The bill amends the 1999 Public Accountancy Act in New Mexico to update the definitions and qualifications necessary for certification as a certified public accountant (CPA). A significant change is the introduction of the term "comparable licensure requirements," which mandates that practitioners from other states must meet standards that are equal to or exceed New Mexico's educational, examination, and accounting experience criteria. The bill clarifies the educational paths for certification, allowing for a baccalaureate degree with additional coursework or a master's degree in accounting or business. It also emphasizes the importance of continuing professional education for maintaining CPA certification and allows nonresident certificate holders to meet continuing education requirements based on their home state's standards.

Additionally, the bill outlines the requirements for firms operating in New Mexico, stating that all partners, officers, shareholders, members, or managers must hold a valid certificate if their principal place of business is in the state. It permits firms to include non-certificate holder owners, provided they designate a responsible New Mexico certificate holder. The bill also addresses enforcement against unlawful acts in public accountancy, including misleading titles for individuals without valid certification. It establishes practice privileges for out-of-state CPAs and sets various fees related to certification and permits. The provisions of the bill are set to take effect on January 1, 2026.

Statutes affected:
introduced version: 61-28B-3, 61-28B-8, 61-28B-9, 61-28B-11, 61-28B-13, 61-28B-17, 61-28B-26, 61-28B-27
CE substitute: 61-28B-3, 61-28B-8, 61-28B-9, 61-28B-11, 61-28B-13, 61-28B-17, 61-28B-26, 61-28B-27
JC substitute: 61-28B-3, 61-28B-8, 61-28B-9, 61-28B-11, 61-28B-13, 61-28B-17, 61-28B-26, 61-28B-27
Final Version: 61-28B-3, 61-28B-8, 61-28B-9, 61-28B-11, 61-28B-13, 61-28B-17, 61-28B-26, 61-28B-27