A. The "transportation network fund" is created in the state treasury for the purpose of ensuring the safety and financial responsibility of transportation network companies and transportation network company drivers. The fund shall consist of fees collected pursuant to the Transportation Network Company Services Act, appropriations, gifts, grants, donations and earnings on investment of the fund. Balances in the fund shall not revert to the general fund or any other fund at the end of any fiscal year. B. The transportation network fund shall be administered by the department of transportation. Money in the fund is appropriated to the department to carry out its duties pursuant to the provisions of the Transportation Network Company Services Act. Not more than five percent of the fees collected pursuant to this section shall be used by the department for administrative purposes. C. Payments from the transportation network fund shall be made upon vouchers issued and signed by the secretary of transportation or the secretary's authorized representative upon warrants drawn by the secretary of finance and administration. History: Laws 2016, ch. 80, § 19; 2023, ch. 100, § 71. The 2023 amendment, effective July 1, 2024, removed references to the public regulation commission due to the transfer of certain powers and duties to the department of transportation, changed each occurrence of "public regulation commission" or "commission" to "department of transportation" or "department" throughout the section; in Subsection A, after "Transportation Network Company Services Act", deleted "administrative fines collected under that act"; in Subsections B and C, after "The transportation", deleted "division" and added "network"; and in Subsection C, after "signed by the", deleted "director of the administrative services division of the pubic regulation commission or the director's" and added "secretary of transportation or the secretary's".
‹ Prev All New Mexico sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.