As used in the Minority Business Assistance Act [9-15-52 to 9-15-55 NMSA 1978]:

1. A. "department" means the economic development department; and

2. B. "minority business" means a business, with its principal place of business in New Mexico:

   1. (1) the majority ownership of which is held by individuals who are residents of New Mexico and African Americans, Hispanic Americans, Asian Americans or Native Americans; and
   2. (2) that employs twenty or fewer people.

History: Laws 2007, ch. 180, § 2.

ANNOTATIONS

Effective dates. — Laws 2007, ch. 180, § 5 made the Minority Business Assistance Act effective July 1, 2007.