Current through Register Vol. 35, No. 11, June 11, 2024
Section 11.1.4.13 - REQUIREMENT OF TRUST ACCOUNT FOR ALL CHILD PERFORMERSA. Each time a child performer is employed in the state of New Mexico with a contract equal or greater than $1000, a trust account will be created for the child performer.B. It is the responsibility of the parent or legal guardian, or trustee to set up a trust account for the child performer in the child's state of residence for the sole benefit of the child within seven business days after the child performer's employment contract is signed. The child will not have access to the trust account until the child is 18 years of age or becomes legally emancipated.C. The parent, guardian, or trustee shall provide the employer with a trustee statement within 15 days after the start of employment. Once the employer receives the trustee statement, the employer will provide the parent, guardian, or trustee with a written acknowledgement of receipt.D. If the employer does not receive the trustee statement within 90 days after the start of employment, the child's employer shall refer the matter to district court. The district court shall have continuing jurisdiction over the trust.E. The employer shall deposit not less than fifteen percent of the child's gross earnings directly into the child trust account within 15 business days of the work performance. If the account is not established, the employer shall withhold fifteen percent of the gross income until a trust account is established or until court orders otherwise. Once the employer deposits fifteen percent of the gross earnings in the trust account, the employer shall have no further obligation to monitor the funds.F. Once the funds are deposited in the trust account, only the trustee shall be obligated to monitor and account for the funds.11.1.4.13 NMAC - N, 06/30/08, Adopted by New Mexico Register, Volume XXVIII, Issue 21, November 14, 2017, eff. 11/14/2017