Bill > HB296

This bill updates New Mexico's Public Accountancy Act by making several key changes to the licensing and regulation of certified public accountants (CPAs). The bill modifies definitions, qualifications for certification, and requirements for practitioners from other states, with a focus on ensuring high professional standards. It expands the educational and experience requirements for obtaining a CPA certificate, clarifying that applicants must have a bachelor's or master's degree with a concentration in accounting or business, and must complete a specific number of additional education hours and accounting experience. The bill also provides more flexible provisions for out-of-state practitioners, allowing those with valid licenses from other states to practice in New Mexico without obtaining a new state-specific certificate, provided they meet certain education, examination, and experience standards. Additionally, the bill updates rules around firm permits, continuing professional education, and disciplinary actions, and establishes a comprehensive framework for maintaining professional competency and ethical standards in the accounting profession. The changes are designed to align New Mexico's accountancy regulations with national standards and provide clearer guidelines for both in-state and out-of-state accounting professionals. The bill will take effect on January 1, 2026, giving practitioners and the regulatory board time to adapt to the new requirements.

Business and Industry, Justice

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=296&year=25