Governor Signs SB229

In order to continue the availability of group rates for professional liability insurance for real estate licensees in New Mexico, Governor Richardson signed SB229 requested by the New Mexico Real Estate Commission. The bill increases the maximum amount that may be charged annually to $300. Due to an increased number of claims, the insurer projected that rates would need to rise above the current $200 limit or they would no longer offer the insurance in New Mexico. The Governor signed the bill so that real estate licensees could still receive a group rate, rather than having to purchase more expensive individual liability insurance on the open market. This goes into effect on July 1, 2008.