PERSONAL INSURANCE CREDIT INFO ACT CHANGES

HB 80 amends New Mexico's Personal Insurance Credit Information Act to prohibit insurers from using credit scores or credit information to set rates, deny coverage, or renew policies for personal insurance (like auto, home, or motorcycle insurance). It specifically bans considering factors such as race, gender, occupation, or education in credit-based scoring and requires insurers to update credit information every 36 months. Insurers cannot deny coverage based solely on credit history without evaluating other underwriting factors permitted by law. This directly affects all insurance companies operating in New Mexico for personal insurance policies.