2021 New Mexico Statutes
Chapter 61 - Professional and Occupational Licenses
Article 28B - 1999 Public Accountancy Act
Section 61-28B-11 - Certificates issued to holders of a certificate, license or permit issued by another state. (Repealed effective July 1, 2024.)
A. The board may issue a certificate to a holder of a certificate, license or permit issued by another state upon a showing that the applicant:
(1) passed the examination required for issuance of the applicant's certificate with grades that would have been passing grades at the time in New Mexico;
(2) passed the examination upon which the applicant's out-of-state certificate was based and has two years of experience acceptable to the board or meets equivalent requirements prescribed by board rule, within the ten years immediately preceding the application; and
(3) if the applicant's certificate, license or permit was issued more than four years prior to application, has fulfilled the board's requirements of continuing professional education.
B. A person licensed by another state who wishes to establish a principal place of business in New Mexico shall apply to the board for a certificate prior to establishing the business. The board may issue a certificate to the person if the person provides proof from a board-approved national qualification appraisal service that the person's certified public accountant qualifications are substantially equivalent to the certified public accountant certification requirements of Paragraph (1) of Subsection A of Section 61-28B-26 NMSA 1978.
C. The board may issue a certificate to a holder of a substantially equivalent foreign designation; provided that:
(1) the foreign authority that granted the designation makes similar provision to allow a person who holds a valid certificate issued by New Mexico to obtain such foreign authority's comparable designation;
(2) the foreign designation:
(a) was duly issued by a foreign authority that regulates the practice of public accountancy and the foreign designation has not expired or been revoked or suspended;
(b) entitles the holder to issue reports upon financial statements; and
(c) was issued upon the basis of educational, examination and experience requirements established by the foreign authority or by law; and
(3) the applicant:
(a) received the designation based on educational and examination standards substantially equivalent to those in effect in New Mexico at the time the foreign designation was granted;
(b) completed an experience requirement in the jurisdiction that granted the foreign designation that is substantially equivalent to the requirement provided for in the 1999 Public Accountancy Act or has completed four years of professional experience in New Mexico or meets equivalent requirements prescribed by the board within the ten years immediately preceding the application; and
(c) passed a uniform qualifying examination on national standards and an examination on the laws, rules and code of ethical conduct in effect in New Mexico that is acceptable to the board.
D. An applicant for initial issuance or renewal of a certificate pursuant to this section shall list all foreign and domestic jurisdictions in which the applicant has applied for or holds a designation to practice public accountancy. The applicant shall also list any past denial, revocation or suspension of a certificate, license or permit. An applicant or certificate holder shall notify the board in writing, within thirty days of the occurrence of any issuance, denial, revocation or suspension of a designation or commencement of a disciplinary or enforcement action by any jurisdiction.
E. The board has the sole authority to interpret the application of the provisions of this section.
History: Laws 1999, ch. 179, § 11; 2008, ch. 30, § 3.
ANNOTATIONSDelayed repeals. — For delayed repeal of this section, see 61-28B-29 NMSA 1978.
The 2008 amendment, effective May 14, 2008, in Subsection A, deleted the condition for the application of Subsection A that the applicant not qualify for reciprocity pursuant to the substantial equivalency standard and in Subsection B, changed the reference to the1999 Public Accountancy Act to Subsection A of Section 61-28A-26 NMSA 1978.
