Bill > HB36

This bill amends the existing New Mexico law on exemptions from legal action against property. The key provisions include: 1. Expanding the exemptions for personal property, such as increasing the exemption for motor vehicles from $4,000 to $10,000 and adding new exemptions for retirement funds, tax credits, and other benefits. 2. Increasing the homestead exemption from $60,000 to $150,000, with higher amounts for certain individuals like seniors and disabled persons. 3. Increasing the exemption in lieu of a homestead from $5,000 to $15,000 for residents who do not own a homestead. 4. Providing for cost-of-living adjustments to the exemption amounts every two years. 5. Repealing a section related to exemptions for married persons or heads of households. 6. Applying the provisions of the bill to actions filed on or after July 1, 2021.

Budget and Finance, Justice

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=36&year=21