Findings.
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; […]
Section 58-21A-3 – Definitions.
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 […]