Section 48-7-22 - Due-on-sale policy on nonregulated contracts.
48-7-22. Due-on-sale policy on nonregulated contracts.
In the exercise of its option under a due-on-sale clause, a lender is encouraged to permit an assumption of a real property loan at the existing contract rate or at a rate which is at or below the average between the contract and market rates, and nothing in this act [48-7-15 to 48-7-24 NMSA 1978] shall be interpreted to prohibit any such assumption.