This bill seeks to enhance the integrity of business registrations in New Mexico by invalidating articles of incorporation for cooperative associations, nonprofit corporations, and both foreign and in-state business corporations that include names or addresses of non-existent individuals or those not affiliated with the entity. It introduces new provisions that classify these invalid filings as misdemeanors, requiring the secretary of state to revoke the registration of any association or corporation found to have submitted such invalid articles. The bill also mandates the removal of any registration or filing that does not meet these new standards, thereby reinforcing accountability in the registration process.

Key amendments in the bill include the replacement of the "public regulation commission" with the "secretary of state" as the authority responsible for filing and recording articles of incorporation. It specifies that articles of incorporation and amendments are invalid if they list non-existent individuals or incorrect addresses, and establishes penalties for individuals who file such invalid documents. Additionally, the bill outlines requirements for applying for a certificate of authority, which also becomes invalid under similar conditions. The provisions of this act are set to take effect on July 1, 2025.

Statutes affected:
introduced version: 53-4-6, 53-8-32, 53-10-1, 53-11-11, 53-11-13, 53-12-3, 53-13-5, 53-17-6