The bill establishes the "Utility Oversight Fund" within the state treasury, which will consist of fees collected from public utilities, appropriations, gifts, grants, and investment earnings. The fund is designed to support the Public Regulation Commission in carrying out its duties under the Public Utility Act, with the stipulation that the fund's balances will not revert to the general fund at the end of the fiscal year. The commission will administer the fund, and disbursements will be made through warrants issued by the secretary of finance and administration.

Additionally, the bill amends existing laws regarding inspection and supervision fees for utilities, increasing the fee to five hundred ninety thousandths percent of gross receipts from business transacted in New Mexico. It allows the commission to adjust these fees annually until July 1, 2031, based on the employment cost index. The bill also modifies the collection and disposition of fees, stating that all collected fees will be credited to the newly created Utility Oversight Fund rather than the general fund. Furthermore, it empowers the commission to enforce the collection of unpaid fees, interest, and penalties, replacing the previous requirement for the attorney general to handle such collections.

Statutes affected:
introduced version: 62-8-8, 62-8-9, 62-13-2, 62-14-8, 63-7-20, 63-7-21, 70-3-2