New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL
Part 5 - HOME LOAN PROTECTION ACT - FLIPPING
Section 12.15.5.8 - KNOWINGLY AND INTENTIONALLY ENGAGING IN THE ACT OR PRACTICE OF FLIPPING
Universal Citation: 12 NM Admin Code 12.15.5.8
Current through Register Vol. 35, No. 18, September 24, 2024
For purposes of Section 58-21A-4(B) NMSA 1978, a creditor shall not have "knowingly and intentionally" engaged in the unfair act or practice of flipping a home loan when the new loan provides a "reasonable, tangible net benefit" to the borrower. A creditor shall have "knowingly and intentionally" engaged in the unfair act or practice of flipping a home loan when the new loan does not provide a "reasonable, tangible net benefit" to the borrower and the creditor made the new loan with the intent and knowledge that the new loan did not provide a reasonable, tangible net benefit to the borrower.
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