HOUSE BILL 224

47th legislature - STATE OF NEW MEXICO - first session, 2005

INTRODUCED BY

Patricia A. Lundstrom

FOR THE

ECONOMIC AND RURAL DEVELOPMENT AND TELECOMMUNICATIONS COMMITTEE

AN ACT

RELATING TO FINANCIAL INSTITUTIONS AND REGULATIONS; AMENDING THE INDIVIDUAL DEVELOPMENT ACCOUNT ACT TO INCREASE THE MEMBERSHIP OF THE ADVISORY COMMITTEE; MAKING APPROPRIATIONS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. Section 58-30-6 NMSA 1978 (being Laws 2003, Chapter 362, Section 6) is amended to read:

     "58-30-6. ADVISORY COMMITTEE.--

          A. An advisory committee shall be created to provide oversight of the administration of individual development account programs and to suggest possible changes that benefit account owners or improve the effectiveness of the individual development account programs throughout the state.

          B. The advisory committee shall meet at least two times in a calendar year to review the implementation of the Individual Development Account Act.

          C. The advisory committee shall consist of the lieutenant governor [and eight members appointed by the governor to represent the state geographically. The director or his designee shall serve as an ex-officio member of the advisory committee], the director or the director's designee, eight members appointed by the governor to represent the state's geographic regions and nine representatives from the following interests:

                (1) the New Mexico mortgage finance authority;

                (2) the public education department;

                (3) the human services department;

                (4) the economic development department;

                (5) the office of workforce development;

                (6) the bureau of business and economic research at the university of New Mexico;

                (7) the New Mexico small business investment corporation;

                (8) the health care industry; and

                (9) nonprofit organizations that promote asset building with low-income populations.

          D. Members of the advisory committee who are account owners shall receive per diem and mileage pursuant to the Per Diem and Mileage Act and shall receive no other compensation, perquisite or allowance for their participation on the advisory committee.

          E. The division shall provide adequate staff support and administrative services for the advisory committee."

     Section 2. APPROPRIATIONS.--

          A. One hundred thousand dollars ($100,000) is appropriated from the general fund to the local government division of the department of finance and administration for expenditure in fiscal year 2006 to pay for the expenses of the individual development account advisory committee pursuant to the Individual Development Account Act. Any unexpended or unencumbered balance remaining at the end of fiscal year 2006 shall revert to the general fund.

          B. One hundred fifty thousand dollars ($150,000) is appropriated from the general fund to the local government division of the department of finance and administration for expenditure in fiscal year 2006 to carry out the purposes of the Individual Development Account Act. Any unexpended or unencumbered balance remaining at the end of fiscal year 2006 shall revert to the general fund.

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