New Mexico 2025 Regular Session

New Mexico House Bill HB118 Compare Versions

Only one version of the bill is available at this time.

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28	28	HOUSE BILL 118
29	29	57
30	30	TH LEGISLATURE
31	31	-
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33	33	STATE
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35	35	OF
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37	37	NEW
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39	39	MEXICO
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41	41	-
42	42	FIRST SESSION
43	43	,
44	44
45	45	2025
46	46	INTRODUCED BY
47	47	Kathleen Cates
48	48	AN ACT
49	49	RELATING TO FINANCE; ENACTING THE PROFESSIONAL RECRUITMENT AND
50	50	RETENTION ACT; PROVIDING FOR PROGRAM ADMINISTRATION BY THE NEW
51	51	MEXICO MORTGAGE FINANCE AUTHORITY; PROVIDING LOANS FOR SERVICE
52	52	TO PROFESSIONALS FOR EXPENSES RELATED TO THE PURCHASE OF A
53	53	HOME; CONDITIONING LOANS ON PRACTICE IN NEW MEXICO; PROVIDING
54	54	TERMS FOR REPAYMENT; MAKING AN APPROPRIATION.
55	55	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
56	56	SECTION 1. [NEW MATERIAL] SHORT TITLE.--This act may be
57	57	cited as the "Professional Recruitment and Retention Act".
58	58	SECTION 2. [NEW MATERIAL] DEFINITIONS.--As used in the
59	59	Professional Recruitment and Retention Act:
60	60	A. "authority" means the New Mexico mortgage
61	61	finance authority;
62	62	B. "loan" means a contract between the authority
63	63	.228637.1 underscored material = new
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90	90	and a professional to finance the purchase of a home;
91	91	C. "program" means the professional recruitment and
92	92	retention housing loan for service program; and
93	93	D. "qualified professional" means a person who
94	94	meets the requirements of the Professional Recruitment and
95	95	Retention Act and is one of the following:
96	96	(1) a registered nurse licensed pursuant to
97	97	the Nursing Practice Act;
98	98	(2) a dentist or dental hygienist licensed
99	99	pursuant to the Dental Health Care Act;
100	100	(3) a physician licensed pursuant to the
101	101	Medical Practice Act;
102	102	(4) a physician assistant licensed pursuant to
103	103	the Physician Assistant Act;
104	104	(5) an anesthesiologist assistant licensed
105	105	pursuant to the Anesthesiologist Assistants Act;
106	106	(6) a psychologist licensed pursuant to the
107	107	Professional Psychologist Act;
108	108	(7) a pharmacist licensed pursuant to the
109	109	Pharmacy Act;
110	110	(8) an occupational therapist licensed
111	111	pursuant to the Occupational Therapy Act;
112	112	(9) a physical therapist licensed pursuant to
113	113	the Physical Therapy Act;
114	114	(10) a respiratory care practitioner licensed
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143	143	pursuant to the Respiratory Care Act;
144	144	(11) a speech-language pathologist or an
145	145	audiologist licensed pursuant to the Speech-Language Pathology,
146	146	Audiology and Hearing Aid Dispensing Practices Act; and
147	147	(12) a social worker licensed pursuant to the
148	148	Social Work Practice Act.
149	149	SECTION 3. [NEW MATERIAL] PROFESSIONAL RECRUITMENT AND
150	150	RETENTION HOUSING LOAN FOR SERVICE PROGRAM CREATED--LOAN
151	151	APPLICANT ELIGIBILITY--QUALIFICATIONS.--
152	152	A. The "professional recruitment and retention
153	153	housing loan for service program" is created within the
154	154	authority. The authority may promulgate rules to carry out the
155	155	provisions of the Professional Recruitment and Retention Act.
156	156	B. The authority shall create an account for any
157	157	money designated for the program. Loans for the program shall
158	158	be provided from the account, and the account may consist of
159	159	subaccounts as the authority deems necessary.
160	160	C. The authority may grant a loan to a qualified
161	161	professional for the down payment or closing costs associated
162	162	with the purchase of a home in New Mexico in exchange for the
163	163	qualified professional practicing in the state for ten years at
164	164	no less than three-fourths of full-time employment.
165	165	D. Applications shall be submitted to the authority
166	166	on forms provided by the authority and shall include:
167	167	(1) documentation that the qualified
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196	196	professional earns a current annual income that is below one
197	197	hundred fifty-one percent of the area median income in the
198	198	county in which the home being purchased is located, adjusted
199	199	for family size, as determined by the United States department
200	200	of housing and urban development;
201	201	(2) a copy of the approved mortgage
202	202	application for the purchase of a home in New Mexico;
203	203	(3) proof of licensure provided to the
204	204	authority by the licensing body of the qualified professional;
205	205	and
206	206	(4) any other documentation required by the
207	207	authority.
208	208	SECTION 4. [NEW MATERIAL] PROGRAM REQUIREMENTS.--The
209	209	authority shall administer the program pursuant to the
210	210	following requirements:
211	211	A. a loan shall not exceed ten percent of the total
212	212	home purchase price limit as determined by the authority;
213	213	B. if granted, the loan provided by the authority
214	214	shall be a lien on the property for ten years, unless the
215	215	qualified professional pays off the loan. After the loan
216	216	recipient has completed the required ten years working as a
217	217	qualified professional in the state, the obligations of the
218	218	loan contract shall be met and the lien shall be removed; and
219	219	C. a loan shall be granted only one time in the
220	220	course of ten years.
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249	249	SECTION 5. [NEW MATERIAL] CONTRACTS--CANCELLATION--
250	250	REPAYMENT.--
251	251	A. A loan is a written contract between the
252	252	qualified professional and the authority. The general form of
253	253	the contract required shall be approved by the general counsel
254	254	of the authority and signed by the qualified professional and
255	255	by the authority. The contract shall state the terms of the
256	256	loan and the obligations of the qualified professional under
257	257	the program.
258	258	B. The authority may cancel a contract entered into
259	259	with a qualified professional for any reasonable cause deemed
260	260	sufficient by the authority.
261	261	C. The authority may sue in its own name to enforce
262	262	a contract and may seek other remedies available at law or in
263	263	equity.
264	264	D. A qualified professional who is provided a loan
265	265	and who moves out of state, does not work the required hours,
266	266	loses or allows to lapse the license to practice or who
267	267	otherwise violates the loan contract within:
268	268	(1) the first five years of the loan shall
269	269	reimburse the authority for the full amount of the loan at an
270	270	interest rate of five and one-half percent using the proceeds
271	271	from the sale of the property that was purchased using the
272	272	loan;
273	273	(2) five to seven years of the loan shall
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302	302	reimburse the authority for fifty percent of the loan at an
303	303	interest rate of five and one-half percent using the proceeds
304	304	from the sale of the property that was purchased using the
305	305	loan; or
306	306	(3) seven to ten years of the loan shall
307	307	reimburse the authority for twenty-five percent of the loan at
308	308	an interest rate of five and one-half percent using the
309	309	proceeds from the sale of the property that was purchased using
310	310	the loan.
311	311	E. The authority shall provide by rule for loan
312	312	forgiveness due to extenuating circumstances that are not
313	313	within the control of the loan recipient, such as serious
314	314	illness or incapacitation.
315	315	SECTION 6. [NEW MATERIAL] REPORTS.--The authority shall
316	316	make an annual report to the Mortgage Finance Authority Act
317	317	oversight committee by August 1 of its activities, including
318	318	the number of loans granted and the professions and locations
319	319	represented by the loans.
320	320	SECTION 7. APPROPRIATION.--Five million dollars
321	321	($5,000,000) is appropriated from the general fund to the
322	322	department of finance and administration for expenditure in
323	323	fiscal years 2025 and 2026 to contract with the New Mexico
324	324	mortgage finance authority to carry out the provisions of the
325	325	Professional Recruitment and Retention Act. Any unexpended or
326	326	unencumbered balance remaining at the end of fiscal year 2026
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