Governor Signs AARP Supported Bills into Law

Source: AARP.org

Governor Signs AARP Supported Bills into Law

AARP New Mexico volunteers were invited by Gov. Bill Richardson April 3 to partake in the ceremony of his signing House Bill 488, Title Insurance Regulation, sponsored by Speaker of the House Rep. Ben Lujan.

The new law will change the way title insurance works in New Mexico.  HB 488 injects competition into title insurance processes, allowing consumers to shop for the best price. New Mexico was one was one of three states without a competitive market for title insurance.

The bill also allows reduced fees for those individuals seeking to refinance a mortgage. 

In recent years there has been ongoing discussion that title insurers were getting too much in closing costs fees on new and refinanced mortgages. Some consumers will be able to save 20 to 60 percent on refinancing charges.

Both the governor and the sponsor of the bill, House Speaker Ben Lujan, acknowledged AARP‘s efforts in title insurance reform. It was noted that the independent title insurers were at the table in helping make sure small title companies could live with the changes.  The independents say business is down and hinted a change in fee structure might jump start some business for them.  Leonel Garza, chair of the AARP State Legislative Committee, represented AARP.  Others at the conference included: the Public Regulation Commission, Think New Mexico, Laguna Pueblo, and Youth Development, Inc.

AARP volunteers tracked and testified before state Legislative Committees on 150 different bills. Other AARP supported bills signed into law by Gov. Richardson included:

•    SB342, the Mortgage Loan Originator Act: sponsored by Sen. Phil Griego, passed both houses unanimously. The bill modifies the Home Loan Protection Act, which was enacted in 2004 to prohibit predatory mortgage practices in the state and is largely credited for keeping New Mexico’s foreclosure rate among some of the lowest in the country.

The new bill requires individuals making residential home loans to be licensed on an annual basis. It also seeks to strengthen certain consumer protections on subprime loans.

•    SB468, Propane Dealer Regulations: sponsored by Sen. Phil Griego. The bill requires the Public Regulation Commission to protect consumer rights with respect to propane services.

•    HB 161 Powers of Guardians Clarified: sponsored by Rep. Bill O’Neill. The bill clarifies and provides consistency throughout state statutes that authorize guardians to act on behalf of protected persons. The bill also strengthens protections for individuals under a guardian’s care.

•    House Bill 279, Expands Identity Theft Laws: sponsored by Rep. Thomas A. Anderson. The bill expands current laws on identity theft providing more victim protections and sets a five-year statute of limitations from the date of discovery.

•    Senate Bill 408, Hospital Acquired Infections: sponsored by Sen. Dede Feldman. The bill establishes an advisory committee through the Department of Health to conduct the surveillance of hospital-acquired infections.

•    Senate Bill 278, Electronic Medical Records Act: sponsored by Sen. Peter Wirth. The bill provides for the use, disclosure, retention and protection of electronic medical records.

•    Senate Bill 129, Pharmacies Required to Provide Current Retail Prices: sponsored by Sen. Peter Wirth. The bill requires pharmacies to maintain and provide current retail price information -- the cash price to a consumer who does not have insurance – for any dosage or quantity upon request by a consumer or the Attorney General’s Office.