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 a vailable 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 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 King
ORIGINAL DATE
LAST UPDATED
2/6/07
HB 863
SHORT TITLE
Prosecution of Securities Fraud
SB
ANALYST C.Sanchez
APPROPRIATION (dollars in thousands)
Appropriation
Recurring
or Non-Rec
Fund
Affected
FY07
FY08
$247,000
Recurring
General Fund
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
Responses Received From
Regulation and Licensing Department (RLD)
SUMMARY
Synopsis of Bill
House Bill 863 would appropriate $247,000 to the Securities Division of the Regulation and
Licensing Department for the prosecution of securities fraud.
SIGNIFICANT ISSUES
Enhancing the Securities Division’s fraud prosecution capability would enable the Division to
handle more cases. Securities cases a very time consuming, and therefore many prosecutors will
not handle them because they can’t afford to tie up their resources for one case.
In addition to the length of time each case takes, it is also difficult to find attorneys and
investigators who have the necessary training and experience to successfully investigate and
prosecute such cases. HB 863 may provide the funds required to hire people with appropriate
backgrounds in accounting, finance and white collar investigations,