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 criteria for eligibility, including a requirement for applicants to have completed at least three years of service as a law enforcement officer. The act specifies that awards will be capped at $25,000 or the officer's loan indebtedness, whichever is less, and details the types of loans that are ineligible for repayment.

Additionally, the act creates the "law enforcement officer loan repayment fund," which will be administered by the higher education department and will consist of various sources of funding, including appropriations and donations. The department is granted the authority to enforce contracts with award recipients and can cancel contracts for reasonable causes. Annual reports will be submitted to the governor and legislature detailing the program's activities, including the awards granted and any enforcement actions taken. The provisions of this act are set to take effect on July 1, 2025.