The proposed bill introduces the crimes of residential and commercial deed theft into the Criminal Code of New Mexico, establishing specific definitions and penalties for these offenses. Deed theft is defined as the intentional alteration, forgery, or misrepresentation of property documents with the intent to deceive or unlawfully transfer ownership rights. The bill outlines various scenarios that constitute deed theft, including providing false information about property ownership and unlawfully obtaining real property through fraudulent means.

Penalties for deed theft are categorized based on the nature of the property involved. A third-degree felony is assigned for the theft of one commercial property, while a second-degree felony applies to the theft of one residential property, mixed-use properties with residential units, or two or more commercial properties. The most severe penalty, a first-degree felony, is designated for theft involving occupied residential properties or those owned by vulnerable individuals, such as seniors or incapacitated persons. Additionally, the bill establishes aggravated deed theft as a first-degree felony for those who commit theft of two or more residential properties.