Bill > HB236

This bill establishes the Public Bank of New Mexico, a public body corporate that will serve as a governmental instrumentality and fiscal agent for the state and its local governments. The bank will be governed by an 11-member board of directors with diverse financial, community development, and economic experience. The bill creates the State Banking Fund to administer the bank's operations and investments, and requires the state treasurer to deposit $50 million into the fund and the state investment officer to invest $50 million from the Severance Tax Permanent Fund. The bank is authorized to make various types of loans and investments, but is prohibited from making loans to private individuals or entities except through approved lending programs. The bill also includes provisions to address conflicts of interest and requires the bank to comply with regulatory and reporting requirements.

Budget and Finance, Business and Industry, Justice

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=236&year=21