The bill amends Section 47-16-6 of the New Mexico Statutes to impose restrictions on homeowners associations regarding the foreclosure of liens. Specifically, it prohibits associations from foreclosing on liens that are less than twelve months delinquent, amount to less than five thousand dollars ($5,000), or consist solely of fines. This change aims to provide greater protection for homeowners by ensuring that they are not subjected to foreclosure for minor delinquencies or fines.

Additionally, the bill clarifies that an association's lien on a property arises from assessments or fines that become due, and it retains the ability to foreclose on such liens in a manner similar to mortgage foreclosures, but with the newly established limitations. The bill also maintains the requirement for associations to provide a recordable statement of unpaid assessments upon request from a lot owner, ensuring transparency in the association's financial dealings.

Statutes affected:
introduced version: 47-16-6