Fiscal impact reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for standing finance committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports if they are used for other purposes.

Current FIRs (in HTML & Adobe PDF formats) are available on the NM Legislative Website (legis.state.nm.us). Adobe PDF versions include all attachments, whereas HTML versions may not. Previously issued FIRs and attachments may also be obtained from the LFC in Suite 101 of the State Capitol Building North.

F I S C A L I M P A C T R E P O R T

SPONSOR	Fidel		DATE TYPED	01/27/04		HB
SHORT TITLE		Residency of Real Estate Commission Members				SB	58
					ANALYST		Gilbert

APPROPRIATION

Appropriation Contained		Estimated Additional Impact		Recurring or Non-Rec	Fund Affected
FY04	FY05	FY04	FY05
			NFI

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC Files

Responses Received From

New Mexico Real Estate Commission (NMREC)

SUMMARY

Synopsis of Bill

Senate Bill 58 amends Section 61-29-4 of the real estate license law to modify county residency requirements for New Mexico Real Estate Commission (NMREC) members.

Currently, no more than one member of the NMREC, including the non-broker public member, may be from any one county. SB58 amends the law to allow a maximum of two real estate broker members to be from any one county, and the non-broker public member can be from any county in the state.

ADMINISTRATIVE IMPLICATIONS

The NMREC stated that this bill would not impact their operations.

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