SB 92 creates a new nonreverting fund in the state treasury called the Horse Racing Integrity and Safety Authority and Jockey and Exercise Rider Insurance Fund. The fund is intended to collect and hold money used to offset the costs of jockey and exercise rider insurance and to help the state comply with federal and state horse racing requirements, including those referenced in Section 60-2E-47 NMSA 1978. The bill also provides that the fund may receive distributions, appropriations, investment income, gifts, grants, donations, and bequests.
The bill authorizes the New Mexico Racing Commission to administer the fund and appropriates money in the fund to the commission for the costs of compliance. Disbursements are to be made through the state finance process on vouchers signed by the commission’s executive director or designee. In practical terms, the bill establishes a dedicated financing mechanism for horse racing regulation and insurance-related expenses rather than changing racing rules directly.
Impact
SB 92 amends the Horse Racing Act by adding a new statutory section that creates a dedicated, nonreverting state fund for horse racing integrity and safety-related costs. It affects the New Mexico Racing Commission by giving it administrative control over the fund and an appropriation to pay for compliance with existing horse racing law, while also creating a formal process for paying jockey and exercise rider insurance costs. The bill primarily impacts the horse racing industry, jockeys, exercise riders, and the commission’s regulatory and financial operations.
Sentiment
The available voting history suggests broad support for the bill. It passed the Senate 36-1 and the House 62-0, indicating strong bipartisan approval and little opposition overall. No committee transcripts were provided, so the record reflects consensus more than debate, with the votes implying that lawmakers viewed the measure as a practical administrative and safety-related funding step.
Contention
There is little visible contention in the available materials, but the bill’s focus suggests any concerns would likely center on how the fund is financed, how much money is collected from the industry, and how the Racing Commission administers and spends the funds. Because the bill creates a nonreverting fund and appropriates money to the commission, potential points of concern could include fiscal oversight, industry costs, and the scope of compliance obligations tied to state and federal horse racing law. The near-unanimous votes, however, indicate that any disagreements were limited or resolved before final passage.