RELATING TO MOTOR VEHICLES; AMENDING THE AMOUNT AND DISTRIBUTION OF FEES FOR SPECIAL COLLEGIATE REGISTRATION PLATES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 66-3-416 NMSA 1978 (being Laws 1989, Chapter 360, Section 1) is amended to read:
"66-3-416. SPECIAL COLLEGIATE REGISTRATION PLATE--PROCEDURES--FEE.--
A. The division shall establish and issue special collegiate registration plates in accordance with the provisions of this section and shall adopt and promulgate procedures for application for and issuance of such special collegiate registration plates.
B. The university of New Mexico, New Mexico state university, New Mexico highlands university, eastern New Mexico university, western New Mexico university, New Mexico institute of mining and technology or New Mexico military institute may request that the division issue a special collegiate registration plate for that institution. Upon that request, the division, with the advice and consultation of the higher educational institution, shall determine the color and design of the registration plate and provide for its issuance.
C. For an initial fee of thirty-five dollars ($35.00), any owner of a motor vehicle may apply for the issuance of a special collegiate registration plate. The owner shall apply and pay a ten-dollar ($10.00) renewal fee each year that he wishes to retain and renew his special collegiate registration plate. The initial fee and the renewal fee shall be in addition to the regular motor vehicle registration fees.
D. The revenue from the special collegiate registration plates shall be distributed as follows:
(1) ten dollars ($10.00) of the initial fee collected for each registration plate shall be paid to the state treasurer for credit to the motor vehicle suspense fund for distribution in accordance with Section 66-6-23 NMSA 1978; and
(2) twenty-five dollars ($25.00) of the initial fee and all of the renewal fee collected for each registration plate shall be distributed to the higher educational institution for which the registration plate is issued.
E. Revenues received by each higher educational institution from special collegiate registration plate fees are appropriated to the higher educational institution to be credited to the general scholarship fund of that institution."
HB 247
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