Bill > SB365

This bill amends existing laws in New Mexico to change the prohibitions and requirements relating to certain adjustable rate home loans. The key provisions of the bill include: prohibiting lenders from financing certain types of insurance or debt cancellation products; prohibiting "flipping" of home loans without a reasonable, tangible net benefit to the borrower; requiring lenders to document and consider the borrower's ability to repay the loan; prohibiting certain practices with adjustable rate loans, such as caps on payment increases that could lead to negative amortization; and placing restrictions on late payment fees, prepayment penalties, and other lending practices. The bill aims to protect borrowers and promote responsible lending practices for adjustable rate home loans.

Budget and Finance, Business and Industry, Justice

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=365&year=21