2021 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations

Section 58-1-8 - Payment from account when no executor or administrator has qualified. - A. Where no executor or administrator of a deceased depositor...

Section 58-1-9 - Transmitting money; foreign exchange. - A bank may accept money for transmission and may transmit...

Section 58-1-10 - Authority to engage in leasing safe deposit facilities; subsidiary company. - A. Subject to such regulations as the commissioner [director of...

Section 58-1-11 - Access by fiduciaries. - A. Where access to a safe deposit box is requested...

Section 58-1-12 - Effect of lessee's death or incapacity. - Where a lessor, without knowledge of the death or of...

Section 58-1-13 - Lease to minor. - A lessor may lease a safe deposit box to and...

Section 58-1-14 - Search procedure on death. - A. A lessor shall permit the person named in a...

Section 58-1-15 - Adverse claims to contents of safe deposit box. - A. An adverse claim to the contents of a safe...

Section 58-1-16 - Special remedies for nonpayment of rent. - A. If the rental due on a safe deposit box...

Section 58-1-17 - Qualification and fiduciary powers. - No state bank shall act as fiduciary unless it is...

Section 58-1-18 - Fiduciary bond or oath excused. - No oath or bond shall be required of a bank...

Section 58-1-19 - Identification and segregation of fiduciary assets; investment and deposit of cash. - A state bank holding any asset as a fiduciary shall:...

Section 58-1-20 - Reserves against deposits. - A. A state bank shall maintain such reserves against deposits...

Section 58-1-21 - Loans. - A. A state bank may lend on the security of...

Section 58-1-22 - Investments. - A. In addition to other investments expressly authorized by the...

Section 58-1-23 - Acceptances. - A. A bank may accept: (1) a draft which has...

Section 58-1-24 - Diversification of loans and investments. - A. A state bank shall not extend credit directly by...

Section 58-1-25 - Acquisition of property to satisfy or protect previous loan. - A state bank may take property of any kind to...

Section 58-1-26 - Acquisition of banking premises and equipment. - A. A state bank may acquire real estate and equipment...

Section 58-1-27 - Sale of assets in ordinary course. - A bank may sell any asset in the ordinary course...

Section 58-1-28 - Borrowing. - A state bank may borrow money and issue evidence of...

Section 58-1-29 - Issuance of capital debentures or notes. - A. After obtaining approval of the commissioner [director of the...

Section 58-1-30 - Pledge of assets. - A bank may pledge its assets to: A. enable it...

Section 58-1-31 - Endorsement and signature guaranty and unauthorized assumption of liability. - A. A state bank may assume secondary liability as an...

Section 58-1-32 - Director of the financial institutions division; appointment and qualifications; salary. - Upon the effective date of the Commerce and Industry Department...

Section 58-1-33 - Oath of secrecy; surety bonds. - The director and all officers and employees of the division...

Section 58-1-34 - Powers of director. - A. In addition to other powers conferred by law, the...

Section 58-1-35 - Employees [Examiners] and clerks; designation of deputy. - The commissioner [director of the financial institutions division of the...

Section 58-1-36 - Seal of the director. - The director shall have a seal of office containing the...

Section 58-1-37 - Office of the commissioner [director]; delegation of powers. - The commissioner [director of the financial institutions division of the...

Section 58-1-38 - Divulging information prohibited; exchange of information with United States; violation a misdemeanor. - Neither the commissioner [director of the financial institutions division of...

Section 58-1-39 - Bank records; prescribing manner of keeping. - A. The director has the power to require banks under...

Section 58-1-40 - Reports of condition; special reports; failure to make; penalty. - Every bank shall make and file with the director reports...

Section 58-1-41 - Supervision fees. - A. Each state bank shall annually pay to the director...

Section 58-1-41.1 - Trust department examination; fees. - At least once in each calendar year, the director of...

Section 58-1-41.2 - Additional examinations. - Whenever a bank is examined more than once in any...

Section 58-1-42 - Repealed. - Repeals. — Laws 1999, ch. 213, § 10 repeals 58-1-42...

Section 58-1-43 - Fees and penalties; disposition. - The director shall keep a record of all fees and...

Section 58-1-44 - Copies of reports and records; evidence; fees. - Copies of all reports and records concerning banks and banking...

Section 58-1-45 - Court review. - Any person aggrieved and directly affected by an order of...

Section 58-1-46 - Examinations and reports. - A. The director shall examine the condition of each state...

Section 58-1-47 - Commissioner's [Director's] annual report. - A. The commissioner [director of the financial institutions division of...

Section 58-1-48 - Records of division. - Information from the records of the division shall be revealed...

Section 58-1-49 - Banking interests of officers and employees of the department of banking [financial institutions division] - No officer or employee of the department [financial institutions division...

Section 58-1-50 - Limitation of personal liability. - No officer or employee of the department [financial institutions division...

Section 58-1-51 - Standards in regulations. - The commissioner [director of the financial institutions division of the...

Section 58-1-52 - Incorporators. - A state bank may be organized by five or more...

Section 58-1-53 - General corporate powers. - State banks shall have: A. all the powers provided and...

Section 58-1-54 - Powers of director and of state banks. - In addition to other powers provided for the director and...

Section 58-1-55 - Capital structure; impairment of capital. - A. A state bank shall have such capital structure as...

Section 58-1-56 - Notice of intention. - A. The organizers shall file with the director a notice...

Section 58-1-57 - Application for permission to file corporate papers. - A. After the capital structure has been fully subscribed, the...

Section 58-1-58 - Determination on application for permission to file with the corporation commission [public regulation commission] - A. When an application for permission to file with the...

Section 58-1-59 - Subscription calls. - A. Immediately after the filing of the articles of incorporation...

Section 58-1-60 - First meetings of stockholders and directors; adoption of bylaws. - A. After the capital structure has been fully paid, a...

Section 58-1-61 - Certificate of authority. - A. A request for a certificate of authority shall be...

Section 58-1-62 - Amendment of articles of incorporation. - A. A state bank may apply to the commissioner [director...

Section 58-1-63 - Repealed. - Repeals. — Laws 1991, ch. 12, § 3 repeals 58-1-63...

Section 58-1-64 - Meetings of stockholders; voting; proxies; voting trusts; preemptive right; transfer of stock; report of holdings. - A. Regular meetings of stockholders shall be held annually and...

Section 58-1-65 - Directors and officers. - A. The affairs of a state bank shall be managed...

Section 58-1-66 - Directors; meetings and duties. - A. The board of directors shall meet at least once...

Section 58-1-67 - Fidelity bonds and other insurance. - A. The directors of a state bank shall direct and...

Section 58-1-68 - Authority to declare dividends. - The board of directors of a state bank may declare...

Section 58-1-69 - Capital, surplus and undivided profits; accounting requirements. - A. No credit shall be entered in the undivided profits...

Section 58-1-70 - Deposit insurance; membership in federal reserve system. - A state bank shall obtain insurance of its deposits by...

Section 58-1-71 - Waivers; corporate action by unanimously signed writing. - When notice is required to be given to stockholders or...

Section 58-1-72 - Voluntary liquidation and dissolution. - A. A state bank may liquidate and dissolve with the...

Section 58-1-73 - Director in possession. - A. The director may take possession of a state bank...

Section 58-1-74 - Requirements of reorganization plan. - A. A plan of reorganization shall not be proposed under...

Section 58-1-75 - Liquidation by commissioner [director]. - A. In liquidating a state bank, the commissioner [director of...

Section 58-1-76 - Unauthorized conduct of banking business. - It is unlawful for any unauthorized person to engage in...

Section 58-1-77 - Receipt of deposits while insolvent. - It is unlawful for a bank to receive any deposit...

Section 58-1-78 - Unlawful service as officer or director. - It is unlawful for any person to serve as an...

Section 58-1-79 - Unlawful gratuity or compensation; transactions of persons connected with state bank. - A. It is unlawful for an affiliate of a bank...

Section 58-1-80 - Unlawful concealment of transaction. - It is unlawful for an officer, director, employee, attorney or...

Section 58-1-81 - Improper maintenance of accounts; false or deceptive entries and statements. - It is unlawful for an officer, director, employee or agent...

Section 58-1-82 - Reimbursement for fines and penalties. - A. It is unlawful for a state bank to pay...

Section 58-1-83 - Unlawful use of words "safe deposit.". - It is unlawful for any person to use the words...

Section 58-1-84 - Unlawful sanctions; violations of rules and orders. - A. Any person responsible for an act or omission expressly...

Section 58-1-85 - Injunction. - Whenever a violation of the Banking Act, by a bank...

Article 1A - Consumer Credit Banks

Section 58-1A-1 - Short title. - This act [58-1A-1 to 58-1A-8 NMSA 1978] may be cited...

Section 58-1A-2 - Definitions. - As used in the Consumer Credit Bank Act: A.. "consumer...

Section 58-1A-3 - Organization of consumer credit bank. - With the approval of the director, a domestic bank, foreign...

Section 58-1A-4 - Domestic banks; exemption. - A domestic bank shall not be required to establish a...

Section 58-1A-5 - Credit card account; terms and conditions. - A credit card account between a domestic bank or consumer...

Section 58-1A-6 - Regulation of consumer credit banks. - A. A consumer credit bank organized under the laws of...

Section 58-1A-7 - Supervision fees. - A. Each consumer credit bank shall annually pay to the...

Section 58-1A-8 - Applicability. - A consumer credit bank shall be subject to the laws...

Article 1B - Interstate Bank Acquisitions

Section 58-1B-1 - Short title. - Sections 1 through 12 [58-1B-1 to 58-1B-11 NMSA 1978] of...

Section 58-1B-2 - Definitions. - As used in the Interstate Bank Acquisition Act: A. "acquire"...

Section 58-1B-3 - Purpose and intent of act. - The purpose of the Interstate Bank Acquisition Act is to...

Section 58-1B-4 - Permitted acquisitions. - A. Except as provided in Subsection B of this section,...

Section 58-1B-5 - Required application; forms. - A. A company that proposes to make an acquisition pursuant...

Section 58-1B-6 - Standards for approval. - A. In deciding whether to approve an application for a...

Section 58-1B-7 - Procedures relating to applications. - A. The director shall approve or disapprove an application for...

Section 58-1B-8 - Reports; examinations. - A. To the extent specified by the director by regulation,...

Section 58-1B-9 - Agency activities. - A. If it complies with the requirements of this section,...

Section 58-1B-10 - Authority to issue regulations; cooperative agreements; fees. - To carry out the purposes of the Interstate Bank Acquisition...

Section 58-1B-11 - Enforcement. - The director may enforce the provisions of the Interstate Bank...

Article 1C - Interstate Bank Branching

Section 58-1C-1 - Short title. - Sections 14 through 27 [58-1C-1 to 58-1C-13 NMSA 1978] of...

Section 58-1C-2 - Purpose. - The purpose of the Interstate Bank Branching Act is to...

Section 58-1C-3 - Definitions. - As used in the Interstate Bank Branching Act: A. "bank"...

Section 58-1C-4 - Authority of state banks to establish interstate branches by merger. - A. If it obtains the prior approval of the director,...

Section 58-1C-5 - Interstate merger transactions and branching permitted. - A. One or more New Mexico banks may enter into...

Section 58-1C-6 - De novo branching and acquisition of individual branches not permitted. - Interstate branching, either de novo or by acquisition of one...

Section 58-1C-7 - Notice and filing requirements. - An out-of-state bank that will be the resulting bank pursuant...

Section 58-1C-8 - Condition for interstate merger prior to June 1, 1997. - An interstate merger transaction prior to June 1, 1997 resulting...

Section 58-1C-9 - Powers; additional branches. - A. An out-of-state state bank with branches in New Mexico...

Section 58-1C-10 - Examinations; periodic reports; cooperative agreements; assessment of fees. - A. To the extent consistent with Subsection C of this...

Section 58-1C-11 - Enforcement. - If the director determines that a branch maintained by an...

Section 58-1C-12 - Regulations. - The director may adopt regulations necessary or appropriate to implement...

Section 58-1C-13 - Notice of subsequent merger and other transactions. - An out-of-state state bank that has established and maintains a...

Article 2 - Insurance of Bank Deposits

Section 58-2-1 - ["Banking institution" defined.] - The term "banking institution," as used in this act [58-2-1...

Section 58-2-2 - [Acceptance of federal laws.] - Any banking institution now or hereafter reorganized under the laws...

Section 58-2-3 - [Liquidation of banks by federal deposit insurance corporation.] - The federal deposit insurance corporation created by Section eight of...

Section 58-2-4 - [Subrogation of federal corporation.] - Whenever any banking institutions shall have been closed as aforesaid,...

Section 58-2-5 - Exchange of information. - The director of the financial institutions division is authorized to...

Section 58-2-6 - Loans by and sale of assets to federal corporation. - With respect to any banking institution, which is now or...

Section 58-2-7 - [Federal corporation as receiver or liquidator; possession of and title to assets.] - Upon the acceptance of the appointment of receiver or liquidator...

Section 58-2-8 - [Enforcement of individual liability of stockholders and directors of closed banks.] - Among its other powers, said corporation, in the performance of...

Article 3 - Accounts

Section 58-3-1 - Interest on accounts. - A. A state bank may maintain time and savings deposit...

Section 58-3-2 - Refusal to accept signatures or endorsements. - A. A bank may refuse to pay any check, draft...

Section 58-3-3 - Repealed. - Repeals. — Laws 1978, ch. 122, §§ 1 and 2,...

Section 58-3-4 - Repealed. - Repeals. — Laws 1989, ch. 209, § 18 repeals 58-3-4...

Article 4 - Merger and Consolidation of Banks

Section 58-4-1 - Additional definitions. - As used in this article, unless the context otherwise requires:...

Section 58-4-2 - Resulting national bank. - A. Nothing in the law of this state shall restrict...

Section 58-4-3 - Resulting state bank. - Upon approval by the director of the financial institutions division,...

Section 58-4-4 - Merger procedure; resulting state bank. - A. The board of directors of each merging state bank...

Section 58-4-5 - Merger; approval by stockholders of state banks. - A. To be effective, a merger which is to result...

Section 58-4-6 - Effective date of merger; filing of approved agreement; certificate of merger as evidence. - A. A merger or sale which is to result in...

Section 58-4-7 - Conversion of national into state bank. - A. A national bank located in this state which follows...

Section 58-4-8 - Continuation of corporate entity; use of old name. - A. A resulting state or national bank shall be the...

Section 58-4-9 - Sale of all assets of bank or department. - A. Any state bank or trust company may sell to...

Section 58-4-10 - Dissenting stockholders. - A. A dissenting stockholder of a state bank shall be...

Section 58-4-11 - Nonconforming assets or business. - If a merging, converting or selling bank has assets which...

Section 58-4-12 - Book value of assets. - Without approval by the director of the financial institutions division...

Section 58-4-13 - Conversion of savings association to a state bank. - A. Any association may convert to a state bank pursuant...

Article 5 - Organization and Management

Section 58-5-1 - Board of directors; oaths. - A. A board member, when initially elected, shall take an...

Section 58-5-2 - Branch banks. - A. Banks duly authorized to transact business in New Mexico...

Section 58-5-3 - Branch banks; permit to open; powers; location. - Branches of banks authorized under the provisions of this article...

Section 58-5-4 - Repealed. - Repeals. — Laws 1985, ch. 30, § 5 repeals 58-5-4...

Section 58-5-5 - [Prior bank agencies; designation as branches.] - Any bank agency or agencies heretofore opened and conducted prior...

Section 58-5-6 - Banking days; notice; closing. - A. A bank is authorized to fix from time to...

Section 58-5-7 - Legal holidays for banks. - A. The following legal holidays may be observed by banks,...

Section 58-5-8 - [Federal reserve; bank may become stockholder or member.] - Any incorporated bank may apply to the federal reserve board...

Section 58-5-9 - [Compliance with federal reserve requirements satisfies state balance requirements.] - Compliance on the part of any bank or trust company...

Section 58-5-10 - [Federal reserve member banks; state examination.] - Such bank or trust company shall continue to be subject...

Section 58-5-11 - Interstate acquisition; procedures. - A. A bank holding company which has control over a...

Article 6 - Miscellaneous Loans

Section 58-6-2 - Repealed. - Repeals. — Laws 1999, ch. 213, § 10 repeals 58-6-1...

Section 58-6-3 - Legal disability of minors removed when borrowing money for educational purposes. - A. As used in this section: (1) "person" means any...

Section 58-6-4 - [Mortgage loan sales to federal national mortgage association authorized.] - Notwithstanding any other provision of law, any institution, including a...

Section 58-6-5 - Credit agreements; requirements. - A. As used in this section, "financial institution" means a...

Article 7 - Installment Loans

Section 58-7-1 - Short title. - Chapter 58, Article 7 NMSA 1978 may be cited as...

Section 58-7-2 - Persons to whom act applicable. - This act [58-7-1 to 58-7-3, 58-7-5 to 58-7-9 NMSA 1978]...

Section 58-7-3 - Loans covered by act. - A. The New Mexico Bank Installment Loan Act of 1959...

Section 58-7-3.1 - Precomputed loan. - In a precomputed loan transaction, the interest charge shall be...

Section 58-7-3.2 - Extension agreement. - In precomputed loan transactions where the borrower and lender execute...

Section 58-7-3.3 - Requirements for making and paying loans; incomplete instruments; limitations on charges after judgment and interest. - A. Every lender shall: (1) at the time a consumer...

Section 58-7-3.4 - Right of rescission. - All agreements for precomputed loan transactions shall include a provision...

Section 58-7-4 - Repealed. - Repeals. — Laws 1981, ch. 263, § 4, repeals 58-7-4...

Section 58-7-5 - Prepayment; precomputed loan transactions. - If the entire unpaid balance outstanding on a precomputed loan...

Section 58-7-6 - Permitted charges; limitation on presentment. - A. No amount, other than the total finance charge, which...

Section 58-7-7 - Restrictions. - A. No lender shall make a loan pursuant to the...

Section 58-7-8 - Penalties and forfeitures. - A. Any person willfully violating any of the provisions of...

Section 58-7-9 - Construction; definitions. - A. None of the provisions of the New Mexico Small...

Section 58-7-10 - Reporting of credit required. - For each installment loan made pursuant to the New Mexico...

Section 58-7-11 - Preemption. - The state has exclusive jurisdiction and authority regarding the terms...

Article 8 - National Housing Act Loans and Obligations

Section 58-8-1 - Powers of banks, financial institutions and lenders approved for loans by the National Housing Act. - Subject to such regulations as may be prescribed by the...

Section 58-8-2 - State laws; exemption. - No law of this state prescribing or limiting the nature,...

Section 58-8-3 - [Collateral as security for deposit of funds; investment of capital or surplus; eligible securities.] - Wherever, by statute of this state, collateral is required as...

Article 9 - Trust Companies

Section 58-9-1 - Short title. - Chapter 58, Article 9 NMSA 1978 may be cited as...

Section 58-9-2 - Definitions. - As used in the Trust Company Act: A. "director" means...

Section 58-9-3 - Exemptions. - A. For the purposes of the Trust Company Act [Chapter...

Section 58-9-4 - Certificate required; compliance with state and federal law; separation of trust fund and investments. - A. No person, legal entity or corporation shall engage in...

Section 58-9-5 - Application for certificate; fee. - A. An application for a certificate shall be in writing,...

Section 58-9-6 - Minimum capital. - A. A certificate shall not be issued to an applicant...

Section 58-9-6.1 - State of incorporation. - A certificate shall not be issued to an applicant other...

Section 58-9-7 - Fidelity bond; insurance required; evidence of financial responsibility required. - A. No corporation shall obtain a certificate without securing and...

Section 58-9-8 - Procedure for granting or denying certificate. - A. Upon the filing of an application for a certificate,...

Section 58-9-8.1 - Principal and branch offices. - A. A trust company may establish its principal office in...

Section 58-9-9 - Powers of director. - In addition to other powers conferred by the Trust Company...

Section 58-9-10 - Impairment of capital; unsafe conditions; receivership. - A. If it appears to the director that the capital...

Section 58-9-11 - Discontinuing business; reorganization; continuing jurisdiction. - A. Whenever any corporation desires to discontinue doing a trust...

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2021 New Mexico Statutes Chapter 58 - Financial Institutions and Regulations

2021 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations