The proposed bill, titled the "Uniform Cohabitants' Economic Remedies Act," establishes a legal framework for cohabitants—defined as two individuals living together as a couple without being married—to seek remedies for contractual and equitable claims arising from their contributions to the relationship. The bill outlines the definitions of key terms, such as "cohabitant," "cohabitants' agreement," and "contributions to the relationship," while also detailing the rights of cohabitants to bring actions against one another, including provisions for claims that may be initiated on behalf of a deceased cohabitant's estate. Additionally, the act specifies that cohabitants' agreements can be oral or written and that contributions to the relationship serve as sufficient consideration for such agreements.

Furthermore, the bill provides for equitable relief, allowing cohabitants to seek property entitlements based on their contributions, and establishes that court orders or judgments under this act will be treated as orders in favor of general creditors. The act emphasizes the importance of uniformity in application across jurisdictions and includes transitional provisions to ensure that it applies to agreements made and claims accruing after its effective date of July 1, 2025. Overall, the Uniform Cohabitants' Economic Remedies Act aims to provide legal recognition and protection for the economic rights of cohabitants in New Mexico.