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 fund, the "law enforcement officer loan repayment fund," which will be financed through appropriations, repayments, and other income. The Higher Education Department will oversee the program, which includes criteria for eligibility, application processes, and the terms of contracts between the department and the officers. Eligible applicants must be law enforcement officers who have completed at least three years of service, and the awards will be contingent upon continued employment in the field.

The act outlines specific criteria for loan repayment, including the types of loans that qualify and the maximum award amount of $25,000 or the officer's loan indebtedness, whichever is less. It also details the responsibilities of the department in administering the fund, including the authority to enforce contracts and cancel them for reasonable causes. Additionally, the department is required to submit annual reports to the governor and legislature regarding 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.