SANTA FE (AP) — The state's insurance regulator is being asked to revamp its rules to ensure homeowners receive a larger discount on title insurance when they refinance a mortgage.
An independent think tank called Think New Mexico petitioned the Public Regulation Commission's Insurance Division last week to change its rules to match a state law enacted in 2009.
The law provides for greater title insurance discounts than called for in state insurance rules.
Think New Mexico says some homeowners have received lower discounts because of the conflict between regulations and state law. A person refinancing a $200,000 house nine years after its purchase could save about $500 on title insurance with the larger discount.
The think tank was a driving force behind 2009 changes in law for price competition in title insurance rates.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Did you like this article? Vote it up or down! And don't forget to add your comments below!
New Mexico is located in the southwestern region of the U.S. Inhabited by Native American populations for many centuries, New Mexico has also been part of Imperial Spain, part of Mexico, and a U.S. territory.