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the New Mexico Statutes
2011 New Mexico Statutes
Chapter 48: Liens and Mortgages
Article 7: Mortgages, 48-7-1 through 48-7-24
Section 48-7-22: Due-on-sale policy on nonregulated contracts.
Universal Citation:
NM Stat § 48-7-22 (1996 through 1st Sess 50th Legis)
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48-7-22. Due-on-sale policy on nonregulated contracts.
In the exercise of its option under a due-on-sale clause, a lender is encouraged to permit an assumption of a real property loan at the existing contract rate or at a rate which is at or below the average between the contract and market rates, and nothing in this act [48-7-15 to 48-7-24 NMSA 1978] shall be interpreted to prohibit any such assumption.
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