summary
Introduced
02/02/2021
02/02/2021
In Committee
03/14/2021
03/14/2021
Crossed Over
03/04/2021
03/04/2021
Passed
03/16/2021
03/16/2021
Dead
Signed/Enacted/Adopted
03/17/2021
03/17/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO REAL ESTATE LICENSURE; ADDING A DEFINITION; AMENDING THE REAL ESTATE RECOVERY FUND ACT; CLARIFYING PROCEDURES; INCREASING RECOVERY LIMITS.
AI Summary
This bill amends the Real Estate Recovery Fund Act to increase the recovery limits for aggrieved persons who have a final judgment against a state-licensed qualifying broker or associate broker based on fraud, knowing or willful misrepresentation, or wrongful conversion of funds. Specifically, the bill increases the maximum recovery per judgment from $50,000 to $100,000, and the aggregate amount recoverable against any one licensee during a calendar year from $100,000 to $200,000. The bill also clarifies the procedures for filing a petition for recovery from the fund and allows the Real Estate Commission to compromise a claim.
Committee Categories
Budget and Finance, Business and Industry, Government Affairs
Sponsors (1)
Last Action
Signed by Governor - Chapter 106 - Apr. 6 (on 03/17/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=230&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/final/HB0230.pdf |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/house/HB0230.pdf |
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