"Your disclosure laws have not kept pace with the way modern campaigns are run," Ciara Torres-Spelliscy told me when I talked to her yesterday.

Both Torres-Spelliscy and Steve Allen of New Mexico Common Cause told me that independent expenditures have not yet been a major factor in state elections in New Mexico. (We have seen some of that action in Congressional races here, but mostly by well-known, established groups like Club For Growth and Defenders of Wildlife)
But it usually takes New Mexico a little longer to catch up to national trends. Torres-Spelliscy says the Supreme Court's Citizen's United decision last year, which prohibits limits on this kind of spending, almost certainly will accelerate that.
Here's a copy of that Brennan Center report
Transparent Elections after Citizens United