reglab/housing_qa huggingface dataset:
NM Stat § 21-21J-7 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21J - Legislative Endowment Scholarship|Section 21-21J-7 - Termination of scholarship.

A scholarship is terminated upon occurrence of one or more of the following: A. withdrawal of the award recipient from the institution or failure to remain at least a half-time student; B. failure of the award recipient to achieve satisfactory academic progress; or C. substantial noncompliance by the award recipient with the Legislative Endowment Scholarship Act or the rules, regulations or policies adopted by the commission [department] pursuant to that act. History: Laws 1995, ch. 35, § 7. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. For designation of the commission on higher education as the higher education department, see 9-25-4.1 NMSA 1978. Effective dates. — Laws 1995, ch. 35 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 16, 1995, 90 days after adjournment of the legislature.
NM Stat § 21-21J-8 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21J - Legislative Endowment Scholarship|Section 21-21J-8 - Fund created.

The "legislative endowment scholarship fund" is created in the state treasury. Money in the fund is appropriated to the commission [department] to carry out the purposes of the Legislative Endowment Scholarship Act. Money appropriated to the legislative endowment scholarship fund shall not be expended but shall be invested by the commission [department] in coordination with the state investment council and state treasurer's office. Income earned from investment of the fund shall be expended by the commission [department] for the purpose of providing legislative endowment scholarships to students at two-year public post-secondary educational institutions pursuant to the Legislative Endowment Scholarship Act. History: Laws 1995, ch. 35, § 8. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. For designation of the commission on higher education as the higher education department, see 9-25-4.1 NMSA 1978. Effective dates. — Laws 1995, ch. 35 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 16, 1995, 90 days after adjournment of the legislature.
NM Stat § 21-21K-1 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21K - Education Trusts|Section 21-21K-1 - Short title.

Chapter 21, Article 21K NMSA 1978 may be cited as the "Education Trust Act". History: Laws 1997, ch. 259, § 1; 2014, ch. 76, § 1. ANNOTATIONSThe 2014 amendment, effective May 21, 2014, added the NMSA chapter and article for the Education Trust Act; and at the beginning of the sentence, deleted "Sections 1 through 7 of this act" and added "Chapter 21, Article 21K NMSA 1978".
NM Stat § 21-21K-2 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21K - Education Trusts|Section 21-21K-2 - Definitions.

As used in the Education Trust Act: A. "account" means an individual trust account pursuant to a college investment agreement entered into pursuant to the college savings program; B. "account owner" means the person who has entered into a college investment agreement with the board and is designated as having the right to withdraw money from the account before the account is disbursed to or for the benefit of the beneficiary; C. "beneficiary" means the person who is designated at the time the account is opened, or the person who replaces a designated beneficiary, as the person whose education expenses are expected to be paid from the account; D. "board" means the education trust board; E. "college investment agreement" means an agreement entered into by the board and an account owner to participate in the college savings program and establish an account to be used for the qualified higher education expenses of a beneficiary at an eligible institution of higher education; F. "department" means the higher education department; G. "financial institution" means a bank, broker-dealer, insurance company, mutual fund, savings and loan association or other financial entity; H. "institution of higher education" means a post-secondary educational institution eligible to participate in student financial aid programs administered by the United States department of education; I. "Internal Revenue Code" means the federal Internal Revenue Code of 1986, as amended; and J. "manager" means a financial institution under contract with the board to serve as manager of a college savings plan in the college savings program and receive contributions on behalf of the program. History: Laws 1997, ch. 259, § 2; 1999, ch. 221, § 1; repealed and reenacted by Laws 2014, ch. 76, § 2. ANNOTATIONSRepeals and reenactments. — Laws 2014, ch. 76, § 2 repealed former 21-21K-2 NMSA 1978, and enacted a new section, effective May 21, 2014. Cross references. — For the federal Internal Revenue Code, see 26 U.S.C.S. § 1 et seq. The 1999 amendment, effective June 18, 1999, in Subsection G, added "or, if approved by the board, another public or private post-secondary educational institution located in this state or any other state".
NM Stat § 21-21K-4 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21K - Education Trusts|Section 21-21K-4 - Board created; members; appointment; terms of office.

A. The "education trust board" is created. The board is administratively attached to the department, and the department shall provide administrative support for the board in carrying out its duties pursuant to the Education Trust Act. The board shall consist of the following voting members: (1) the secretary of higher education or the secretary's designee, who shall be the ex-officio chair of the board; (2) two members appointed by the governor; (3) one member representing institutions of higher education appointed by the speaker of the house of representatives; and (4) one member representing students at institutions of higher education, appointed by the president pro tempore of the senate. B. The appointed members must possess knowledge, skill and experience in higher education, business or finance. C. The appointed members shall serve six-year terms, with the exception of the member representing students, who shall be appointed for a two-year term. Vacancies on the board shall be filled by the respective appointing authority for the remainder of the vacating member's term. D. Three members of the board constitute a quorum. Action may be taken by the board upon an affirmative vote of the majority of members present at the meeting at which a quorum is present. A vacancy in the membership of the board does not impair the right of a quorum to exercise the powers and duties of the board. E. Members of the board shall be subject to the provisions of the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978] and shall receive no other compensation, perquisite or allowance for their service on the board. History: Laws 1997, ch. 259, § 4; 2011, ch. 51, § 2; 2014, ch. 76, § 4. ANNOTATIONSThe 2014 amendment, effective May 21, 2014, changed the membership of the education trust board; specified the number of members to constitute a quorum; removed the authority of the board to adopt rules and regulations; in the catchline, after "office", deleted the "powers and duties"; in Subsection A, in the introductory paragraph, in the first sentence, deleted "There is created", and after "attached to the", added "is created", and in the second sentence, after "attached to the", deleted "higher education"; in Subsection A, Paragraph (2), at the beginning of the sentence, changed "one member" to "two members"; added Subsection D; and deleted former Subsection E, which authorized the board to adopt rules and regulations to carry out the provisions of the Education Trust Act and to determine the cost of attendance at institutions of higher education. The 2011 amendment, effective July 1, 2011, attached the board to the higher education department and removed the state investment officer as a member of the board.
NM Stat § 21-21K-4.1 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21K - Education Trusts|Section 21-21K-4.1 - Board; powers and duties.

A. The board may: (1) adopt, amend or repeal and promulgate rules necessary to carry out the provisions of the Education Trust Act; (2) sue and be sued; (3) enter into contracts; (4) employ or contract for professional, technical and clerical staff and independent counsel; (5) contract with one or more financial institutions to manage the education trust fund and the separate trust accounts; (6) enter into college investment agreements with interested persons to participate in the college savings program; (7) charge, impose and collect administrative fees as provided in a college investment agreement or other contract relating to the college savings program in amounts not exceeding the reasonable costs of establishing, marketing and otherwise administering the program; and (8) do those things necessary or convenient in accordance with the Education Trust Act to carry out the provisions of that act. B. The board shall adopt and promulgate education trust fund investment guidelines and otherwise administer the college savings program in compliance with the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978]. History: Laws 2014, ch. 76, § 5. ANNOTATIONSEffective dates. — Laws 2014, ch. 76 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 21, 2014, 90 days after the adjournment of the legislature.
NM Stat § 21-21K-6 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21K - Education Trusts|Section 21-21K-6 - Claims of creditors; exemption; liability immunity; state not liable.

A. Money credited to or expended from any account in the education trust fund by or on behalf of an account owner or beneficiary is exempt from all claims of creditors of the account owner, the beneficiary or the board. B. If the board carries out its review responsibility of the manager's investment decisions consistent with the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978], the board or an employee shall not be liable to anyone for any losses sustained as a result of investment decisions. A member of the board, while acting within the scope of the member's authority or while acting as a trustee of the education trust fund or any separate trust fund or account of the board, shall not be subject to any personal liability for any action taken or omitted within that scope of authority. C. In no event shall any liability of or contractual obligation incurred by the college savings program obligate or encumber any of the state's funds or treasury, including but not limited to the state's general fund, land grant permanent funds, the severance tax permanent fund or any other permanent fund or any money that is a part of a state-funded financial aid program. Nothing in the Education Trust Act creates any obligation, legal, moral or otherwise, to fulfill the terms of any college investment agreement or any other obligation or liability out of any source other than the education trust fund or the program administration fund. History: Laws 1997, ch. 259, § 6; 1999, ch. 221, § 4; repealed and reenacted by Laws 2014, ch. 76, § 7. ANNOTATIONSRepeals and reenactments. — Laws 2014, ch. 76, § 7 repealed former 21-21K-6 NMSA 1978, and enacted a new section, effective May 21, 2014.
NM Stat § 21-21K-7 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21K - Education Trusts|Section 21-21K-7 - Reports.

A. The board shall annually submit to the governor and to the appropriate interim legislative committee a report including: (1) the board's fiscal transactions during the preceding fiscal year; (2) the market value of the education trust fund as of the end of the preceding fiscal year; (3) the asset allocations of the education trust fund expressed in percentages of stocks, fixed income securities, cash or other financial assets; and (4) the rate of return on the investment of the education trust fund's assets during the preceding fiscal year. B. The board shall make the report described by Subsection A of this section available to account owners. History: Laws 1997, ch. 259, § 7; 1999, ch. 221, § 5; 2014, ch. 76, § 8. ANNOTATIONSThe 2014 amendment, effective May 21, 2014, changed the reporting requirements; in Subsection A, Paragraph (2), after "the market", deleted "and book"; in Subsection A, deleted former Paragraph (5), which required that the annual report include an actuarial valuation of the assets and liabilities of the program, including the extent to which the program's liabilities are unfunded; in Subsection A, deleted former Paragraph (6), which required that the annual report include complete prepaid tuition contract sales information, including projected enrollments of beneficiaries at institutions of higher education; and in Subsection B, after "available to", deleted "purchasers of prepaid tuition contracts and investments under college investment agreements" and added "account owners". The 1999 amendment, effective June 18, 1999, in Subsection A, deleted "Not later than November 1 of each year" from the beginning and substituted "The board shall annually submit" for "The board shall submit".
NM Stat § 21-21L-1 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21L - College Affordability|Section 21-21L-1 - Short title.

Chapter 21, Article 21L NMSA 1978 may be cited as the "College Affordability Act". History: Laws 2005, ch. 192, § 1; 2007, ch. 70, § 1; 2007, ch. 71, § 1; 2007, ch. 85, § 1. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, changed the statutory reference to the act. Laws 2007, ch. 70, § 1, Laws 2007, ch. 71, § 1 and Laws 2007, ch. 85, § 1 enacted identical amendments to this section.
NM Stat § 21-21L-2 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21L - College Affordability|Section 21-21L-2 - Purpose.

The purpose of the College Affordability Act is to encourage New Mexico students with financial need to attend and complete educational programs at public post-secondary educational institutions in New Mexico. History: Laws 2005, ch. 192, § 2. ANNOTATIONSEffective dates. — Laws 2005, ch. 192 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 17, 2005, 90 days after adjournment of the legislature.
NM Stat § 21-21L-3 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21L - College Affordability|Section 21-21L-3 - Definitions.

As used in the College Affordability Act: A. "commission" or "department" means the higher education department; B. "eligible student" means a New Mexico resident who is enrolled or enrolling at least half-time in a public post-secondary educational institution or tribal college at any time later than one hundred twenty days following high school graduation or the award of a high school equivalency credential; C. "scholarship" means a college affordability scholarship; and D. "tribal college" means a tribally, federally or congressionally chartered post-secondary educational institution located in New Mexico that is accredited by the north central association of colleges and schools. History: Laws 2005, ch. 192, § 3; 2007, ch. 70, § 2; 2007, ch. 71, § 2; 2007, ch. 85, § 2; 2015, ch. 122, § 6. ANNOTATIONSThe 2015 amendment, effective July 1, 2015, replaced the term "general education development certificate" with "high school equivalency credential" in the definition of "eligible student" in the College Affordability Act; and in Subsection B, after "graduation or the award of a", deleted "general educational development certificate" and added "high school equivalency credential". The 2007 amendment, effective July 1, 2007, deleted the definition of "returning adult" and "student" and added the definitions of "eligible student", "scholarship" and "tribal college".
NM Stat § 21-21L-4 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21L - College Affordability|Section 21-21L-4 - Conditions for eligibility.

A scholarship may be awarded to an eligible student who: A. has not earned a baccalaureate degree at the time the scholarship is awarded; B. has demonstrated financial need consistent with the criteria promulgated by the department; and C. has complied with other rules promulgated by the department to carry out the provisions of the College Affordability Act. History: Laws 2005, ch. 192, § 4; 2007, ch. 70, § 3; 2007, ch. 71, § 3; 2007, ch. 85, § 3. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, added "eligible student" in place of prior requirements. Laws 2007, ch. 70, § 3, Laws 2007, ch. 71, § 3 and Laws 2007, ch. 85, § 3 enacted identical amendments to this section.
NM Stat § 21-21L-5 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21L - College Affordability|Section 21-21L-5 - Scholarship authorized; administration; preference in scholarship awards.

A. The department shall administer the College Affordability Act and shall promulgate rules to carry out the provisions of that act.B. Scholarships shall be awarded to qualified eligible students. Qualifications shall be determined by rule of the department.C. The department shall allocate money to public post-secondary educational institutions and tribal colleges based on a student need formula calculated according to income reported on the free application for federal student aid and on the percentage of the institution's students classified as returning adults who are otherwise ineligible for state financial aid.D. Public post-secondary educational institutions and tribal colleges shall make awards to qualifying eligible students based on financial need in an amount not to exceed one thousand five hundred dollars ($1,500) per semester as determined by rule of the department.E. Money for the scholarship shall be placed in an account at the public post-secondary educational institution or tribal college in the name of the eligible student, and the money may be drawn upon to pay educational expenses charged by the institution, including tuition, fees, books and course supplies.History: Laws 2005, ch. 192, § 5; 2007, ch. 70, § 4; 2007, ch. 71, § 4; 2007, ch. 85, § 4; 2019, ch. 56, § 1. ANNOTATIONSThe 2019 amendment, effective June 14, 2019, increased the per-student per-semester college affordability scholarship maximum amount; and in Subsection D, changed "one thousand dollars ($1,000)" to "one thousand five hundred dollars ($1,500)".The 2007 amendment, effective July 1, 2007, required the higher education department to allocate money to public post-secondary educational institutions and tribal colleges and deleted the limitation on scholarship awards to eight consecutive semesters.
NM Stat § 21-21L-6 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21L - College Affordability|Section 21-21L-6 - Duration of scholarship.

Each scholarship is for a period of one semester. A scholarship may be renewed, provided the eligible student continues to meet the conditions of eligibility, until the eligible student graduates from a four-year public post-secondary educational institution. History: Laws 2005, ch. 192, § 6; 2007, ch. 70, § 5; 2007, ch. 71, § 5; 2007, ch. 85, § 5. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, permitted a scholarship to be awarded until an eligible student graduates. Laws 2007, ch. 70, § 5, Laws 2007, ch. 71, § 5 and Laws 2007, ch. 85, § 5 enacted identical amendments to this section.
NM Stat § 21-21L-7 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21L - College Affordability|Section 21-21L-7 - Termination of scholarship.

A scholarship is terminated upon occurrence of one or more of the following: A. withdrawal of the eligible student from the public post-secondary educational institution or tribal college or failure to remain as at least a half-time student; B. failure of the eligible student to achieve satisfactory academic progress; or C. substantial noncompliance by the eligible student with the College Affordability Act or the rules promulgated pursuant to that act. History: Laws 2005, ch. 192, § 7; 2007, ch. 70, § 6; 2007, ch. 71, § 6; 2007, ch. 85, § 6. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, changed "award recipient" to "eligible student" and added "tribal college". Laws 2007, ch. 70, § 6, Laws 2007, ch. 71, § 6 and Laws 2007, ch. 85, § 6 enacted identical amendments to this section.
NM Stat § 21-21L-8 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21L - College Affordability|Section 21-21L-8 - Funds created.

A. The "college affordability endowment fund" is created as a nonreverting fund in the state treasury, consisting of appropriations; unspecified gifts, grants and donations to the fund; and income from investment of the fund except as provided in Subsection C of this section.B. The "college affordability scholarship fund" is created as a nonreverting fund in the state treasury, consisting of income from investment of the fund and any specified distributions, appropriations, gifts, grants and donations to the fund. Money in the scholarship fund is appropriated to the department for scholarship awards as provided in the College Affordability Act. Expenditures from the scholarship fund shall be by warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary of higher education or the secretary's authorized representative.C. Until fifty percent of the annual income from investment of the college affordability endowment fund is equal to or exceeds three million dollars ($3,000,000), an annual distribution of three million dollars ($3,000,000) shall be made from the college affordability endowment fund to the college affordability scholarship fund. Thereafter, until the corpus of the endowment fund is two hundred fifty million dollars ($250,000,000), fifty percent of the income from investment of the fund shall be applied to the corpus of the fund and fifty percent shall be distributed annually to the scholarship fund. After the corpus of the endowment fund is two hundred fifty million dollars ($250,000,000), all of the income from investment of the fund shall be distributed to the college affordability scholarship fund. History: Laws 2005, ch. 192, § 8; 2007, ch. 70, § 7; 2007, ch. 71, § 7; 2007, ch. 85, § 7; 2019, ch. 56, § 2. ANNOTATIONSThe 2019 amendment, effective June 14, 2019, increased the distribution from the college affordability endowment fund to the college affordability scholarship fund; and in Subsection C, changed "two million dollars ($2,000,000)" to "three million dollars ($3,000,000)".The 2007 amendment, effective July 1, 2007, provided that the college affordability endowment fund and the college affordability scholarship fund are a nonreverting funds; required that until fifty percent of the annual income of the college affordability endowment fund equals $2,000,000, an annual distribution of $2,000,000 shall be made from the college affordability endowment fund to the college affordability scholarship fund; and required that after the corpus of the endowment fund is $250,000,000, all income shall be distributed to the college affordability scholarship fund.