New Mexico Statutes 29-13-3. Distribution of certain insurance collections; law enforcement protection fund created
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There is created in the state treasury the “law enforcement protection fund”. Ten percent of all money received for fees, licenses and penalties from life, health, general casualty and title insurance business pursuant to the New Mexico Insurance Code [59A- 1-1 NMSA 1978] shall be paid monthly to the state treasurer and credited to the fund. On or before June 30 of each year, the state treasurer shall transfer to the law enforcement retention fund any balance in the law enforcement protection fund in excess of one hundred thousand dollars ($100,000) that is not obligated for expenses in that current fiscal year.
Terms Used In New Mexico Statutes 29-13-3
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.