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	Campos		DATE TYPED	2/12/04		HB
SHORT TITLE		Remove Certain Direct Deposit Requirements				SB	459
					ANALYST		Wilson

APPROPRIATION

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

SOURCES OF INFORMATION

LFC Files

Responses Received From

Attorney General’s Office (AGO)

Economic Development Department (EDD)

SUMMARY

Synopsis of Bill

Senate Bill 459 removes the current requirement for voluntary authorization by the employee, employer and financial institution in order to initiate the direct deposit of wages.

Significant Issues

EDD believes authorization for the deposit of funds should be required by all stated parties in order to legalize the transaction.

DW/dm