NM SB258

Legislative Finance Committee must prepare fiscal impact reports for proposed executive agency rules upon request from the Speaker of the House, Senate President Pro Tempore, or either chamber's minority leader

Applies to rules of "significant fiscal impact," defined as rules expected to have an annual effect of $10 million or more on the state or private industry

Fiscal impact reports must include the agency's statement of need, authorizing statute, estimated fiscal impact (including administrative costs and costs to private industry), potential secondary benefits or disadvantages, and sources used in the analysis

Upon receiving a request, LFC staff must request from the proposing agency a statement of need for the rule and the agency's compliance and implementation costs

Amends Section 2-5-4 NMSA 1978 to add this new duty to the Legislative Finance Committee's existing responsibilities for budget review and analysis