The bill seeks to standardize the management and reporting of funds overseen by the State Investment Officer in New Mexico, introducing several key amendments to existing law. It classifies all funds under Chapter 6, Article 8 NMSA 1978, and removes the State Investment Officer as the investment manager for certain funds. The Capital Development Program Fund will be relocated to the State Treasury, and the reversion period for funds in this and other state agency accounts will be shortened. Additionally, fees collected by the Cannabis Control Division will now be directed to the Regulation and Licensing Department Operating Fund, while an outdated section of the law will be repealed.

Significant changes include the establishment of new nonreverting funds, such as the Tobacco Settlement Permanent Fund and the Opioid Settlement Restricted Fund, which will be managed according to the prudent investor rule. The bill also modifies reversion timelines for unreserved and undesignated funds, requiring them to revert to the general fund by August 31. It clarifies definitions related to investment funds and outlines the responsibilities of the State Investment Council and the State Investment Officer. Furthermore, the bill allows the council to contract with state agencies for investment advisory services, exempts them from the New Mexico Uniform Securities Act, and mandates quarterly performance reports to the legislative finance committee. The effective date for these provisions is set for July 1, 2025.

Statutes affected:
introduced version: 6-4-9, 6-4-28, 6-4-32, 6-5-10, 6-8-1, 6-8-7, 6-8-14, 6-8-23, 6-30-7, 7-27-50, 7-27-51, 9-16-14, 9-16-15, 9-26-17, 9-29A-1, 18-18-1, 19-1-19, 24-5A-4, 58-32-1004, 72-4A-8, 75-12-1, 6-8-6