This bill enacts a new section of the Mobile Home Park Act that establishes requirements for notifying residents before the sale of a mobile home park and creates an opportunity for residents to purchase the park. Under the new provisions, mobile home park owners must provide written notice to each resident household and the executive director of the New Mexico mortgage finance authority before accepting any purchase offers. The notice must include the terms of the offer and inform residents of their rights. Residents will have the opportunity to purchase the park if they can demonstrate that at least fifty-one percent have approved the purchase and can secure financing within specified timeframes.

Additionally, the bill outlines the obligations of the owner to negotiate in good faith with residents who submit a purchase agreement that is substantially equivalent to a third-party offer. If the owner fails to comply with these requirements, they may be liable to the residents for a sum of $100,000 or 20% of the appraised value of the park, whichever is greater. Certain exceptions to the notice requirement are also included, such as sales resulting from foreclosure or transfers to family members. The bill allows for enforcement actions by the attorney general or residents, who may also recover attorney fees and costs if they prevail in such actions.