HB 426 New Mexico House · 2025 Regular Session

MOBILE HOME PARK SALE NOTICES

HB 426 requires mobile home park owners to provide residents with specific written notice before selling the park, including details of any third-party offer and the residents' right to purchase. The bill gives residents 90 days to form a cooperative group (with 51% approval), secure financing within an additional 90 days, and close the purchase within 270 days total - matching the third-party offer's terms. If residents meet these deadlines, the owner must negotiate in good faith and cannot delay or refuse the purchase. The bill also mandates owners to record compliance affidavits and imposes penalties (up to $100,000 or 20% of the park's value) for noncompliance, though it was postponed indefinitely in the Senate in June 2025.

Issues: ✓ Housing

Bill status passed 3 of 5 stages cleared

Introduction

Feb 2025

Committee Review

Mar 2025

House Passage

Mar 2025

Senate Passage

Governor

Introduced Feb 13, 2025 Last action Jun 3, 2025

Maddy AI version diff · 1 comparison

What changed between versions

introduced version → CE substitute · 8 edits

MODERATE

This bill was revised to strengthen protections for mobile home park residents by adding new requirements for owners to negotiate in good faith, providing written reasons for rejecting resident offers, and clarifying when notice is not required. The substitute version also adds provisions allowing residents to assign their purchase opportunity and recording affidavits to prove compliance.

Scope change

The bill's scope remains the same (mobile home park sales), but applicability was expanded to include home rule municipalities and clarified that new offers restart the opportunity period.

REQUIREMENT

Changed the deadline for residents to submit purchase agreements from 90 days to 75 days, while keeping the financing deadline at 90 days.

Added a requirement that owners must negotiate in good faith if they reject a resident offer and must provide written reasons for rejection within three days.

Added a new provision requiring owners to make the same information available to residents as they would to a third-party buyer.

ENFORCEMENT

Added provisions allowing residents to assign their purchase opportunity to others and to record affidavits as proof of compliance.

Added a new provision allowing owners to accept third-party offers before providing notice if the agreement includes a promise to provide notice later.

Added provisions clarifying that owners cannot be required to provide financing to residents beyond what they would provide to a third-party buyer.

EXEMPTIONS

Added exemptions from notice requirements for foreclosures, family transfers, partnership transfers, financing-related conveyances, joint tenancy transfers, and eminent domain.

TIMELINE

Modified the closing timeline from a fixed 90-day period to a commercially reasonable time specified in the purchase agreement.

Floor votes · House Mar 17, 2025

How they voted

33–26

Passed · 7 other

Total votes 66

Mar 17, 2025

D Democratic40

33 Yea 2 Nay 5

82% Yea

R Republican26

24 Nay 2

92% Nay

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 17, 2025

Introduced

Sent to Senate Judiciary Committee

upper

Mar 17, 2025

Lower · Passed

passed House

lower

Mar 15, 2025

Lower · Passed

DO PASS committee report adopted

lower

Mar 11, 2025

Lower · Passed

DO NOT PASS, replaced with committee substitute

lower

Feb 13, 2025

Introduced

Sent to House Commerce & Economic Development Committee & House Judiciary Committee

lower

5 primary · 0 co-sponsors