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Section 57-13-8 - Pyramid Promotional Schemes Act restitution fund.

NM Stat § 57-13-8 (2019) (N/A)
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A. All civil penalties collected under Section 57-13-4 NMSA 1978 shall be deposited in the state treasury in a fund to be designated as the "Pyramid Promotional Schemes Act restitution fund", which fund is hereby established and which shall be administered by the attorney general. All expenditures from this fund shall be paid upon petition to the attorney general to those persons adequately establishing injury in money, property or other things in a transaction related to a practice declared unlawful under the Pyramid Promotional Schemes Act and who were unknown to the court at the time judgment was rendered.

B. Excepting any amount then being considered as an expenditure pursuant to a petition under Subsection A of this section, the balance of a civil penalty collected shall be transferred to the state general fund eighteen months after collection.

History: 1953 Comp., § 50-20-8, enacted by Laws 1973, ch. 377, § 8; 1987, ch. 100, § 8.

The 1987 amendment, effective June 19, 1987, in Subsection A, substituted "57-13-4 NMSA 1978" for "4 of this act" near the beginning, substituted "Pyramid Promotional Schemes Act" for "Pyramid Sales Act" and made a minor language change.

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