The proposed bill enacts a new section of the Mobile Home Park Act that establishes specific notice requirements and an opportunity for residents to purchase a mobile home park before the owner can accept a bona fide third-party offer. Under the new provisions, owners must provide written notice to each resident household and the New Mexico mortgage finance authority, detailing the terms of the sale and the residents' rights. Residents are granted a 90-day period to submit a purchase agreement that matches the third-party offer, followed by additional timeframes to secure financing and close the sale. If the residents fail to meet these deadlines, their opportunity to purchase is terminated.

Additionally, the bill mandates that owners negotiate in good faith with residents if their proposed purchase agreement is not considered substantially equivalent to the third-party offer. Owners are required to provide a written reason for any rejection of the residents' offer. The bill also outlines the consequences for owners who fail to comply with these provisions, including potential liability to the residents and the requirement to record an affidavit certifying compliance with the notice requirements. The legislation aims to protect residents' rights and ensure they have a fair chance to purchase their mobile home park before it is sold to an outside party.