Legislation offered by New Mexico Gov. Bill Richardson to allow the state to investigate and punish companies that engage in price gouging after disasters is stalled in committee.

Some state legislators have been critical of its provisions complaining that Richardson had not consulted with economists or other experts to come up with a workable proposal.

The effort to prohibit price gouging during natural disasters or emergencies, such as hurricanes or terrorist attacks, has been temporarily set aside by both the House and Senate judiciary panels. Lawmakers are working to come up with a more palatable plan.

The bill that was shelved would have allowed courts to suspend or revoke a business license or bar a business from operation if it sold goods or services for an “unconscionable price” after a disaster or emergency, The Associated Press reported.

The rule would have applied to goods and services deemed essential in an emergency, such as gasoline, diesel fuel, prescription drugs and bottled water.

Price gouging would have been presumed if prices for essential goods and services increased 10 percent above the average price charged in the 20 days before the disaster or emergency.

Violators would have faced a fine up to $5,000, per occurrence.

It also barred fuel-station owners from raising their prices more than once every 24 hours.