reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-26 - New Mexico finance authority oversight committee; oversight powers and duties.

The New Mexico finance authority oversight committee shall serve as the oversight committee to the border authority. The New Mexico finance authority oversight committee shall:
A. monitor and oversee the operation of the border authority;
B. meet on a regular basis to receive and review reports from the border authority on implementation of the provisions of the Border Development Act and to review and approve regulations proposed for adoption pursuant to that act;
C. monitor and provide assistance and advice on the project financing program of the border authority;
D. oversee and monitor state and local government capital planning and financing and take testimony from state and local officials on border and port of entry capital needs;
E. provide advice and assistance to the border authority and cooperate with the executive branch of state government and local governments on planning, setting priorities for and financing of border and port of entry capital projects;
F. undertake an ongoing examination of the statutes, constitutional provisions, regulations and court decisions governing border and port of entry capital financing in New Mexico; and
G. report its findings and recommendations, including recommended legislation or necessary changes, to the governor and to each session of the legislature. The report and proposed legislation shall be made available on or before December 15 each year.
History:
Laws 1995, ch. 192, § 21.
ANNOTATIONS
Cross references.
— For New Mexico finance authority oversight committee,
see
6-21-30 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 28 - Land Title Trust Funds › Section 58-28-1 - Short title.

Sections 1 through 8 [58-28-1 to 58-28-8 NMSA 1978] of this act may be cited as the "Land Title Trust Fund Act".
History:
Laws 1997, ch. 118, § 1.
ANNOTATIONS
Cross references.
— For the Uniform Management of Institutional Funds Act,
see
46-9-1 NMSA 1978.
Emergency clauses.
— Laws 1997, ch. 118, § 11 makes the Land Title Trust Fund Act effective immediately. Approved April 9, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 28 - Land Title Trust Funds › Section 58-28-2 - Definitions.

As used in the Land Title Trust Fund Act:
A. "committee" means the land title trust fund advisory committee;
B. "depository institution" means any bank, savings and loan association or credit union authorized by federal or state law to do business in New Mexico and insured by the federal deposit insurance corporation or the national credit union administration;
C. "division" means the financial institutions division of the regulation and licensing department;
D. "eligible organization" means a nonprofit corporation whose primary purpose is to provide affordable housing and that is qualified for tax exemption under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended; a unit of state or local government dealing with housing; a local or regional housing authority or a tribal agency dealing with housing;
E. "fund" means the land title trust fund;
F. "low-income persons" means a household consisting of a single individual, a family or unrelated individuals living together if the household's total annual income does not exceed eighty percent of the median income for the area, as determined by the United States department of housing and urban development, and as adjusted for family size or other income ceiling determined for the area on the basis of that department's findings that such variations are necessary because of prevailing levels of construction costs or fair market rents or unusually high or low family incomes;
G. "pooled interest-bearing transaction account" means a trust or escrow account made available by a depository institution in the form of a negotiable order of withdrawal account, sweep account or other interest-bearing account;
H. "title company" means a title insurer or title insurance agent as defined in and regulated pursuant to the New Mexico Title Insurance Law [Chapter 59A, Article 30 NMSA 1978]; and
I. "trustee" means the New Mexico mortgage finance authority.
History:
Laws 1997, ch. 118, § 2.
ANNOTATIONS
Cross references.
— For Section 501(c)(3) of the federal Internal Revenue Code,
see
U.S.C. § 501(c)(3).
Emergency clauses.
— Laws 1997, ch. 118, § 11 makes the Land Title Trust Fund Act effective immediately. Approved April 9, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 28 - Land Title Trust Funds › Section 58-28-3 - Land title trust fund created.

The "land title trust fund" is created. The New Mexico mortgage finance authority shall be the trustee for the fund. The trustee shall deposit in the fund money received by it pursuant to the Low-Income Housing Trust Act [58-18B-1 to 58-18B-10 NMSA 1978].
History:
Laws 1997, ch. 118, § 3; 1999, ch. 41, § 5.
ANNOTATIONS
The 1999 amendment,
effective July 1, 1999, added the last sentence.
Appropriations.
— Laws 1999, ch. 41, § 7, effective July 1, 1999, provides that on July 1, 1999, the balance in the low-income housing trust fund shall be transferred and deposited in the land title trust fund.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 28 - Land Title Trust Funds › Section 58-28-5 - Use of money; eligible activities.

A. Money from the fund and other sources may be used to finance in whole or in part any loans or grant projects that will provide housing for low-income persons and for other uses specified in this section. Money deposited into the fund may be used annually as follows:
(1) no more than five percent of the fund shall be used for expenses of administering the fund;
(2) no less than twenty percent of the fund shall be invested in a permanent capital fund, the interest on which may be used for purposes specified in this section;
(3) no less than fifty percent of the fund shall be allocated to eligible organizations to make housing more accessible to low-income persons;
(4) no more than ten percent of the fund may be allocated for use to provide scholarships for New Mexico high school graduates and high school equivalency credential recipients at New Mexico public post-secondary educational institutions under a program approved by the trustee under the administration of a nonprofit statewide land title association; and
(5) the remaining balance may be allocated to eligible organizations for other housing-related programs for the benefit of the public as specifically approved by the trustee from time to time.
B. Money in the capital fund authorized in Paragraph (2) of Subsection A of this section may be invested in fully amortizing interest-bearing mortgages secured by real property in New Mexico, the interest on which may be used for purposes specified in this section.
History:
Laws 1997, ch. 118, § 5; 2003, ch. 304, § 5; 2015, ch. 122, § 21.
ANNOTATIONS
The 2015 amendment,
effective July 1, 2015, replaced "general equivalency diploma" with "high school equivalency credential" relating to scholarships from the land title trust fund; and in Paragraph (4) of Subsection A, after "the fund may be", deleted "allotted" and added "allocated", after "high school graduates and", deleted "general" and added "high school", and after "equivalency", deleted "diploma" and added "credential".
The 2003 amendment,
effective June 20, 2003, redesignated the former undesignated paragraph as Subsection A and redesignated former Subsections A through C as present Paragraphs A(1) through A(3), inserted present Paragraph A(4), redesignated former Subsection D as present Paragraph A(5) and added present Subsection B; and substituted "five percent" for "seven percent" near the beginning of present Subsection A(1).
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 28 - Land Title Trust Funds › Section 58-28-6 - Conflict with federal requirements.

If any part of the Land Title Trust Fund Act is found to be in conflict with federal requirements that are a prescribed condition to the allocation of federal funds to the state, the conflicting part of that act is inoperative solely to the extent of the conflict and with respect to the agencies directly affected, and this finding does not affect the operation of the remainder of that act in its application to the agencies concerned. The rules adopted pursuant to the provisions of the Land Title Trust Fund Act shall meet those federal requirements that are a necessary condition to the receipt of federal funds by the state.
History:
Laws 1997, ch. 118, § 6.
ANNOTATIONS
Emergency clauses.
— Laws 1997, ch. 118, § 11 makes the Land Title Trust Fund Act effective immediately. Approved April 9, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 28 - Land Title Trust Funds › Section 58-28-7 - Matching funds.

Money from the fund may be used to match federal, local or private money to be used for projects authorized under the Land Title Trust Fund Act.
History:
Laws 1997, ch. 118, § 7.
ANNOTATIONS
Emergency clauses.
— Laws 1997, ch. 118, § 11 makes the Land Title Trust Fund Act effective immediately. Approved April 9, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 28 - Land Title Trust Funds › Section 58-28-8 - Land title trust fund advisory committee created; functions.

A. The "land title trust fund advisory committee" is created. The committee shall consist of seven persons:
(1) the chairman of the trustee or his designee, who shall serve as chairman of the committee;
(2) two representatives of the land title industry appointed by the governor;
(3) one representative of the banking industry and one representative of the real estate industry appointed by the president pro tempore of the senate; and
(4) one representative of the mortgage lending industry and one representative of the real estate industry appointed by the speaker of the house of representatives.
B. Of the first committee members appointed, two shall be appointed for terms of five years, two shall be appointed for terms of four years and two shall be appointed for terms of three years. Thereafter, appointed members shall be appointed for terms of five years. Members shall serve at the pleasure of their respective appointing authorities, and vacancies shall be filled by the appropriate appointing authority. Any member of the committee shall be eligible for reappointment.
C. The committee shall be advisory to the trustee and shall be subject to oversight by the Mortgage Finance Authority Act [Chapter 58, Article 18 NMSA 1978] oversight committee.
D. The committee shall review all project applications and make recommendations to the trustee for funding them. The committee shall not be involved in or advisory to the trustee in matters relating to the investment of the fund.
E. The committee shall adopt and promulgate rules and regulations regarding:
(1) the time, place and procedures of committee meetings;
(2) the procedures for the review of and standards for recommending applications for loans or grant projects; and
(3) the obligations of title companies pursuant to the provisions of the Land Title Trust Fund Act.
History:
Laws 1997, ch. 118, § 8.
ANNOTATIONS
Emergency clauses.
— Laws 1997, ch. 118, § 11 makes the Land Title Trust Fund Act effective immediately. Approved April 9, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 29 - Small Business Investment › Section 58-29-1 - Short title.

Chapter 58, Article 29 NMSA 1978 may be cited as the "Small Business Investment Act".
History:
Laws 2000, ch. 97, § 3; 2003, ch. 399, § 4.
ANNOTATIONS
The 2003 amendment,
effective April 8, 2003, substituted "Chapter 58, Article 29 NMSA 1978" for "Sections 3 through 8 of this act" at the beginning of the section.
2023 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.
ANNOTATIONS
The 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.
2023 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.
ANNOTATIONS
The 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.
2023 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.
ANNOTATIONS
The 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).
2023 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.
ANNOTATIONS
The 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".
2023 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.
ANNOTATIONS
The 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.
2023 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.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 399, § 11 makes the act effective on April 8, 2003.
2023 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.
ANNOTATIONS
The 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".
2023 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; and
F. 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.
ANNOTATIONS
The 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.
2023 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.
ANNOTATIONS
Cross 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".
2023 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.
ANNOTATIONS
The 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.
2023 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.
ANNOTATIONS
The 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.
2023 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; and
F. 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.
ANNOTATIONS
The 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.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 30 - Individual Development Account › Section 58-30-12 - Account funds disregarded for purposes of certain means-tested programs.

A. Money deposited into an individual development account, interest earned on that account and interest and matching funds deposited in a reserve account for the benefit of the account owners shall be disregarded for the purposes of determining eligibility for benefits and for determining benefit amounts pursuant to the New Mexico Works Act.
B. When determining eligibility for benefits and determining benefit amounts due under the supplemental nutrition assistance program, children's health insurance program, child care and development block grant and medicaid, the human services department [health care authority department] shall, pursuant to the authority granted by 7 USCA 2014 (d) and (g), disregard money deposited into an individual development account, interest earned on that account and interest and matching funds deposited in a reserve account for the benefit of the account owners.
C. Money withdrawn from an individual development account for a purpose other than an allowable use shall be counted as a resource for purposes of the New Mexico Works Act or medicaid unless the withdrawal is approved by the program administrator and an amount equal to the amount withdrawn is replaced within the twelve-month allowable time period pursuant to Subsection D of Section 58-30-8 NMSA 1978.
History:
Laws 2003, ch. 362, § 12; 2006, ch. 96, § 12; 2007, ch. 349, § 12; 2019, ch. 225, § 13.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law. Laws 2023, ch. 205, § 16 provided that references to the human services department shall be deemed to be references to the health care authority department.
The 2019 amendment,
effective January 1, 2020, listed the means-tested program for which account funds are disregarded for purposes of eligibility; in Subsection B, after "amounts due under the", deleted "food stamp program" and added "supplemental nutrition assistance program, children's health insurance program, child care and development block grant".
The 2007 amendment,
effective July 1, 2007, 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" in Subsections A through C; and in Subsection C, provides for the withdrawal of money if approved by the program administrator and the replacement of an amount equal to the withdrawal pursuant to Subsection C of Section 58-30-8 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 30 - Individual Development Account › Section 58-30-13 - Individual development fund created.

The "individual development fund" is created in the state treasury. The fund shall consist of appropriations, gifts, grants, donations and bequests made to the fund. Income from the fund shall be credited to the fund, and money in the fund shall not be transferred to any other fund at the end of a fiscal year. Money in the fund is appropriated to the department for the purposes of carrying out the provisions of the Individual Development Account Act. Expenditures shall be made on warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary of workforce solutions or the secretary's designee.
History:
Laws 2006, ch. 96, § 13; 2007, ch. 349, § 13; 2019, ch. 225, § 14.
ANNOTATIONS
The 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" and each occurrence of "office" with "department".
The 2007 amendment,
effective July 1, 2007, changes the title of the act and changes the name of the fund from the "family opportunity fund" to the "individual development fund".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 31 - Spaceport Development › Section 58-31-1 - Short title.

Chapter 58, Article 31 NMSA 1978 may be cited as the "Spaceport Development Act".
History:
Laws 2005, ch. 128, § 1; 2018, ch. 61, § 2.
ANNOTATIONS
Cross references.
— For gross receipts tax deduction for spaceport operations,
see
7-9-54.2 NMSA 1978.
For gross receipts and compensating tax exemption for fuel for space vehicles,
see
7-9-26.1 and 7-9-30 NMSA 1978.
The 2018 amendment,
effective May 16, 2018, deleted "This act" and added "Chapter 58, Article 31 NMSA 1978".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 31 - Spaceport Development › Section 58-31-2 - Purpose.

The purpose of the Spaceport Development Act is to:
A. encourage and foster development of the state and its cities and counties by developing spaceport facilities in New Mexico;
B. actively promote and assist public and private sector infrastructure development to attract new industries and businesses, thereby creating new job opportunities in the state;
C. create the statutory framework that will enable the state to design, finance, construct, equip and operate spaceport facilities necessary to ensure the timely, planned and efficient development of a southwest regional spaceport; and
D. promote educational involvement in spaceport activities and education and training of the workforce to develop the skills needed for spaceport operations.
History:
Laws 2005, ch. 128, § 2.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 128 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 17, 2005, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 31 - Spaceport Development › Section 58-31-3 - Definitions.

As used in the Spaceport Development Act:
A. "authority" means the spaceport authority;
B. "project" means any land, building or other improvements acquired as part of a spaceport or associated with a spaceport or to aid commerce in connection with a spaceport and all real and personal property deemed necessary in connection with the spaceport;
C. "revenue" means municipal regional spaceport gross receipts tax and county regional spaceport gross receipts tax revenue received from a regional spaceport district, revenue generated by a project and any other legally available funds of the authority;
D. "space vehicle" means a vehicle capable of being flown in space or launching a payload into space; and
E. "spaceport" means a facility in New Mexico at which space vehicles may be launched or landed, including all facilities and support infrastructure related to launch, landing or payload processing.
History:
Laws 2005, ch. 128, § 3; 2006, ch. 15, § 16.
ANNOTATIONS
Cross references.
— For the municipal regional spaceport gross receipts tax,
see
7-19D-15 NMSA 1978.
For the county regional spaceport gross receipts tax,
see
7-20E-25 NMSA 1978.
The 2006 amendment,
effective May 17, 2006, adds Subsection C to define revenue.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 31 - Spaceport Development › Section 58-31-7 - Authority loans; terms.

If the authority borrows money from a financial institution or other entity:
A. the interest, principal payments or any part thereof shall be payable at intervals as may be determined by the authority;
B. the loan shall mature at any time not exceeding thirty years from the date of origination;
C. the principal amount of the loan shall not exceed fair market value of the real or personal property to be acquired with the proceeds of the loan as evidenced by a certified appraisal in accordance with the Real Estate Appraisers Act [Chapter 61, Article 30 NMSA 1978]; and
D. the loan shall be subject to approval of the state board of finance.
History:
Laws 2005, ch. 128, § 7.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 128 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 17, 2005, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 31 - Spaceport Development › Section 58-31-8 - Bonds secured by trust indenture.

The bonds issued by the authority may be secured by a trust indenture between the authority and a corporate trustee that may be either a bank having trust powers or a trust company. The trust indenture may contain reasonable provisions for protecting and enforcing the rights and remedies of bondholders, including covenants setting forth the duties of the authority in relation to the exercise of its powers and the custody, use and investment of the project revenues or other funds. The authority may provide in a trust indenture for the payment of the proceeds of the bonds and the project revenue to the trustee under the trust indenture or other depository for disbursement with any safeguards the authority determines are necessary.
History:
Laws 2005, ch. 128, § 8.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 128 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 17, 2005, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 31 - Spaceport Development › Section 58-31-9 - Authority revenue bonds; limitations; authorization; authentication.

A. Revenue bonds or refunding bonds issued pursuant to the Spaceport Development Act and other loans to the authority are:
(1) not general obligations of the state or any other agency of the state or of the authority; and
(2) payable only from properly pledged revenues and each bond or loan shall state that it is payable solely from the properly pledged revenues and that the bondholders or lenders may not look to any other fund for the payment of the interest and principal of the bond or the loan.
B. Revenue or refunding bonds or loans may be authorized by resolution of the authority, which shall be approved by a majority of the voting members of the authority and by the state board of finance.
C. The bonds or loans shall be executed by the chair of the authority and may be authenticated by any public or private transfer agent or registrar, or its successor, named or otherwise designated by the authority. Bonds, notes or other certificates of indebtedness of the authority may be executed as provided under the Uniform Facsimile Signature of Public Officials Act [6-9-1 to 6-9-6 NMSA 1978], and the coupons, if any, shall bear the facsimile signature of the chair of the authority.
History:
Laws 2005, ch. 128, § 9.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 128 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 17, 2005, 90 days after adjournment of the legislature.