The "Education Opportunity Account Act" establishes a framework for creating and managing education opportunity accounts in New Mexico, aimed at enhancing educational opportunities for children. The bill defines key terms such as "education opportunity account," "eligible child," and "education service provider," and creates a nonreverting fund to support these accounts, which the Department of Education will administer. Parents can apply for these accounts to cover qualifying education expenses, including tuition for private schools, tutoring, and educational materials, with strict guidelines on fund usage and management.

Additionally, the bill establishes an education opportunity review commission to oversee the program, ensuring transparency and accountability. The commission will meet to determine the eligibility of expenditures and review appeals related to service providers. A new section added to the Public School Code mandates the Department of Education to report annually to the legislature and the governor, detailing demographic and economic data about participants, services provided, and financial information related to the accounts. The bill also appropriates funds from the general fund for program administration, specifying that these funds cannot be used for indirect costs or transferred to other programs, and includes a severability clause to maintain the act's enforceability if any part is invalidated.