Statutes > New Mexico Statutes > Chapter 56 - Commercial Instruments and Transactions. > Article 8 - Money, Interest and Usury, 56-8-1 through 56-8-30. > Section 56-8-30 - No prepayment penalty on home loans.

Section 56-8-30 - No prepayment penalty on home loans.

56-8-30. No prepayment penalty on home loans.

No provision in a home loan or a loan for a mobile home, the evidence of indebtedness of a home loan, a real estate contract or an obligation secured by a real estate mortgage or other purchase contract requiring a penalty or premium for prepayment of an installment payment or prepayment of the balance of the indebtedness is enforceable.