State regulators seek modest FY28 budget increase

NMRLD’s request builds on reforms that protect consumers and support economic growth

SANTA FE – The New Mexico Regulation and Licensing Department (NMRLD) presented its fiscal year 2028 budget request of $76.4 million to the Legislative Finance Committee today.

The FY28 request includes a $69.5 million operating budget and $6.9 million in special appropriations, an overall increase of 3.9% over the FY27 budget. It will enable the department to continue strengthening consumer protections, improving licensing efficiency and supporting industry compliance.

“Our job is to protect consumers and uphold professional standards, but it’s also important that we don’t place unnecessary barriers in front of qualified individuals who want to work and serve their communities,” said Regulation and Licensing Department Superintendent Clay Bailey. “We’ll continue looking for ways to improve our processes, strengthen oversight where it matters, and ensure New Mexicans have access to the services they rely on.”

Over the past eight years, NMRLD has strengthened consumer protections while supporting economic growth through initiatives that include:

Streamlining online licensing and permitting, which has enabled businesses and professionals to obtain licenses in as little as three days and building permits in fewer than four.
Expanding fraud prevention and financial literacy efforts statewide while holding companies accountable for unlawful or noncompliant practices. Since 2019, NMRLD’s Financial Institutions and Securities divisions have completed numerous enforcement actions, securing $5 million in fines. Over the past eight years, they have generated more than $217 million in licensing fees and registration-related filings for the General Fund.
Strengthening oversight of New Mexico’s cannabis industry. The Cannabis Control Division has added nine compliance officers statewide, increasing the total to 20 officers. The RLD Enforcement Bureau continues to investigate criminal violations and has destroyed more than 24,000 pounds of illicit cannabis since January 2026.

To build on these efforts, the department is requesting $6.9 million in four special appropriations for FY28:

$3.4 million to backfill the Mortgage Regulatory Fund and support ongoing oversight of state-chartered banks, credit unions, savings and loan associations, mortgage loan companies and other financial institutions.
$911,000 to backfill the Securities Education Fund and support fraud detection, enforcement and investor education efforts.
$2.6 million to replace high-mileage vehicles used by more than 65 inspectors throughout New Mexico.
A language change to extend funding for the Social Work Compact until the national compact becomes operational.

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