NMSA 1978, § 10-16A-1 Short title; Financial Disclosure Act
10-16A-1. Short title; Financial Disclosure Act
Chapter 10, Article 16A NMSA 1978 may be cited as the "Financial Disclosure Act".
Laws 1993, ch. 46, § 39; 2019, ch. 86, § 27.
Financial Disclosures
NMSA 1978 ch. 10, art. 16A
in effectNMSA 1978, § 10-16A-2 Definitions
10-16A-2. Definitions
As used in the Financial Disclosure Act:
A. "business" means a corporation, partnership, sole proprietorship, firm, organization or individual carrying on a business;
B. "employment" means rendering of services for compensation in the form of salary as an employee;
C. "financial interest" means an interest held by an individual or his spouse that is:
(1) an ownership interest in business; or
(2) any employment or prospective employment for which negotiations have already begun;
D. "official act" means an official decision, recommendation, approval, disapproval or other action that involves the use of discretionary authority;
E. "person" means an individual or entity; and
F. "public officer or employee" means any person who has been elected to, appointed to or hired for any state office and who receives compensation in the form of salary or is eligible for per diem or mileage, but excludes legislators and judges.
Laws 1993, ch. 46, § 40.
NMSA 1978, § 10-16A-3 Required disclosures for certain candidates and public officers and employees; condition for placement on ballot or appointment
10-16A-3. Required disclosures for certain candidates and public officers and employees; condition for placement on ballot or appointment
A. A person holding a legislative or statewide office shall file with the secretary of state a financial disclosure statement during the month of January every year that the person holds public office.
B. A candidate for legislative or statewide office who has not already filed a financial disclosure statement with the secretary of state in the same calendar year shall file with the proper filing officer, as defined in the Election Code [Chapter 1 NMSA 1978], a financial disclosure statement at the time of filing a declaration of candidacy. If the proper filing officer is not the secretary of state, the proper filing officer shall forward a copy of the financial disclosure statement to the secretary of state within three days.
C. A state agency head, an official whose appointment to a board or commission is subject to confirmation by the senate, a member of the insurance nominating committee or a member of the state ethics commission shall file with the secretary of state a financial disclosure statement within thirty days of appointment and during the month of January every year thereafter that the person holds public office.
D. The financial disclosure statement shall include for any person identified in Subsection A, B or C of this section and the person's spouse the following information for the prior calendar year:
(1) the full name, mailing address and residence address of each person covered in the disclosure statement, except the address of the spouse need not be disclosed; the name and address of the person's and spouse's employer and the title or position held; and a brief description of the nature of the business or occupation;
(2) all sources of gross income of more than five thousand dollars ($5,000) to each person covered in the disclosure statement, identified by general category descriptions that disclose the nature of the income source, in the following broad categories: law practice or consulting operation or similar business, finance and banking, farming and ranching, medicine and health care, insurance (as a business and not as payment on an insurance claim), oil and gas, transportation, utilities, general stock market holdings, bonds, government, education, manufacturing, real estate, consumer goods sales with a general description of the consumer goods and the category "other", with direction that the income source be similarly described. In describing a law practice, consulting operation or similar business of the person or spouse, the major areas of specialization or income sources shall be described, and if the spouse or a person in the reporting person's or spouse's law firm, consulting operation or similar business is or was during the reporting calendar year or the prior calendar year a registered lobbyist under the Lobbyist Regulation Act [Chapter 2, Article 11 NMSA 1978], the names and addresses of all clients represented for lobbying purposes during those two years shall be disclosed;
(3) a general description of the type of real estate owned in New Mexico, other than a personal residence, and the county where it is located;
(4) all other New Mexico business interests not otherwise listed of ten thousand dollars ($10,000) or more in a New Mexico business or entity, including any position held and a general statement of purpose of the business or entity;
(5) all memberships held by the reporting individual and the individual's spouse on boards of for-profit businesses in New Mexico;
(6) all New Mexico professional licenses held;
(7) each state agency that was sold goods or services in excess of five thousand dollars ($5,000) during the prior calendar year by a person covered in the disclosure statement; and
(8) each state agency, other than a court, before which a person covered in the disclosure statement represented or assisted clients in the course of the person's employment during the prior calendar year.
E. A complete financial disclosure statement shall be filed every year. The secretary of state shall deliver to each elected official required to file a financial disclosure statement a copy of any statement the person filed the previous year.
F. The financial disclosure statements filed pursuant to this section are public records open to public inspection during regular office hours and shall be retained by the state for five years from the date of filing.
G. A person who files a financial disclosure statement may file an amended statement at any time to reflect significant changed circumstances that occurred since the last statement was filed.
H. A person who files to be a candidate for a legislative or statewide office who fails or refuses to file a financial disclosure statement required by this section before the final date for qualification of the person as a candidate as provided for in the Election Code shall not be qualified by the proper filing officer as a candidate.
I. For a state agency head, an official whose appointment to a board or commission is subject to confirmation by the senate, a member of the insurance nominating committee or a member of the state ethics commission, the filing of the financial disclosure statement required by this section is a condition of entering upon and continuing in state employment or holding an appointed position.
Laws 1993, ch. 46, § 41; 1995, ch. 153, § 24; 1997, ch. 112, § 8; 2015, ch. 11, § 1; 2019, ch. 212, § 214; 2021, ch. 109, § 12.
NMSA 1978, § 10-16A-4 Disclosures by certain public officers or employees of state agencies; condition of employment
10-16A-4. Disclosures by certain public officers or employees of state agencies; condition of employment
A. Every employee who is not otherwise required to file a financial disclosure statement under the Financial Disclosure Act and who has a financial interest that he believes or has reason to believe may be affected by his official act or actions of the state agency by which he is employed shall disclose the nature and extent of that interest. The disclosures shall be made in writing to the secretary of state before entering state employment and during the month of January every year thereafter.
B. Every public officer who is not otherwise required to file a financial disclosure statement under the Financial Disclosure Act and who has a financial interest that he believes or has reason to believe may be affected by his official act or actions of the board or commission to which he is appointed shall disclose the nature and extent of that interest. The disclosures shall be made in writing to the secretary of state before taking office and during the month of January every year thereafter.
C. The information on the disclosures shall be made available by the secretary of state for inspection to any citizen of this state.
D. The filing of disclosures pursuant to this section is a condition of entering upon and continuing in state employment or, for persons subject to Subsection B of this section, of holding public office.
Laws 1993, ch. 46, § 42.
NMSA 1978, § 10-16A-5 Education and voluntary compliance
10-16A-5. Education and voluntary compliance
A. The secretary of state shall advise and seek to educate all persons required to perform duties under the Financial Disclosure Act of those duties. This includes providing timely advance notice of the required financial disclosure statement and preparing forms that are clear and easy to complete.
B. The secretary of state shall seek first to ensure voluntary compliance with the provisions of the Financial Disclosure Act. A person who violates that act unintentionally or for good cause shall be given ten days' notice to correct the matter before fines are imposed. Referrals to the state ethics commission for civil enforcement of the Financial Disclosure Act shall be pursued only after efforts to secure voluntary compliance with that act have failed.
Laws 1993, ch. 46, § 43; 2019, ch. 86, § 28.
NMSA 1978, § 10-16A-6 Investigations; fines; enforcement
10-16A-6. Investigations; fines; enforcement
A. The state ethics commission may conduct thorough examinations of statements and initiate investigations to determine whether the Financial Disclosure Act has been violated. Any person who believes that act has been violated may file a written complaint with the state ethics commission. The commission shall adopt procedures for processing complaints and notifications of violations.
B. If the state ethics commission determines that a violation has occurred for which a penalty should be imposed, the commission shall so notify the person charged and impose the penalty.
C. Any person who files a statement or report after the deadline imposed by the Financial Disclosure Act is liable for and shall pay to the secretary of state, at or from the time initially required for the filing, fifty dollars ($50.00) per day for each regular working day after the time required for the filing of the statement or report until the complete report is filed, up to a maximum of five thousand dollars ($5,000).
D. The secretary of state may refer a matter to the state ethics commission, attorney general or a district attorney for a civil injunctive or other appropriate order or enforcement.
Laws 1993, ch. 46, § 44; 1997, ch. 112, § 9; 2019, ch. 86, § 29; 2021, ch. 109, § 13.
NMSA 1978, § 10-16A-7 Criminal penalties
10-16A-7. Criminal penalties
Any person who knowingly and willfully violates any of the provisions of the Financial Disclosure Act is guilty of a misdemeanor and shall be punished by a fine of not more than one thousand dollars ($1,000) or by imprisonment for not more than one year or both.
Laws 1993, ch. 46, § 45.
NMSA 1978, § 10-16A-8 Enforcement; civil penalties
10-16A-8. Enforcement; civil penalties
A. If the state ethics commission reasonably believes that a person committed, or is about to commit, a violation of the Financial Disclosure Act, the commission may refer the matter to the attorney general or a district attorney for enforcement.
B. The state ethics commission may institute a civil action in district court or refer a matter to the attorney general or a district attorney to institute a civil action in district court if a violation has occurred or to prevent a violation of any provision of the Financial Disclosure Act. Relief may include a permanent or temporary injunction, a restraining order or any other appropriate order, including an order for a civil penalty of two hundred fifty dollars ($250) for each violation not to exceed five thousand dollars ($5,000).
Laws 1995, ch. 153, § 25; 2019, ch. 86, § 30.
NMSA 1978, § 10-16A-9 Rulemaking authority
10-16A-9. Rulemaking authority
The secretary of state may promulgate rules to implement the provisions of the Financial Disclosure Act. In promulgating the rules, the secretary of state shall comply with the provisions of the State Rules Act [Chapter 14, Article 4 NMSA 1978].
Laws 2021, ch. 109, § 21.
Source: New Mexico Compilation Commission (nmonesource.com)URL: https://nmonesource.com/nmos/nmsa-unanno/en/item/18510/index.doFetched: 10/20/2026