A. An account owner may: (1) establish an account with a financial organization or fiduciary; (2) close the account and establish an account with another financial organization or fiduciary, no more than twice in any tax year; and (3) change the owner of an account to a family member of a designated beneficiary; provided that the family member is an eligible person. B. More than one person may contribute to an account. C. A person shall not be the designated beneficiary of more than one account. History: Laws 2016, ch. 40, § 4. ANNOTATIONSEmergency clauses. — Laws 2016, ch. 40, § 11 contained an emergency clause and was approved March 3, 2016. Applicability. — Laws 2016, ch. 40, § 10 provided that the provisions of Laws 2016, ch. 40 apply to taxable years beginning on or after January 1, 2016.
New Mexico Legal Code