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HOUSE BILL 531
57
TH LEGISLATURE
-
STATE
OF
NEW
MEXICO
-
FIRST SESSION
,
2025
INTRODUCED BY
Tara L. Lujan
AN ACT
RELATING TO MEDICAL EDUCATION; CREATING AN ESCROW FUND FOR THE
ESTABLISHMENT OF A COLLEGE OF OSTEOPATHIC MEDICINE THAT IS
REQUIRED FOR PRE-ACCREDITATION; REQUIRING THE COLLEGE TO SUBMIT
STUDENT DATA; MAKING A TRANSFER FROM THE TOBACCO SETTLEMENT
PERMANENT FUND TO THE SANTA FE COLLEGE OF OSTEOPATHIC MEDICINE
ESCROW FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of Chapter 6 NMSA 1978 is
enacted to read:
"[NEW MATERIAL] SANTA FE COLLEGE OF OSTEOPATHIC MEDICINE
ESCROW FUND CREATED--LOANS.--
A. The "Santa Fe college of osteopathic medicine
escrow fund" is created as a nonreverting fund in the state
treasury. The fund consists of transfers, gifts, grants,
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donations and income from investment of the fund. Money in the
fund shall be invested by the state investment officer in
accordance with the Uniform Prudent Investor Act and in
consultation with the state board of finance. Income from
investment of the fund shall be credited to the fund.
B. The escrow fund may be considered an
unencumbered reserve fund and shall be held in escrow until
graduation of the first class of medical students and the full
accreditation of the Santa Fe college of osteopathic medicine.
When the first class has graduated and the college is
accredited, or no later than July 1, 2032, the balance in the
fund shall be transferred to the tobacco settlement permanent
fund.
C. The Santa Fe college of osteopathic medicine
shall submit data annually to the higher education department
for the first five years of operation that includes for each
year the number of applications received; the number of
students accepted; the number of students with passing grades
each semester; the number of students who return each semester;
the number of students who graduate on time; and a list of
residency placements."
SECTION 2. TRANSFER FROM TOBACCO SETTLEMENT PERMANENT
FUND TO THE SANTA FE COLLEGE OF OSTEOPATHIC MEDICINE ESCROW
FUND.--On July 1, 2025, forty million dollars ($40,000,000) is
transferred from the tobacco settlement permanent fund to the
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Santa Fe college of osteopathic medicine escrow fund.
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