Summary:

 Senate Bill 92 (SB 92) creates the Horse Racing Integrity and Safety Authority and Jockey and Exercise Rider Insurance Fund to provide a process for paying the costs of jockey and exercise rider insurance and complying with state and federal law. SB  makes an appropriation.


 

Legislation Overview:

 Senate Bill 92 (SB 92) creates a new section of the Horse Racing Act (Section 60-1A-1 et seq NMSA 1978)--the Horse Racing Integrity and Safety Authority and Jockey and Exercise Rider Insurance Fund. This nonreverting fund consists of money collected by the state gaming commission (SGC) to offset the costs of jockey and exercise rider insurance and to comply with federal and state laws affecting horse racing as provided in Section 60-2E-47 NMSA 1978. It makes an appropriation based on this latter section.

 

Current Law:

 Section 60-2E-47 NMSA 1978 requires a gaming operator licensee that is a racetrack to pay one and two-tenths percent of its net take solely to offset the costs of jockey and exercise rider insurance and to comply with federal and state laws affecting horse racing with the SGC having oversight of these funds.