N.M. Admin. Code § 19.25.13.33
The state engineer shall determine the adequacy of each source of water proposed for use as replacement water based upon the generalized hydrologic analysis adopted by the state engineer. Replacement plans shall be approved for a period not to exceed two years but may be renewed upon application. Upon finding that the approval of a replacement plan meets the criteria of Section 19.25.13.32 NMAC, is necessary to prevent crop loss or other serious economic harm to the owner of an out-of-priority administrable water right, and is not contrary to conservation of water or the public welfare of the state, the state engineer shall approve the replacement plan. The state engineer may require such terms and conditions for the approval of a replacement plan as he deems to be necessary, including time limitations on the duration of the replacement plan. State engineer approvals of replacement plans shall be presumed to be in proper implementation of the provisions of the water laws administered by him as provided by Subsection H of 72-2-8 NMSA. Any approved replacement plan shall continue in effect during the course of objections and appeals proceedings.
N.M. Admin. Code § 19.25.13.33