NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

Only the most recent FIR version, excluding attachments, is available on the Intranet. Previously issued FIRs and attachments may be obtained from the LFC office in Suite 101 of the State Capitol Building North.

(Parenthesis ( ) Indicate Expenditure Decreases)

*Subsequent year impact depends on annual revenue generated.

Duplicates/Conflicts with/Companion to/Relates to 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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