The proposed "Law Enforcement Officer Loan Repayment Act" aims to provide financial assistance to law enforcement officers in New Mexico by granting loan repayment awards for their educational expenses. The act establishes a new section in Chapter 21 NMSA 1978, defining key terms such as "applicant," "award," "department," and "fund." It outlines the powers and duties of the higher education department, which will administer the program, including the ability to grant awards, set criteria for eligibility, and enforce contracts with award recipients. The act specifies that eligible applicants must be law enforcement officers who have completed at least three years of service, and it details the criteria for loan repayment, including the maximum award amount of $25,000.

Additionally, the act creates the "law enforcement officer loan repayment fund," which will be financed through appropriations, repayments, and other sources. The fund will be used to make awards and will not revert to other funds at the end of the fiscal year. The department is also required to submit annual reports to the governor and legislature detailing the program's activities, including the awards granted and any contract enforcement actions taken. The provisions of this act are set to take effect on July 1, 2025.