N.M. Admin. Code § 8.370.14.30

Current through Register Vol. 35, No. 23, December 10, 2024

Section 8.370.14.30 - HANDLING OF RESIDENT FUNDS

A. Each resident has the right to manage their personal funds in accordance with state or federal laws.

B. If the facility agrees, the resident may entrust his or her personal funds to the facility for safekeeping and management. In such cases, the facility shall:

(1) have written authorization from the resident or his or her surrogate decision maker;

(2) maintain a written record of all financial transactions and arrangements involving the resident's funds and make this written record available upon request, to the resident, his or her surrogate decision maker and the licensing authority;

(3) safeguard any and all funds received from the resident in an account separate from all other funds of, or held by, the facility;

(4) upon written or verbal request by the resident or his or her surrogate decision maker, return to the resident all or any part of the resident's funds given to the facility for safekeeping and management, including all accrued interest if applicable; and

(5) upon the resident's death, will transfer all personal funds held by the facility to the resident's estate in accordance with Section 45-3-709 NMSA 1978.

C. The facility shall not commingle the resident's funds, valuables or property with that of the licensee. Resident's funds, valuables or property shall be maintained separate, intact and free from any liability of the licensee, staff and management.

N.M. Admin. Code § 8.370.14.30

Adopted by New Mexico Register, Volume XXXV, Issue 12, June 25, 2024, eff. 7/1/2024