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 are solely for assessments consisting of fines. This change aims to provide greater protection for homeowners by ensuring that minor delinquencies do not lead to foreclosure actions.

Additionally, the bill clarifies that an association's lien on a property arises from the time an assessment or fine becomes due, and it retains the ability to foreclose on such liens in a manner similar to mortgage foreclosures, subject to the new restrictions. The legislation also mandates that upon a written request from a lot owner, associations must provide a recordable statement detailing any unpaid assessments within ten business days, ensuring transparency and accountability in the management of assessments.

Statutes affected:
introduced version: 47-16-6