The administrative fee to be withheld by the department pursuant to Sections 7-1-6.12 and 7-1-6.13 NMSA 1978 shall be set at the following percentages of the net amount to be distributed pursuant to the provisions of those sections, and the money from the fee shall be remitted to the state treasurer for deposit in the general fund each month:A. prior to July 1, 2026, three percent;B. beginning July 1, 2026 and prior to July 1, 2027, two percent; andC. beginning July 1, 2027 and prior to July 1, 2028, one percent. History: Laws 1997, ch. 125, § 1; 2024, ch. 59, § 4. ANNOTATIONSDelayed repeals. — Laws 2024, ch. 59, § 10 repealed 7-1-6.41 NMSA 1978, effective July 1, 2028.The 2024 amendment, effective July 1, 2025, phased out certain administrative fees by July 1, 2028, and made certain technical amendments; in the section heading, deleted 'appropriation'; and deleted former Subsections A through G and completely rewrote the section.
New Mexico Legal Code