Section 61-27B-30 - Fund established. (Repealed effective July 1, 2012.)
61-27B-30. Fund established. (Repealed effective July 1, 2012.)
A. The "private investigations fund" is created in the state treasury.
B. All license and registration fees received by the department pursuant to the Private Investigations Act [61-27B-1 NMSA 1978] shall be deposited in the fund and are appropriated to the department to be used for the administration and implementation of that act.
C. The state treasurer shall invest the fund as other state funds are invested, and all income derived from investment of the fund shall be credited to the fund.
D. All balances in the fund shall remain in the fund and shall not revert to the general fund.
E. The department shall administer the fund, and money in the fund shall be expended by warrant issued by the secretary of finance and administration on vouchers signed by the superintendent of regulation and licensing.
F. No more than five percent of the fund shall be used by the department for administration of the fund.