A. There is created in the state treasury a fund to be known as the "motor vehicle suspense fund".
B. The fees collected under the provisions of Sections 66-1-1 through 66-6-19 NMSA 1978 shall be paid to the state treasurer for the credit of the motor vehicle suspense fund not later than the close of the second business day after their receipt, except as otherwise provided by the Off-Highway Motor Vehicle Act [66-3-1001 to 66-3-1020 NMSA 1978].
C. Money deposited to the credit of or disbursed from the motor vehicle suspense fund by the department shall be accounted for as provided by law, rule or procedure of the secretary of finance and administration.
D. The balance of the motor vehicle suspense fund is appropriated for the purpose of making refunds, distributions and other disbursements authorized or required by law to be made from the motor vehicle suspense fund, provided that no distribution shall be made to a municipality, county or fee agent operating a motor vehicle field office with respect to money collected and remitted to the department by that municipality, county or fee agent until the report of the municipality, county or fee agent is audited and accepted by the department.
History: 1978 Comp., § 66-6-22.1, enacted by Laws 1990, ch. 120, § 34; 1999, ch. 49, § 6; 2002, ch. 16, § 3; 2005, ch. 325, § 24; 2007, ch. 319, § 56.
ANNOTATIONSCross references. — For the motor vehicle suspense fund, see 66-6-22.1 NMSA 1978.
The 2007 amendment, effective June 15, 2007, eliminated the requirement that the department and financial administrator certify the appropriateness of disbursements from the motor vehicle suspense fund.
The 2005 amendment, effective January 1, 2006, provided in Subsection B that the fees shall be credited to the motor vehicle suspense fund not later than the close of the second business day after receipt except as provided in the Off-Highway Motor Vehicle Act.
The 2002 amendment, effective March 4, 2002, updated the internal section references in Subsection B, and substituted "rule" for "regulation" in the first sentence of Subsection C.
The 1999 amendment, effective July 1, 1999, updated statutory references in Subsection B.