The proposed bill aims to regulate compensation for services related to veterans' benefits in New Mexico. It establishes a new section in Chapter 20 NMSA 1978 that prohibits individuals from receiving compensation for assisting others with veterans' benefits matters, except as allowed under federal law. The bill defines "compensation" and "veterans' benefits matter," and outlines specific prohibitions, including receiving compensation for referrals, guaranteeing benefits, and charging excessive fees. Additionally, it requires that any agreement for compensation be documented in writing and signed by both parties. Notably, accredited representatives and attorneys are exempt from these provisions.

Furthermore, the bill amends the Unfair Practices Act to include a new violation related to the provisions of this act, specifically stating that violating the new section on veterans' benefits matters constitutes an unfair or deceptive trade practice. This amendment aims to strengthen consumer protection by ensuring that individuals seeking veterans' benefits are not exploited or misled. The bill also updates the definitions within the Unfair Practices Act to reflect these changes, thereby enhancing the legal framework surrounding veterans' affairs and consumer rights in New Mexico.

Statutes affected:
introduced version: 57-12-2