A program will be established through SB 398 to provide scholarships to special needs students to attend qualified public and non-public schools. Scholarship granting organizations would then be required to demonstrate their financial viability if they have been receiving more than $50,000 in donations during the school year. This can either be shown through the submission of financial information demonstrating such viability or they will be allowed to post a surety bond. The surety bond that would need to be posted must be in equal to the aggregate amount of contributions that the school expecting to receive during the school year. A bond will also be required by SB 433 from scholarship organizations as described above, but the program is for low-income students.
HB 297: Financial Assurance – Oil and Gas Wells
Under this bill the maximum amount of financial assurance for permit tees operation an oil gas or service well in the state will be increased. Surety bonds can be accepted to meet this requirement, and the law caps the assurance for a blanket bond covering multiple wells at 50K. The new bill would increase this cap to 500K.
SB 288: Tax Bond – Soda
An excise tax would be imposed on “sweetened beverages” that is defined in the bill and any syrup used to produce them. Distributors of these beverages would have to file tax returns by the 25th of each month after the month in which the beverages were sold. A bond must be posted by any persons subject to the tax. This would be conditioned on the filing of the reports and the payment of the tax and any applicable penalties and interest. The amount of the bond is determined by being equal to at least twice the amount of the taxpayer’s estimated monthly tax liability. The bond can be no less than $1,000, cash and other security would be accepted in lieu of the tax bond.
HB 262: License Bond – Process Server Companies
This House Bill will regulate all process server companies. This will also require licensure and a surety bond to be posted in the amount of 10K from a bonding company authorized to do business in the State. Individual process serves that are not covered under a company’s blanket bond would have to post their own bond for $10,000 in connection with licensure.
HB 66: Public Officials
This bill would repeal the bond requirement for the Secretary of Finance and Administration and for the Secretary of General Services. Under current law a surety bond is required for each secretary and authorizes each of them to require their officers/employees to provide a fidelity bond as deemed necessary.
SB 15: Public Officials
The Health Policy and Finance Department would be created under this bill and would be run by the Secretary of Health Policy. A $25,000 surety bond will be required to be posted by the Secretary. Also each director of division of the Department would have to post a $10,000 bond that will secure the faithful performance of their duties.
SB 235/HB 345: Public Officials
This would repeal the public official bond requirements for all secretaries, appointed directed of cabinets and the employees of a cabinet department. Under current law for New Mexico their executive cabinet provides that each secretary of a cabinet must post a bond in the amount of 25K and each director of a cabinet department must post a 10K bond. The new bill would eliminate any references to bond requirements for cabinet officials and employees for the following departments:
• Youth and Families
• Department of Finance and Administration
• Department of Health
• Department of Environment
• Human Services
• Economic Development
• Regulation and Licensing
• General Services
• Public Safety