The "public service law loan repayment fund" is created in the state treasury. All money appropriated for the public service law loan repayment program shall be credited to the fund and all payments for repayment of awards or penalties received by the commission [department] shall be credited to the fund. All payments for loan repayment awards shall be by warrant of the secretary of finance and administration upon vouchers signed by the designated representative of the commission [department]. Any unexpended or unencumbered balance remaining in the public service law loan repayment fund at the end of a fiscal year shall not revert to the general fund.
History: Laws 2005, ch. 83, § 9.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department, see 9-25-4.1 NMSA 1978.
Effective dates. — Laws 2005, ch. 83 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 17, 2005, 90 days after adjournment of the legislature.
Structure 2021 New Mexico Statutes
Chapter 21 - State and Private Education Institutions
Article 22F - Public Service Law Loan Repayment Act
Section 21-22F-1 - Short title.
Section 21-22F-3 - Definitions.
Section 21-22F-4 - Commission [department]; powers and duties.
Section 21-22F-5 - Loan repayment program; participant eligibility; award criteria.
Section 21-22F-6 - Loan repayment contract terms; payment.
Section 21-22F-7 - Contracts; enforcement.
Section 21-22F-8 - Public service law advisory committee; created; duties.
Section 21-22F-9 - Fund created; method of payment.