No person shall, with the intent to avoid the application or provisions of the Home Loan Protection Act:
A. divide a loan transaction into separate parts;
B. structure a home loan transaction as an open-end loan when the loan would have been a high-cost home loan if the loan had been structured as a closed-end loan; or
C. perform any other subterfuge.
History: Laws 2003, ch. 436, § 8.
Effective dates. — Laws 2003, ch. 436 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature.
Applicability. — Laws 2003, ch. 436, § 19A made the Home Loan Protection Act applicable to all home loans made or entered into after January 1, 2004.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 21A - Home Loan Protection
Section 58-21A-1 - Short title.
Section 58-21A-3 - Definitions.
Section 58-21A-4 - Prohibited practices and provisions regarding home loans.
Section 58-21A-5 - Limitations and prohibited practices for high-cost home loans.
Section 58-21A-6 - Default; notice; right to cure.
Section 58-21A-8 - Subterfuge prohibited.
Section 58-21A-9 - Civil action.
Section 58-21A-10 - Preemption.
Section 58-21A-11 - Actions based on home loans.
Section 58-21A-12 - Application of Unfair Practices Act.