Statutes > New Mexico Statutes > Chapter 48 - Liens and Mortgages. > Article 7 - Mortgages, 48-7-1 through 48-7-24. > Section 48-7-23 - Governmental entity limitation of act.

Section 48-7-23 - Governmental entity limitation of act.

48-7-23. Governmental entity limitation of act.

The provisions of Section 5 [48-7-19 NMSA 1978] of this act shall not apply to the transfer of a real property loan where the funds for the real property loans were provided through the issuance by a governmental entity or instrumentality of bonds the interest on which is exempt from federal income taxation and the transfer fails to conform to state and federal law governing the bonds.