New Mexico § 51-1-45 - State government unemployment compensation reserve fund created; purposes; assessments
Full text of New Mexico New Mexico Statutes Annotated § 51-1-45 — State government unemployment compensation reserve fund created; purposes; assessments, with citation guidance and answers to common questions.
§ 51-1-45. State government unemployment compensation reserve fund created; purposes; assessments
A. There is created a “state government unemployment compensation reserve fund”. The fund and any income from the fund shall be held in trust, deposited in a segregated
account and invested by the director of the risk management division of the general
services department with the prior approval of the state board of finance. Money in the fund is appropriated to carry out the purposes of the fund. B. The director of the risk management division of the general services department
shall assess each state agency at the end of each calendar quarter in accordance with
the rate schedule prescribed by the risk management division plus an additional amount
to pay reasonable costs of administration of the fund. Assessments shall be deposited in the state government unemployment compensation
reserve fund to carry out the purposes of Laws 1977, Chapter 227, as amended. The director of the risk management division shall approve the method of computing
the amounts that are payable under this subsection by each state agency and the time
and manner of payments. C. Money deposited in the state government unemployment compensation reserve fund
may be used by the director of the risk management division of the general services
department to: (1) pay the department for benefits paid to employees of state agencies; (2) pay costs or expenses incurred in protesting benefits paid by the department; (3) pay other costs incurred in carrying out the provisions of this section; and (4) establish and maintain a reserve fund for paying reimbursements of benefits paid
to employees of state agencies.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 51-1-45
What does New Mexico Statutes Annotated § 51-1-45 cover?
Section 51-1-45 ("State government unemployment compensation reserve fund created; purposes; assessments") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 51-1-45?
A common citation format is "New Mexico Statutes Annotated § 51-1-45" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 51-1-45 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.