Chapter 6, Chapter 6

The state treasurer shall establish and maintain the program established pursuant to 26 U.S.C. Section 529A and the Accounts for Persons with Disabilities Act [6-8A-1 to 6- 8A-7 NMSA 1978]. History: Laws 2016, ch. 40, § 8.

A. Members of the council appointed pursuant to Paragraphs (6) and (7) of Subsection A of Section 6-8-2 NMSA 1978, with the advice and consent of the senate, shall serve for staggered terms of five years. Members of the council shall serve until their successors are appointed and…

A. There is established an "investment office". The chief administrative officer of the office shall be known as the "state investment officer". B. The state investment officer shall be appointed by the council. The state investment officer shall devote the officer's entire time …

A. Before the state investment officer or other responsible employee of the investment office enters upon the officer's or employee's duties, the secretary shall require an individual bond or include the state investment officer and all employees of the investment office under a …

The functions, powers and duties vested by law relating to the investment or reinvestment of money and the purchase, sale or exchange of investments or securities of the permanent fund are transferred to the state investment officer. The state treasurer shall maintain custody of …

investment officer; investment policy; investment managers. A. Subject to the limitations, conditions and restrictions contained in policymaking regulations or resolutions adopted by the council, the council may make purchases, sales, exchanges, investments and reinvestments of t…

In the event of default in the payment of principal [of], or interest on, an investment made, the investment officer is authorized to institute proper proceedings to collect matured interest and principal; the investment officer may, after consultation with the investment council…

Sections 1 through 7 [6-8A-1 to 6-8A-7 NMSA 1978] of this act may be cited as the "Accounts for Persons with Disabilities Act". History: Laws 2016, ch. 40, § 1.

As used in the Accounts for Persons with Disabilities Act: A. "account" means an individual tax-free savings account for a designated beneficiary that is established pursuant to Section 529A of the Internal Revenue Code of 1986, as amended; B. "account owner" means a person who e…

A. The office shall: (1) ensure that an account meets the requirements of a qualified program; and (2) promulgate rules to implement and administer the qualified program and other requirements of the Accounts for Persons with Disabilities Act. B. The office may contract with thir…

A. An account owner may: (1) establish an account with a financial organization or fiduciary; (2) close the account and establish an account with another financial organization or fiduciary, no more than twice in any tax year; and (3) change the owner of an account to a family me…

A. If a designated beneficiary incurs a qualified disability expense, the financial organization or fiduciary shall pay such expense, or reimburse such expense; provided that the account balance is sufficient to do so. B. If any person attempts to contribute to an account and suc…

Unless required by federal law, the state or an agency or instrumentality of the state shall not: A. seek payment from an account or its proceeds for benefits provided to the beneficiary of the account pursuant to 26 U.S.C. Section 529A; or B. undertake estate recovery from an ac…

programs. A. Notwithstanding any other provision of federal law that requires consideration of one or more financial circumstances of a person when determining eligibility to receive benefits or determining the amount of assistance, such provisions shall not apply to a designated…

The state shall not be liable for financial losses suffered by any account owner, or designated beneficiary, with respect to an account established pursuant to the Accounts for Persons with Disabilities Act. History: Laws 2016, ch. 40, § 9.

As used in the Uniform Facsimile Signature of Public Officials Act: A. "public security" means a bond, note, certificate of indebtedness or other obligation for the payment of money issued by this state or by any of its departments, agencies, boards or other instrumentalities or …

Any authorized officer, after filing with the secretary of state his manual signature certified by him under oath, may execute or cause to be executed with a facsimile signature in lieu of his manual signature: A. any public security, provided that at least one signature required…

When the seal of this state or any of its departments, agencies or other instrumentalities or of any of its political subdivisions is required in the execution of a public security or instrument of payment, the authorized officer may cause the seal to be printed, engraved, stampe…

Any person who with intent to defraud uses on a public security or an instrument of payment: A. a facsimile signature, or any reproduction of it, of any authorized officer; or B. any facsimile seal, or any reproduction of it, of this state or any of its departments, agencies or o…

This act [6-9-1 to 6-9-6 NMSA 1978] shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it. History: 1953 Comp., § 5-9-5, enacted by Laws 1959, ch. 118, § 5.

This act [6-9-1 through 6-9-6 NMSA 1978] may be cited as the Uniform Facsimile Signature of Public Officials Act. History: 1953 Comp., § 5-9-6, enacted by Laws 1959, ch. 118, § 6.

A. The fiscal year for the state and for the counties, cities, towns, villages and school districts thereof begins on July 1 and ends on June 30. The year beginning on July 1, 1925 shall be known as the fourteenth fiscal year. B. Beginning July 1, 1994, the fiscal year shall be c…

As used in Chapter 6, Article 10 NMSA 1978: A. "department" means the department of finance and administration; B. "deposit" includes share, share certificate and share draft; C. "eligible governing body" means a local governing body, the governing authority of a tribe or any oth…

A. A state agency or local governing body may accept payment by credit card or electronic means of any amount due under any law or program administered by the agency or local governing body. The state board of finance shall adopt rules on the terms and conditions of a state agenc…

A. Upon the certification or designation of a bank, savings and loan association or credit union whose deposits are insured by an agency of the United States to receive public money on deposit, the state treasurer and county or municipal treasurers who have on hand any public mon…

of earnings; report of investments. A. There is created in the state treasury the "local government investment pool". The fund shall consist of all deposits from participating governments, including revenues dedicated to repaying bonds, that are placed in the custody of the state…

state cash manager. As a condition of retaining state deposits or investments, each financial institution certified or designated to receive state public money on deposit shall submit to the state cash manager its quarterly statement of condition at the same time the statement is…

No moneys of this state belonging to any sinking fund or other fund shall be invested by the state treasurer in any form of security without the prior approval of such investment by the state board of finance. The state board of finance, prior to approving any such investment sha…

The state treasurer is hereby authorized and directed to invest, as hereinafter provided, the funds on deposit in the state treasury to the credit of any special road fund, where such balance is in the amount of $10,000 (ten thousand dollars) or more. History: Laws 1933, ch. 128,…

Investments mentioned in Section one [6-10-12 NMSA 1978] of this act shall not be made until after funds due the highway department for expenses incurred against such balance, are deducted nor shall such investments be made if the balance in such fund is to be expended by the sta…

Investments provided for in Section one [6-10-12 NMSA 1978] shall be in securities such as are eligible for investment of common school permanent or other permanent funds, and shall be subject to the same regulations and approval. History: Laws 1933, ch. 128, § 3; 1941 Comp., § 7…

No public moneys in the custody of the state treasurer or the treasurer of any county, city or town in this state, or in the custody of any board in control mentioned in Section 6 hereof, shall be deposited in any bank or savings and loan association (except as otherwise herein p…

A. Deposits of public money shall be secured by: (1) securities of the United States, its agencies or instrumentalities; (2) securities of the state of New Mexico, its agencies, instrumentalities, counties, municipalities or other subdivisions; (3) securities, including student l…

All deposits of public funds shall be secured by securities as defined in Section 6-10- 16 NMSA 1978 in the amount required by law or by surety bonds as provided for in Section 6-10-15 NMSA 1978. A surety company that issues a surety bond pursuant to this section shall be rated i…

Any bank or savings and loan association designated as a depository of public money shall deliver securities of the kind specified in Section 6-10-16 NMSA 1978 to a custodial bank described in Section 6-10-21 NMSA 1978 and shall then deliver a joint safekeeping receipt issued by …

of public funds. When a treasurer, board of finance or board of control finds that a bank or savings and loan association that has been designated as a depository of public money has not maintained qualifying securities as collateral for deposits of public money under the control…

A. Any bank or savings and loan association designated as a depository by the proper treasurer, board of finance or board of control, prior to the delivery of securities of the kind specified in Section 6-10-16 NMSA 1978 to secure that deposit, shall enter into a written agreemen…

No depository bond with personal sureties shall be accepted as security for deposits of public money. History: Laws 1933, ch. 175, § 10; 1941 Comp., § 7-218; 1953 Comp., § 11-2-20; 1991, ch. 31, § 3.

It is the duty of every public official or agency of this state that receives or disburses public money to maintain a cash record in which is entered daily, in detail, all items of receipts and disbursements of public money. The cash record shall be balanced daily so as to show t…

The state treasurer shall identify and allocate to the general fund all earnings, including realized and unrealized gains and losses, from the investment of all accounts or funds in his custody unless the allocation of the earnings is: A. otherwise provided by law; B. prohibited …

Any board of finance or board of control may at any time within its discretion require any bank or savings and loan association that has qualified as a depository of public money subject to the control of the board to furnish additional security for the deposit of the kind specif…

board of finance. The state board of finance is authorized and directed to regulate, by general regulation or by special orders applicable to individual cases, the safekeeping of bonds or other securities delivered by any bank or savings and loan association as security for depos…

The state treasurer or any board of finance or the secretary or treasurer of any board of finance charged with the custody of any bonds or securities mentioned in Section 6- 10-21 NMSA 1978 who complies with the requirements of the state board of finance with respect to the safek…

and substitution. A. Whenever securities pledged by a depository bank or savings and loan association to secure public money are delivered to a custodial bank for safekeeping, the custodial bank is authorized to comply with the written instructions given by the depository bank or…

and loan associations and credit unions; conditions. A. The state treasurer, the several county and municipal treasurers, the treasurers of any public or educational institution in this state and the treasurers of all irrigation districts and conservancy districts may deposit pub…

A. No person depositing or investing state funds in banks or savings and loan associations in New Mexico shall deposit or invest any funds if that deposit or investment when added to state funds already in that bank or savings and loan association would be in excess of four hundr…

A. As used in this section: (1) "financially at risk rural community" means a community with the following characteristics: (a) no more than one insured bank, thrift institution or credit union within the community; and (b) a population not exceeding three thousand five hundred; …

All moneys of the state, except permanent funds and income derived therefrom and those funds the investment of which is otherwise authorized by law, not needed to meet expenses of state government for the ensuing quarter year should be invested in interest-bearing time deposits o…

in interest-bearing deposits and securities. On or before the tenth day of each quarter of the fiscal year the state treasurer and the secretary of finance and administration shall report to the state board of finance the amount of money on deposit in state depositories, the acco…

funds. The provisions of Sections 6-10-25 and 6-10-26 NMSA 1978, shall not apply to the investment of permanent funds or the income derived therefrom nor to the investment of funds otherwise authorized by law. History: 1953 Comp., § 11-2-25.3, enacted by Laws 1955, ch. 140, § 3; …