reglab/housing_qa huggingface dataset:
NM Stat § 58-29-2 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 29 - Small Business Investment|Section 58-29-2 - Purposes.

The purposes of the Small Business Investment Act are to: A. implement the provisions of Subsection D of Section 14 of Article 9 of the constitution of New Mexico to create new job opportunities by providing capital for land, buildings or infrastructure for facilities to support new or expanding businesses; and B. otherwise make debt investments and equity investments to create new job opportunities to support new or expanding businesses in a manner consistent with the constitution of New Mexico. History: Laws 2000, ch. 97, § 4; 2003, ch. 399, § 5. ANNOTATIONSThe 2003 amendment, effective April 8, 2003, added the Subsection A designation, and in Subsection A inserted the reference to Subsection D of Section 14 Article 9 and inserted "capital for"; and added Subsection B.
NM Stat § 58-29-3 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 29 - Small Business Investment|Section 58-29-3 - Definitions.

As used in the Small Business Investment Act: A. "board" means the corporation's board; B. "cooperative agreement" means an agreement entered into by the corporation with a party that: (1) has demonstrated the capability to provide business assistance to new and expanding businesses; and (2) is primarily engaged or proposes to primarily engage in the business of providing business services and debt or equity capital to new and expanding businesses; C. "corporation" means the small business investment corporation; D. "debt investment" means direct or indirect loans or other debt obligations, the proceeds of which shall be used to: (1) support the acquisition or development of land, buildings or infrastructure; (2) create job opportunities; or (3) otherwise enhance the economic development objectives of the state; E. "equity investment" means direct or indirect ownership interests in New Mexico businesses, the proceeds of which investment shall be used to: (1) support the acquisition or development of land, buildings or infrastructure; (2) create job opportunities; or (3) otherwise enhance the economic development objectives of the state; F. "fund" means the small business investment corporation fund; G. "New Mexico business" means a business with its principal office and a majority of its full-time employees located in New Mexico, including a sole proprietorship, partnership, limited partnership, limited liability company or corporation; and H. "president" means the president of the corporation. History: Laws 2000, ch. 97, § 5; 2003, ch. 399, § 6; 2004, ch. 57, § 2. ANNOTATIONSThe 2004 amendment, effective May 19, 2004, added new Subsection B, redesignated the following subsections and amended Subsection G to delete the requirement that a New Mexico business have eighty percent of its assets located in New Mexico and to make other minor revisions. The 2003 amendment, effective April 8, 2003, added present Subsections C, D, E and F and redesignated former Subsection C as present Subsection G.
NM Stat § 58-29-4 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 29 - Small Business Investment|Section 58-29-4 - Small business investment corporation created; powers of the corporation.

A. The "small business investment corporation" is created as a nonprofit, independent, public corporation. The corporation may: (1) sue and be sued in all actions arising out of any act or omission in connection with its business or affairs; (2) enter into any contracts or obligations relating to the corporation that are authorized or permitted by law; (3) cooperate with small business development centers, regional economic development districts and parties that have demonstrated abilities and relationships in providing financial services to new and emerging businesses; (4) make investments that consider the enhancement of economic development objectives of the state as described in the Small Business Investment Act; and (5) make, alter or repeal such rules with respect to the corporation's operations as are necessary to carry out its functions and duties in the administration of the Small Business Investment Act. B. The corporation shall not be considered a state agency for any purpose. The corporation is exempted from the provisions of the Personnel Act [Chapter 10, Article 9 NMSA 1978] and the Procurement Code [13-1-28 to 13-1-199 NMSA 1978]. C. Except as provided in the Tort Claims Act [41-4-1 to 41-4-27 NMSA 1978], the state shall not be liable for any obligations incurred by the corporation. History: Laws 2000, ch. 97, § 6; 2001, ch. 316, § 1; 2003, ch. 399, § 7. ANNOTATIONSThe 2003 amendment, effective April 8, 2003, deleted "for the purpose of creating new job opportunities by making equity investments in land, buildings or infrastructure for facilities to support new or expanding businesses" following "public corporation" near the middle of Subsection A; deleted former Paragraphs A(1) and A(2), concerning equity investments and preferred stock, and redesignated the subsequent paragraphs accordingly; added "and parties that have demonstrated abilities and relationships in providing financial services to new and emerging businesses" following "economic development districts" at the end of present Paragraph A(3); added "as described in the Small Business Investment Act; and" following "objectives of the state" at the end of present Paragraph A(4); added present Paragraph A(5); and added "Except as provided in the Tort Claims Act," preceding "the state shall not" at the beginning of Subsection C. The 2001 amendment, effective June 15, 2001, added the language beginning "or indebtedness" to the end of Subparagraph A(1)(a) and Paragraph A(2).
NM Stat § 58-29-5.1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 29 - Small Business Investment|Section 58-29-5.1 - Permitted investments.

The corporation may: A. make equity investments in New Mexico businesses, provided that: (1) the investments are made pursuant to cooperative agreements; (2) an equity investment in any one business may not exceed ten percent of the fund; provided, however, that the restrictions of this paragraph shall not apply to equity investments in entities that are parties to cooperative agreements, but shall apply to investments made by such entities pursuant to cooperative agreements; and (3) the investments represent no more than forty-nine percent of the total equity capital of a business; provided, however, that the restrictions of this paragraph shall not apply to equity investments in entities that are parties to cooperative agreements, but shall apply to investments made by such entities pursuant to cooperative agreements; or B. make debt investments in New Mexico businesses, provided that: (1) the investments are made pursuant to cooperative agreements; and (2) a debt investment in any one business may not exceed ten percent of the fund; provided, however, that the restrictions of this paragraph shall not apply to debt investments in entities that are parties to cooperative agreements, but shall apply to debt investments made by such entities pursuant to cooperative agreements. History: Laws 2003, ch. 399, § 9; 2004, ch. 57, § 3. ANNOTATIONSThe 2004 amendment, effective May 19, 2004, amended Subsections A and B to delete from Paragraph (1) of each subsection the requirement that parties demonstrate abilities and relationships in providing financial resources to emerging businesses and to add to Paragraphs (2) and (3) of Subsection A and Paragraph (2) of Subsection B "provided, however, that the restrictions of this paragraph shall not apply to equity investments in entities that are parties to cooperative agreements, but shall apply to investments made by such entities pursuant to cooperative agreements".
NM Stat § 58-29-6 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 29 - Small Business Investment|Section 58-29-6 - President; powers and duties.

A. The board shall select a president of the corporation from among its members. The corporation is under the administrative control of the president or a person selected by the board to administer the operations of the corporation. The board shall periodically review and appraise the investment strategy being followed, and the president shall report at least once a month to the board on investment results and related matters. The president shall: (1) act for the corporation in collecting and disbursing money necessary to administer the corporation and conduct its business; (2) sign contracts and incur obligations on behalf of the corporation; (3) perform all acts necessary to exercise power, authority or jurisdiction over the corporation to discharge its functions and fulfill its responsibilities; and (4) make investments pursuant to the Small Business Investment Act and upon approval of the board. B. The president shall submit an annual report, independently audited in accordance with generally accepted procedures governing annual reports, by October 1 of each year to the governor, the legislative finance committee and any other appropriate legislative committee indicating the business done by the corporation during the previously completed fiscal year and containing a statement of the resources and liabilities of the corporation. The report shall include: (1) the average rate of return enjoyed by the corporation on invested assets; (2) recommendations concerning desired changes in the corporation to promote its prompt and efficient administration of policies and claims; (3) recommendations to the legislature and the governor regarding the continued operation of the corporation; and (4) any other information the president deems appropriate. History: Laws 2000, ch. 97, § 8; 2001, ch. 316, § 3. ANNOTATIONSThe 2001 amendment, effective June 15, 2001, in Subsection A, added the current first sentence; and the language beginning "or a person" to the end of the current second sentence.
NM Stat § 58-29-7 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 29 - Small Business Investment|Section 58-29-7 - Return to severance tax permanent fund.

Annually, no later than thirty days after the delivery of its annual report to the governor and the legislative finance committee, the corporation shall return to the severance tax permanent fund an amount equal to the net excess of funds held by the corporation. For purposes of this section, "net excess of funds" means the return on investments to the corporation in the amount of dividends and interest actually received plus any capital gains actually realized, less the operating expenses of the corporation and less amounts reasonably reserved for losses. History: Laws 2003, ch. 399, § 10. ANNOTATIONSEffective dates. — Laws 2003, ch. 399, § 11 makes the act effective on April 8, 2003.
NM Stat § 58-30-1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 30 - Individual Development Account|Section 58-30-1 - Short title.

Chapter 58, Article 30 NMSA 1978 may be cited as the "Individual Development Account Act". History: Laws 2003, ch. 362, § 1; 2006, ch. 96, § 1; 2007, ch. 349, § 1. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, changes the title of the act. The 2006 amendment, effective July 1, 2006, changes the short title to Chapter 58, Article 30 of the NMSA 1978 and changes the name of the act from "Individual Development Account Act" to "Family Opportunity Accounts Act".
NM Stat § 58-30-3 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 30 - Individual Development Account|Section 58-30-3 - Individual development accounts.

An individual development account may be established for an eligible individual as part of an individual development account program if the written instrument creating the account sets forth the following:A. the account owner is an eligible individual according to program requirements at the time the account is established; B. the individual development account is established and maintained in an authorized financial institution;C. deposits to an individual development account shall be made in accordance with the rules adopted pursuant to the Individual Development Account Act; D. withdrawals from an individual development account shall only be made in accordance with the Individual Development Account Act for allowable uses;E. the matching amount that will be deposited in the reserve account for each dollar deposited by the account owner in the individual development account; andF. the financial institution in which an individual development account is held shall not be liable for withdrawals made for uses other than allowable uses. History: Laws 2003, ch. 362, § 3; 2006, ch. 96, § 3; 2007, ch. 349, § 3; 2019, ch. 225, § 4. ANNOTATIONSThe 2019 amendment, effective January 1, 2020, provided that withdrawals from an individual development account shall only be made in accordance with the Individual Development Account Act for allowable uses; and in Subsection D, after "Act", deleted "and rules adopted pursuant to that act" and added "for allowable uses".The 2007 amendment, effective July 1, 2007, changes the title of the act and changes "family opportunity account" to "individual development account". The 2006 amendment, effective July 1, 2006, in Subsection A: changes "individual development account" to "family opportunity account"; changes "Individual Development Account Act" to "Family Opportunity Accounts Act" in Paragraph (3); in Paragraph (4), deletes the former provision restricting withdrawals for allowable uses and adds the provision that withdrawals shall only be made in accordance with the act; adds Paragraph (5) to provide for matching funds in the reserve account; and adds Subsection B to provide that a family opportunity account shall be an individual development account.
NM Stat § 58-30-4 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 30 - Individual Development Account|Section 58-30-4 - Eligible individuals.

A. Except as set forth in Subsections B and C of this section, an eligible individual shall have earned income and shall be:(1) eighteen years of age or older;(2) a citizen, legal resident, refugee, asylee or person otherwise legally present in the United States at the time the person opens the person's individual development account;(3) a resident of New Mexico; and(4) an indigent.B. A child in foster care is an eligible individual if the child is:(1) fifteen years of age or older;(2) an indigent;(3) a citizen, a legal resident, a refugee or an asylee or is otherwise legally present in the United States at the time the person opens the person's individual development account; and(4) a resident of New Mexico.C. A child is an eligible individual if the child is:(1) at least fifteen years of age and not more than eighteen years of age;(2) a member of a family whose members are all indigents;(3) a citizen, a legal resident, a refugee or an asylee or is otherwise legally present in the United States at the time the person opens the person's individual development account; and(4) a resident of New Mexico.History: Laws 2003, ch. 362, § 4; 2006, ch. 96, § 4; 2007, ch. 349, § 4; 2019, ch. 225, § 5. ANNOTATIONSCross references. — For the definition of "indigent", see 58-30-2 NMSA 1978.The 2019 amendment, effective January 1, 2020, included refugees, asylees, and others legally present in the United States as individuals eligible to participate in an individual development account program; in Subsection A, in Paragraph A(2), after "legal resident,", deleted "of" and added "refugee, asylee or person otherwise legally present in", and after "United States", added "at the time the person opens the person's individual development account"; in Subsection B, Paragraph B(3), after "legal resident,", deleted "of the United States" and added "a refugee or an asylee or is otherwise legally present in the United States at the time the person opens the person's individual development account", and in Subsection C, Paragraph C(3), after "legal resident", deleted "of the United States" and added "a refugee or an asylee or is otherwise legally present in the United States at the time the person opens the person's individual development account".The 2007 amendment, effective July 1, 2007, changes the age of a child in foster care who is an eligible individual from sixteen to fifteen years of age and adds Subsection C. The 2006 amendment, effective July 1, 2006, replaces the federal poverty guidelines with "indigent" and in Paragraph (2) of Subsection B, replaces the federal poverty guidelines with "indigent".
NM Stat § 58-30-5 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 30 - Individual Development Account|Section 58-30-5 - Responsibilities of the department.

A. The department shall adopt rules implementing the provisions of the Individual Development Account Act.B. The secretary shall make an annual report each November to the governor and to the legislative finance committee.C. The department shall use no more than five percent of the money appropriated to fund the Individual Development Account Act to administer that act, not including the costs of the program administrator.D. A program administrator shall use no more than twelve percent of the funds allocated to the program administrator for implementation and administration of the program. History: Laws 2003, ch. 362, § 5; 2005, ch. 111, § 16; 2006, ch. 96, § 5; 2007, ch. 349, § 5; 2019, ch. 225, § 6. ANNOTATIONSThe 2019 amendment, effective January 1, 2020, established limits on administrative expenses available to a program administrator; in the heading, changed "office" to "department"; in Subsection C, after "administer that act", added "not including the costs of the program administrator"; and added Subsection D.The 2007 amendment, effective July 1, 2007, changes the title of the act. The 2006 amendment, effective July 1, 2006, in Subsection A, deletes the requirement that the director adopt rules by December 31 following the effective date of the act; in Subsection B, changes "an appropriate interim committee of the legislature" to "legislative finance committee"; and in Subsection C, changes "ten" to "five" and "Individual Development Account Act" to "Family Opportunity Accounts Act". The 2005 amendment, effective April 4, 2005, changes references from the local government division to the office of workforce training and development.
NM Stat § 58-30-10 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 30 - Individual Development Account|Section 58-30-10 - Termination of individual development account programs.

A. An individual development account program shall be terminated if the:(1) department determines that the program is not being operated pursuant to the provisions of the contract between the program administrator and the secretary, the Individual Development Account Act or rules adopted pursuant to that act;(2) provider of the program no longer retains its status as a program administrator; or(3) program administrator chooses to cease providing an individual development account program.B. Upon termination of an individual development account program, the secretary shall administer the program until a qualified program administrator is selected to administer the program. If, after a reasonable period, the secretary is unable to identify and certify a program administrator to assume the authority to continue to operate a terminated individual development account program, money in a reserve account shall be deposited into the individual development accounts of the account owners for whom the proportionate share of the reserve account was established as of the first day of termination of the program. History: Laws 2003, ch. 362, § 10; 2005, ch. 111, § 20; 2006, ch. 96, § 10; 2007, ch. 349, § 10; 2019, ch. 225, § 11. ANNOTATIONSThe 2019 amendment, effective January 1, 2020, replaced "director of the office of workforce training and development" with "secretary of workforce solutions"; and replaced each occurrence of "director" with "secretary".The 2007 amendment, effective July 1, 2007, changes the title of the act and changes "family opportunity account" to "individual development account". The 2006 amendment, effective July 1, 2006, in Subsections A and B, changes "individual development account" to "family opportunity account"; in Subsection A, deletes reference to the Individual Development Account Act and adds the provision requiring termination of programs; and in Subsection B, provides for administration of the program upon termination. The 2005 amendment, effective April 4, 2005, changes the reference from the local government division to the office of workforce training and development.
NM Stat § 58-30-11 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 30 - Individual Development Account|Section 58-30-11 - Reporting.

A program administrator operating an individual development account program pursuant to the Individual Development Account Act shall report at least annually to the secretary, as set forth in the rules of the department. Individual account owners shall not be identified in the report. The report shall include: A. the number of eligible individuals making contributions to individual development accounts;B. the total money contributed to each individual development account and deposited into each reserve account;C. the total money in the aggregate deposited in individual development accounts and reserve accounts administered by the individual development account program;D. the amounts withdrawn from individual development accounts identifying the allowable uses and uses other than allowable uses and the amounts withdrawn from reserve accounts;E. the balances remaining in individual development accounts and reserve accounts; andF. other information requested by the secretary to monitor the costs and outcomes of the individual development account program. History: Laws 2003, ch. 362, § 11; 2005, ch. 111, § 21; 2006, ch. 96, § 11; 2007, ch. 349, § 11; 2019, ch. 225, § 12. ANNOTATIONSThe 2019 amendment, effective January 1, 2020, replaced "director of the office of workforce training and development" with "secretary of workforce solutions"; and replaced each occurrence of "director" with "secretary".The 2007 amendment, effective July 1, 2007, changes the title of the act and changes "family opportunity account" to "individual development account". The 2006 amendment, effective July 1, 2006, changes "individual development account program" to "family opportunity accounts program", changes "Individual Development Account Act" to "Family Opportunity Accounts Act" and changes "individual development account" to "family opportunity account" in Subsections A through F. The 2005 amendment, effective April 4, 2005, changes the reference from the local government division to the office of workforce training and development.