The "Education Opportunity Account Act" establishes a new program within the Public School Code in New Mexico aimed at providing education opportunity accounts for eligible students. The act defines key terms such as "education opportunity account," "eligible student," and "education service provider," and outlines the responsibilities of the New Mexico Department of Education in administering the program. The department will create accounts for qualifying students, determine funding amounts based on average public school spending, and allow funds to be used for various educational expenses, including tuition and tutoring. Parents will be required to enter into contracts with the department regarding fund usage, and the act establishes procedures for application, renewal, and suspension of accounts.

Additionally, the bill creates an "education opportunity review commission" to assist in determining qualifying expenses and improving program implementation, consisting of parents and licensed educators appointed by the department's secretary. It introduces new provisions mandating the commission to recommend qualifying fund uses and requires the department to report annually to the legislature and governor on program details. The bill also establishes the "education opportunity account fund" within the state treasury, consisting of appropriated funds and federal grants, and appropriates $580,000 for program management along with $100 million for the act's purposes. A severability clause is included to ensure the validity of remaining provisions if any part of the act is invalid.