State rules / Prepayment Penalty Rules
New Mexico prepayment penalty rules
New Mexico prohibits prepayment penalties on home loans, including first-lien residential mortgage loans. Any contractual provision imposing a penalty or premium for prepayment is unenforceable. No time limits or caps apply because the prohibition is absolute.
Source
https://codes.findlaw.com/nm/chapter-56-commercial-instruments-and-transactions/nm-st-sect-56-8-30Prepayment Penalty Rules in other states
- Nevada prepayment penalty rules
- New Hampshire prepayment penalty rules
- New Jersey prepayment penalty rules
- New York prepayment penalty rules
- Ohio prepayment penalty rules
- Oklahoma prepayment penalty rules
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Researched and verified against primary sources by AI, with the controlling citation above. Not human-reviewed and not legal advice — confirm against the cited source before relying on it. Last updated July 5, 2026.