New Mexico Statutes Chapter 58. Financial Institutions and Regulations § 58-33-7. Board and board employee requirements and prohibitions; conflicts of interest

A. Board members and employees of the board shall comply with the Gift Act, the Governmental Conduct Act, the Open Meetings Act and any other applicable state or federal laws.

B. Board members and employees of the board shall not:

C. If a board member or employee of the board has an interest, either direct or indirect, in a contract to which the New Mexico retirement plan marketplace or the New Mexico work and save IRA program is or is to be a party, that interest shall be disclosed to the board in writing and shall be set forth in the minutes of the board. The board member or employee having that interest shall not participate in an action by the board with respect to that contract.

D. Board members and employees of the board shall act as fiduciaries with respect to the design, implementation and oversight of the New Mexico retirement plan marketplace and the New Mexico work and save IRA program, acting solely in the best interests of the program participants and for the exclusive purpose of providing benefits to program participants and administering the marketplace and the IRA program with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims.