New Mexico 2025 Regular Session

New Mexico House Bill HB80 Compare Versions

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

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28	28	HOUSE BILL 80
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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39	39	MEXICO
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41	41	-
42	42	FIRST SESSION
43	43	,
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45	45	2025
46	46	INTRODUCED BY
47	47	Elizabeth "Liz" Thomson
48	48	AN ACT
49	49	RELATING TO INSURANCE; PROHIBITING THE USE OF CREDIT, EDUCATION
50	50	AND OCCUPATION INFORMATION IN UNDERWRITING, RATING AND RENEWING
51	51	CERTAIN INSURANCE POLICIES.
52	52	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
53	53	SECTION 1. Section 59A-17A-1 NMSA 1978 (being Laws 2005,
54	54	Chapter 275, Section 1) is amended to read:
55	55	"59A-17A-1. SHORT TITLE.--[This act ] Chapter 59A, Article
56	56	17A NMSA 1978 may be cited as the "Personal Insurance Credit
57	57	Information Act"."
58	58	SECTION 2. Section 59A-17A-4 NMSA 1978 (being Laws 2005,
59	59	Chapter 275, Section 4) is amended to read:
60	60	"59A-17A-4. USE OF CREDIT INFORMATION--LIMITS ON USE.--An
61	61	insurer or group of affiliated insurers authorized to do
62	62	business in New Mexico that uses credit information to
63	63	.229058.1 underscored material = new
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90	90	underwrite, rate or renew personal insurance coverage shall
91	91	not:
92	92	A. use an insurance score that is calculated using
93	93	income, gender, address, race, color, national origin, religion
94	94	or marital status of the consumer as a factor;
95	95	B. deny, cancel or fail to renew coverage, or base
96	96	a consumer's company placement, tier placement or rates, on the
97	97	basis of credit information or an insurance score without
98	98	consideration of other underwriting factors permitted by state
99	99	law;
100	100	C. consider an absence of credit information or an
101	101	inability to calculate an insurance score in underwriting,
102	102	rating or renewing personal insurance coverage unless the
103	103	insurer:
104	104	(1) classifies the consumer as having average
105	105	or better than average credit information for that insurer or
106	106	group of affiliated insurers; or
107	107	(2) excludes the use of credit information as
108	108	a factor in rating or underwriting personal insurance coverage;
109	109	D. take adverse action against a consumer based
110	110	upon credit information, or upon an insurance score calculated
111	111	from credit information, submitted more than ninety days before
112	112	the date of notice of the adverse action;
113	113	E. use credit information upon renewal unless the
114	114	insurer obtains current credit information and recalculates the
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143	143	insurance score at least every thirty-six months. Upon the
144	144	request of a consumer, an insurer that uses credit information
145	145	upon renewal shall obtain current credit information and
146	146	recalculate an insurance score. An insurer shall not be
147	147	required to obtain current credit information or recalculate an
148	148	insurance score more frequently than every twelve months except
149	149	for the correction of an error as described in Section [6 of
150	150	the Personal Insurance Credit Information Act ] 59A-17A-6 NMSA
151	151	1978. The Personal Insurance Credit Information Act does not
152	152	require an insurer to obtain current credit information or
153	153	recalculate an insurance score if:
154	154	(1) an improved insurance score would not
155	155	cause the consumer to be placed in a more favorably priced
156	156	company or tier of the insurer; or
157	157	(2) the insurer does not rely upon credit
158	158	information or an insurance score to underwrite, rate or renew
159	159	the consumer's personal insurance coverage;
160	160	F. use an insurance score in whole or in part to
161	161	deny, restrict or alter the fees charged for a premium payment
162	162	plan; [or]
163	163	G. use credit inquiries as a factor in any
164	164	insurance scoring methodology or to underwrite, rate or renew
165	165	personal insurance coverage; or
166	166	H. use credit information, insurance scores or an
167	167	applicant's education or occupation to underwrite, rate or
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196	196	renew an insurance policy for a private passenger automobile,
197	197	motorcycle or recreational vehicle for personal use ."
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