The proposed bill establishes the "Utility Oversight Fund" within the state treasury, which will consist of fees collected from various utility-related sections, as well as appropriations, gifts, grants, and investment earnings. The fund will be administered by the Public Regulation Commission (PRC), and the money will be appropriated by the legislature to support the commission's duties under the Public Utility Act. Additionally, the bill amends existing sections to increase the annual inspection and supervision fees for utilities, allowing the PRC to adjust these fees annually until July 1, 2031, based on the employment cost index.

Furthermore, the bill modifies the collection and distribution of fees and penalties related to utility operations. It mandates that all fees collected under the Public Utility Act be credited to the newly created Utility Oversight Fund, rather than the general fund. The commission is also given the authority to bring legal action to collect any unpaid fees, interest, and penalties. The bill includes specific adjustments to the penalties for non-compliance and clarifies the fee structure for various utility operations, ensuring that all collected funds are directed to the Utility Oversight Fund to enhance oversight and regulation of public utilities in New Mexico.

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