Summary:

 House Bill 440 (HB 440) restricts homeowners associations from foreclosing on liens that are less than twelve months delinquent, less than five thousand dollars ($5,000) or for assessments consisting solely of fines.  

Legislation Overview:

 House Bill 440 (HB 440) amends Section 47-16-6 NMSA 1978, providing that a homeowners association's lien may be foreclosed in the same manner as a mortgage on real estate, except in the case that the lien is: (1) less than twelve months delinquent; (2) in an amount of less than five thousand dollars ($5,000); or (3) for assessments consisting solely of fines.






 

Current Law:

 Current law does not specify the proposed exemptions regarding liens placed by homeowners associations.