2021 New Mexico Statutes
Chapter 6 - Public Finances
Article 32 - Small Business Recovery and Stimulus
Section 6-32-7 - Reports; confidentiality.

A. Prior to October 1, 2021 and each October 1 for the proceeding four years, the authority shall submit a report to the legislature, the legislative finance committee, the New Mexico finance authority oversight committee, the revenue stabilization and tax policy committee and any other appropriate legislative interim committee. The report shall provide details regarding the loans made pursuant to the Small Business Recovery and Stimulus Act. The report shall include:

(1) the total number of loans made pursuant to that act;

(2) the total number of loan applications;

(3) the average amount of money provided to loan applicants;

(4) the total number of loans and the amount of those loans, if any, in a delinquent status or default;

(5) the total number of loan recipients that are in the process of filing or have filed for bankruptcy;

(6) the total number of employees currently employed by a business that received a loan; and

(7) an overview of the industries and types of business entities represented by loan recipients.

B. Information obtained by the authority regarding individual loan applicants, including information used to analyze an application, is confidential and not subject to inspection pursuant to the Inspection of Public Records Act [Chapter 14, Article 2 NMSA 1978]; provided that nothing in this section shall prevent the authority from disclosing broad demographic information and information relating to the total amount of loans made, the total outstanding balance of loans made pursuant to the Small Business Recovery and Stimulus Act and the names of the loan recipients.

History: Laws 2020 (1st S.S.), ch. 6, § 7; 2021, ch. 5, § 6.

The 2021 amendment, effective March 3, 2021, provided that information obtained by the New Mexico finance authority to analyze an application is confidential, and made technical amendments; changed each occurrence of "Small Business Recovery Act of 2020" to "Small Business Recovery and Stimulus Act" throughout; and in Subsection B, after "individual loan applicants", added "including information used to analyze an application".