Chapter 21, Chapter 21

As used in the Apprenticeship Assistance Act: A. "advisory committee" means the apprenticeship and training advisory committee to the division; B. "apprentice" means a person at least sixteen years of age who is approved by the council and is covered by a written agreement with a…

The apprenticeship committee for each apprenticeship training program shall: A. establish standards and goals for related instruction for apprentices in the program and supplementary instruction for journeymen; B. establish rules governing on-the-job training and other instructio…

A. An apprenticeship program shall be registered by the state apprenticeship agency or the office of apprenticeship. B. An apprenticeship program shall be under the direction of an apprenticeship committee and structured according to Title 29, Part 29 of the Code of Federal Regul…

The department shall make such rules as are necessary to carry out the provisions of the Apprenticeship Assistance Act. History: Laws 1992, ch. 93, § 6; 2024, ch. 5, § 6.

A. The department shall appoint an apprenticeship and training advisory committee composed of nine voting members who shall be New Mexico residents. The members shall be as follows: (1) two persons representing employers of members of apprenticeable trades; (2) two persons repres…

The advisory committee shall provide input into the development of a statewide plan for a comprehensive program of apprenticeship training, which shall include but not be limited to the following: A. formulas and administrative procedures to be used in requesting appropriations o…

In order to ensure that all citizens of New Mexico have an equal opportunity to benefit from apprenticeship training programs, the department shall provide for statewide publication, in a manner recommended by the advisory committee and intended to give actual notice to all poten…

This act [21-20-1 to 21-20-4 NMSA 1978] may be cited as the "Travel Service Training Act". History: 1953 Comp., § 73-45-1, enacted by Laws 1973, ch. 339, § 1.

It is the purpose of the Travel Service Training Act to assist in providing education, both academic and vocational, for persons employed or seeking employment in the tourist service industries in New Mexico, in order to ensure that the visiting public will receive the most effic…

Under the coordination of the commerce and industry department the educational institutions of the state, at all levels, shall cooperate in order to provide courses and programs designed to fulfill the purposes of the Travel Service Training Act. History: 1953 Comp., § 73-45-3, e…

The commerce and industry department shall: A. provide additional training at the local level for persons currently employed in restaurants, hotels, motels, motor vehicle service facilities and other retail establishments oriented toward tourism; B. upgrade, through university-le…

This act [21-21-1 to 21-21-13 NMSA 1978] may be cited as the "Student Loan Act". History: 1953 Comp., § 73-38-1, enacted by Laws 1970, ch. 82, § 1.

All bonds issued under the Student Loan Act are legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees and guardians, and for the sinking funds of political subdivisions, departments, i…

All proceeds from the sale of bonds under the Student Loan Act, except amounts set aside as reserves and the expenses of selling the bonds, which may also be paid from the proceeds, shall be deposited with the state treasurer for credit to the student loan fund. History: 1953 Com…

All money received by the state treasurer as repayment of student loans granted under the Student Loan Act and interest on the loans shall be credited to the "student loan sinking fund" in the state treasury, except that an amount determined as described in Section 6 [21-21-6 NMS…

A. Money in the student loan sinking fund and money in the student loan fund in excess of the amount necessary for student loans may be invested by the state treasurer in: (1) direct obligations of, or obligations whose principal and interest are guaranteed by, the United States;…

Sections 1 through 11 [21-21-14 to 21-21-24 NMSA 1978] of this act may be cited as the "Student Loan Guarantee Act". History: 1978 Comp., § 21-21-14, enacted by Laws 1978, ch. 110, § 1.

The purpose of the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978] is to establish a student loan guarantee program for post-high school students in accordance with such conditions as the board of educational finance may from time to time prescribe and consistent with…

As used in the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978]: A. "board" ["commission" ["department"] means the board of educational finance [commission on higher education [higher education department]]; B. "eligible student" means a resident of New Mexico who has …

The board [commission [department]] shall be the guarantor under the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978] and shall have the following powers in furtherance of the guarantee loan [guaranteed-loan] program: A. to guarantee the loan of money, upon such terms …

A. The state treasurer shall create a suspense account in the state treasury to be known as the "student loan guarantee fund" for the purpose of insuring student loans held by the fiscal agent. The student loan guarantee fund shall be held in trust and invested by the state treas…

As used in the Student Loan Act: A. "participating institution" means any post-high school educational institution within the state, public or private, including junior colleges and vocational schools, which qualifies as an eligible institution for the federal guaranteed-loan pro…

The amount and conditions of any loan to an eligible student shall be determined according to regulations promulgated by the board [commission [department]]. No payment shall be made to any qualified student until he has executed a note, guaranteed under the Student Loan Guarante…

A. The fiscal agent shall accumulate individual loan applications from participating institutions and shall submit these applications to the board [commission [department]] for approval and guarantee. The fiscal agent may fix deadlines for the receipts of applications relative to…

The fiscal agent shall be reimbursed by the board [commission [department]] for the expenses connected with his duties under the terms of an agreement negotiated annually by the board [commission [department]] with the approval of the state board of finance. Reimbursement shall i…

Upon report by the fiscal agent of the accumulated total of guaranteed loans requiring funding under the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978], the board shall certify to the state treasurer the demonstrated need for disbursement from the severance tax perma…

The board [commission [department]] shall make annual reports to the governor and to the legislature, prior to each regular session, of its activities, together with the amount of claims that the fiscal agent has submitted to the board in connection with loan guarantees, and a li…

The board of educational finance [commission on higher education [higher education department]] may contract with one or more attorneys or law firms or with any other private business concern to assist the board [commission [department]] in collecting any defaulted loan made purs…

No student loans shall be made under the provisions of the Student Loan Act [21-21- 1 to 21-21-13 NMSA 1978] subsequent to the effective date of the Student Loan Guarantee Act. It is the intent of the legislature that the Student Loan Act be continued solely for the purpose of ad…

There is created in the state treasury the "student loan fund". The state treasurer may use the student loan fund to: A. purchase, from the fiscal agent, loans guaranteed by the United States made to qualified students at participating institutions; and B. purchase from lending a…

The amount of any loan to a qualified student shall be determined according to regulations promulgated by the state board of educational finance [commission on higher education [higher education department]]. No payment shall be made to any qualified student until he has executed…

A. The fiscal agent shall accumulate individual loan applications from the several participating institutions and shall submit these applications to the appropriate federal office for approval and guarantee. The fiscal agent may fix deadlines for the receipts of applications rela…

The fiscal agent shall be reimbursed by the board of educational finance [commission on higher education [higher education department]] for the expense connected with his duties under the terms of an agreement negotiated annually by the board of educational finance with the appro…

[commission on higher education]. Upon report by the fiscal agent of the accumulated total of guaranteed loans requiring funding under the Student Loan Act, the board of educational finance [commission on higher education [higher education department]] shall certify to the state …

Upon receipt of a certification from the board of educational finance [commission on higher education [higher education department]] that a need exists under the Student Loan Act, the state board of finance shall, by resolution, provide for the issuance of negotiable revenue bond…

Upon recommendation of the state treasurer, the state board of finance may, be [by] resolution, provide for the issuance of refunding bonds to refund any outstanding bonds issued under the Student Loan Act, together with accrued interest thereon. Provisions governing the issuance…

Chapter 21, Article 21A NMSA 1978 may be cited as the "Educational Assistance Act". History: Laws 1981, ch. 319, § 1; 2005, ch. 201, § 1.

The board of directors of the foundation may by resolution provide for the issuance of refunding bonds to refund any outstanding bonds issued under the Educational Assistance Act, together with redemption premiums, if any, and interest accrued or to accrue thereon. Provisions gov…

In the discretion of the foundation, any bonds issued under the provisions of the Educational Assistance Act may be secured by a trust agreement by and between the foundation and a corporate trustee, which may be a bank or trust company having trust powers within or without the s…

The pledge of any assets or revenues of the foundation to the payment of the principal of or the interest on any bonds shall be valid and binding from the time when the pledge is made, and any such assets or revenues shall immediately be subject to the lien of such pledge without…

Notwithstanding any other provisions of law, all money received by the foundation under the provisions of the Educational Assistance Act shall be deemed to be trust funds to be held and applied solely as provided in that act. The resolution authorizing any obligations or the trus…

Any holder of bonds issued under the provisions of the Educational Assistance Act or any coupons appertaining thereto, and the trustee under any trust agreement or resolution authorizing the issuance of such bonds, except as the rights given pursuant to that act may be restricted…

All bonds issued by the foundation under the Educational Assistance Act are legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees and guardians and for the sinking funds of political s…

A. The foundation shall, promptly following the close of each fiscal year, submit an annual report of its activities for the preceding year to the governor, the secretary of state, the state auditor and the legislative finance committee. Each report shall set forth a complete ope…

associations. A. Any person or domestic corporation or association organized for the purpose of carrying on a business in New Mexico may, regardless of the provisions of any certificate of incorporation, charter or other articles of organization, make contributions or gifts, gran…

Upon termination or dissolution, all rights and properties of the foundation shall pass to and be vested in the state, subject to the rights of any bondholders, lienholders and other creditors. History: Laws 1981, ch. 319, § 21; 2011, ch. 168, § 7.

The state does hereby pledge to and agree with the holders of any bonds or notes issued under the Educational Assistance Act that the state will not limit or alter the rights hereby vested in the foundation or the corporation by that act to fulfill the terms of any agreement made…

affected by repeal. The repeal of sections or parts of sections of the Educational Assistance Act does not affect the existence of the educational assistance foundation created pursuant to that act or its activities in relation to bonds issued and outstanding or the servicing of …

affected by repeal. The repeal of sections or parts of sections of the Educational Assistance Act does not affect the existence of the educational assistance nonprofit corporation created pursuant to that act or its designation as the single nonprofit corporation authorized to pr…

As used in the Educational Assistance Act: A. "bond" means any bond, note or other evidence of indebtedness; B. "educational loan" means a loan for educational purposes made to or for the benefit of qualified persons; C. "foundation" means a corporation formed pursuant to the pro…