This bill amends the New Mexico Bingo and Raffle Act to exempt certain raffles from its regulations. Specifically, it introduces a new provision stating that raffles held for fundraising purposes by tax-exempt service, educational, athletic, or extracurricular organizations that primarily serve youth aged eighteen and younger are not subject to the Act. This exemption aims to facilitate fundraising efforts for organizations dedicated to youth services without the constraints of the existing bingo and raffle regulations.

Additionally, the bill clarifies that the existing exemptions for drawings at fairs or fiestas and for qualified organizations holding limited bingo or raffle events remain intact. It also maintains the requirement for prior notification to the board for raffles with individual prizes exceeding $75,000. The effective date for these provisions is set for July 1, 2025.

Statutes affected:
introduced version: 60-2F-26