This bill establishes the Interim Administrative Rule Oversight Committee as a permanent joint interim committee of the New Mexico legislature, consisting of twelve members appointed by the majority and minority floor leaders of both the House of Representatives and the Senate. The committee is tasked with reviewing proposed rules from executive agencies, analyzing their fiscal impacts, and providing recommendations. It is required to meet at least once a month during the interim and will have the authority to endorse legislation necessary to amend or repeal statutes related to agency rulemaking.

Additionally, the bill amends the State Rules Act to require that any notice of proposed rulemaking includes a fiscal impact statement if the estimated cost of implementing the rule exceeds one million dollars. The bill also introduces new requirements for the content of fiscal impact statements, detailing the impacts on various stakeholders and compliance with legislative intent. An appropriation of two million dollars is allocated to support the committee's operations, with any unspent funds reverting to the general fund at the end of fiscal year 2027. The provisions of this act will take effect on July 1, 2026.

Statutes affected:
introduced version: 14-4-5.2