CREATE UTILITY OVERSIGHT FUND

SB 143 creates a dedicated "utility oversight fund" in New Mexico's state treasury, funded by fees collected from utilities (like electric, gas, and water providers) operating within the state. The bill increases the annual inspection fee from 0.59% to 0.6% of utilities' New Mexico gross receipts and directs all related fees, late interest (15% annually), and penalties (2% for late payments) into this new fund, which cannot be used for other state purposes. The Public Regulation Commission will manage the fund, using it to support its oversight duties under the Public Utility Act, with disbursements requiring legislative appropriation.