A. The "transportation division fund" is created in the state treasury for the purpose of ensuring the safety and financial responsibility of transportation network companies and transportation network company drivers. The fund shall consist of fees collected pursuant to the Transportation Network Company Services Act, administrative fines collected under that act, appropriations, gifts, grants, donations and earnings on investment of the fund. Balances in the fund shall not revert to the general fund or any other fund at the end of any fiscal year.
B. The transportation division fund shall be administered by the public regulation commission. Money in the fund is appropriated to the commission to carry out its duties pursuant to the provisions of the Transportation Network Company Services Act. Not more than five percent of the fees collected pursuant to this section shall be used by the commission for administrative purposes.
C. Payments from the transportation division fund shall be made upon vouchers issued and signed by the director of the administrative services division of the public regulation commission or the director's authorized representative upon warrants drawn by the secretary of finance and administration.
History: Laws 2016, ch. 80, § 19.
Effective dates. — Laws 2016, ch. 80 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 18, 2016, 90 days after the adjournment of the legislature.
Structure New Mexico Statutes
Article 7 - Transportation Network Company Services
Section 65-7-3 - Not other carriers.
Section 65-7-4 - Transportation network company permit required.
Section 65-7-5 - Fare collected for services.
Section 65-7-6 - Identification of transportation network company vehicles and drivers.
Section 65-7-7 - Electronic receipt.
Section 65-7-8 - Financial responsibility of transportation network companies.
Section 65-7-9 - Insurance coverage disclosures.
Section 65-7-10 - Automobile insurance provisions.
Section 65-7-11 - Zero tolerance for drug or alcohol use.
Section 65-7-12 - Transportation network company driver requirements.
Section 65-7-13 - Vehicle safety.
Section 65-7-14 - No street hails.
Section 65-7-15 - No cash trips.
Section 65-7-16 - Nondiscrimination; accessibility.
Section 65-7-18 - Controlling authority.
Section 65-7-19 - Transportation division fund created; assessment and collection of fees.
Section 65-7-20 - Records pursuant to rules of the public regulation commission.