New Mexico 2025 Regular Session

New Mexico House Bill HB531 Compare Versions

Only one version of the bill is available at this time.

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28	28	HOUSE BILL 531
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30	30	TH LEGISLATURE
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39	39	MEXICO
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42	42	FIRST SESSION
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45	45	2025
46	46	INTRODUCED BY
47	47	Tara L. Lujan
48	48	AN ACT
49	49	RELATING TO MEDICAL EDUCATION; CREATING AN ESCROW FUND FOR THE
50	50	ESTABLISHMENT OF A COLLEGE OF OSTEOPATHIC MEDICINE THAT IS
51	51	REQUIRED FOR PRE-ACCREDITATION; REQUIRING THE COLLEGE TO SUBMIT
52	52	STUDENT DATA; MAKING A TRANSFER FROM THE TOBACCO SETTLEMENT
53	53	PERMANENT FUND TO THE SANTA FE COLLEGE OF OSTEOPATHIC MEDICINE
54	54	ESCROW FUND.
55	55	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
56	56	SECTION 1. A new section of Chapter 6 NMSA 1978 is
57	57	enacted to read:
58	58	"[NEW MATERIAL] SANTA FE COLLEGE OF OSTEOPATHIC MEDICINE
59	59	ESCROW FUND CREATED--LOANS.--
60	60	A. The "Santa Fe college of osteopathic medicine
61	61	escrow fund" is created as a nonreverting fund in the state
62	62	treasury. The fund consists of transfers, gifts, grants,
63	63	.229920.2 underscored material = new
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90	90	donations and income from investment of the fund. Money in the
91	91	fund shall be invested by the state investment officer in
92	92	accordance with the Uniform Prudent Investor Act and in
93	93	consultation with the state board of finance. Income from
94	94	investment of the fund shall be credited to the fund.
95	95	B. The escrow fund may be considered an
96	96	unencumbered reserve fund and shall be held in escrow until
97	97	graduation of the first class of medical students and the full
98	98	accreditation of the Santa Fe college of osteopathic medicine.
99	99	When the first class has graduated and the college is
100	100	accredited, or no later than July 1, 2032, the balance in the
101	101	fund shall be transferred to the tobacco settlement permanent
102	102	fund.
103	103	C. The Santa Fe college of osteopathic medicine
104	104	shall submit data annually to the higher education department
105	105	for the first five years of operation that includes for each
106	106	year the number of applications received; the number of
107	107	students accepted; the number of students with passing grades
108	108	each semester; the number of students who return each semester;
109	109	the number of students who graduate on time; and a list of
110	110	residency placements."
111	111	SECTION 2. TRANSFER FROM TOBACCO SETTLEMENT PERMANENT
112	112	FUND TO THE SANTA FE COLLEGE OF OSTEOPATHIC MEDICINE ESCROW
113	113	FUND.--On July 1, 2025, forty million dollars ($40,000,000) is
114	114	transferred from the tobacco settlement permanent fund to the
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143	143	Santa Fe college of osteopathic medicine escrow fund.
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