The proposed 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. This notice must include the terms of the offer and inform residents of their rights. Residents are granted 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. It also specifies that owners who fail to comply with these notice and opportunity requirements may be liable to the residents for a significant monetary amount or a percentage of the park's appraised value. Certain exceptions to the notice requirement are included, such as sales resulting from foreclosure or transfers to family members. The bill allows for enforcement actions by the attorney general or affected residents, who may also recover attorney fees and costs if they prevail in such actions.