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| SPONSOR: | Wright | DATE TYPED: | 02/07/00 | HB | 440 | ||
| SHORT TITLE: | Extend NM Real Estate Commission | SB | |||||
| ANALYST: | Valdes | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY00 | FY01 | FY00 | FY01 | ||
| $ 878.5 | Recurring | Other State Funds | |||
(Parenthesis ( ) Indicate Expenditure Decreases)
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY01 | |||
| $ 878.5 | $878.5* | Recurring | Other State Funds | |
*Subsequent year impact depends on annual revenue generated.
Duplicates/Relates to SB 357, HB 15, SB 122
SOURCES OF INFORMATION
Regulation and Licensing Department
LFC Files
SUMMARY
Synopsis of Bill
This bill extends the termination date of the Real Estate Commission to July 1, 2005 and the delayed repeal date to July 1, 2006.
Significant Issues
Without this legislation, this commission will "sunset" effective July 1, 2000. If this commission is terminated, New Mexico will be the only state in the country which does not regulate real estate brokers and sales.
FISCAL IMPLICATIONS
This commission is self-supporting from revenues generated by realtor fees. There is no impact to the General Fund.
ADMINISTRATIVE IMPLICATIONS
If the termination date of this commission is not extended, it will have to close down on July 1, 2000. Ten employees will have to be terminated. RLD will provide assistance to the Commission in closing the office.
OTHER SUBSTANTIVE ISSUES
If this legislation is not enacted, real estate license law will terminate on July 1, 2000.
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