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Committee clears technical fix to jockey insurance fund law
Summary
Senator Padilla urged the committee to approve a technical fix that would create a segregated fund for jockey and exercise-rider insurance, saying the change will allow the New Mexico Racing Commission to pay insurance obligations that do not follow the state fiscal year.
Senator Padilla urged the House Commerce & Economic Development Committee on Monday to approve a technical fix to the horse-racing insurance structure that, he said, will let the industry pay jockey- and exercise-rider insurance on the schedule the policies require.
The bill would create a separate, dedicated fund — held and administered by the New Mexico Racing Commission — to receive and hold HISA-related collections, income from investments, gifts, grants, donations and bequests, and permit distributions and appropriations from that fund. "The key provisions of the legislation are that we established this fund. The funding sources remain," Senator Padilla said.
Why it matters: supporters told the committee the original law did not create an independent account, leaving dollars "stranded" in an existing fund and making it hard to pay insurance obligations that fall outside the state fiscal-year calendar.
Industry witnesses said the change is noncontroversial and purely technical. "This creates that independent fund, and it allows the racing commission to more easily move the money to where it needs to be moved in terms of paying the insurance because the insurance payments aren't due on a fiscal year," Jason Weeks, a registered lobbyist for Albuquerque Downs Racetrack and Casino, told the committee.
Other industry representatives added support. Marla Schoetz, a registered lobbyist for All American Riz Dosso Downs Racetrack, said the clarification makes the original intent work in practice. Brent Moore, a registered lobbyist for Penn Entertainment, also voiced support.
Committee action: Representative Armstrong moved a due-pass recommendation on the bill. Patrick (committee clerk) conducted a roll call; the committee recorded a final tally of 9 yes, 0 no. "Madam chair, final tally for the due pass motion. 9 votes, yes, 0 votes, no," the clerk announced; the committee gave the bill a due pass.
What happens next: A due-pass recommendation sends the bill forward with committee support. The Racing Commission will be able to use the new fund structure if the Legislature enacts the change.
