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Section 27-2D-6 - Resources.

NM Stat § 27-2D-6 (2019) (N/A)
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A. Liquid and nonliquid resources owned by the benefit group shall be counted in the eligibility determination.

B. A benefit group may at a maximum own the following resources:

(1) two thousand dollars ($2,000) in nonliquid resources;

(2) one thousand five hundred dollars ($1,500) in liquid resources;

(3) the value of the principal residence of the participant;

(4) the value of burial plots and funeral contracts for family members;

(5) individual development accounts; and

(6) the value of work-related equipment up to one thousand dollars ($1,000).

C. Vehicles owned by the benefit group shall not be considered in the determination of resources attributed to the benefit group.

History: Laws 2003, ch. 317, § 6; 2006, ch. 96, § 17; 2007, ch. 349, § 17.

The 2007 amendment, effective July 1, 2007, changed "family opportunity account" to "individual development account".

The 2006 amendment, effective July 1, 2006, in Paragraph (5) of Subsection B, changed "individual development account" to "family opportunity account".

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Section 27-2D-6 - Resources. (Effective January 1, 2020.)