2021 New Mexico Statutes
Article 1 - Banking Generally
Section 58-1-2 - Definitions of banks.

As used in the Banking Act [Chapter 58, Articles 1, 2 to 6 and 8 NMSA 1978]:
A. "bank" means:
(1) an "insured bank" as defined in Section 3(h) of the Federal Deposit Insurance Act;
(2) any institution that is eligible to make application to become an insured bank pursuant to Section 5 of the Federal Deposit Insurance Act; or
(3) any institution organized under the laws of this state, the laws of the United States, any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands, that accepts deposits that the depositor may withdraw by check or similar means for payment to third parties and is engaged in the business of making commercial loans. The term does not include any organization operating under Section 25 or Section 25a of the Federal Reserve Act or any organization that does not do business within the United States except as an incident to its activities outside the United States or any savings and loan association organized under the laws of this state, the laws of the United States, any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands;
B. "bank holding company" means any company which has control over any bank or over another company that is or becomes a bank holding company;
C. "company" means any corporation, partnership, trust other than a voting trust, association or similar organization but shall not include any corporation the majority of the shares of which are owned by the United States or by any state;
D. "control" means:
(1) any direct or indirect operation through one or more other persons which owns, directs or has power to vote twenty-five percent or more of any class of voting securities of the bank or company;
(2) the direction in any manner of the election of a majority of the directors or trustees of the bank or company; or
(3) the direct or indirect exercise of substantial influence over the management of policies of the bank or company, as determined by the director of the financial institutions division, after notice and opportunity for hearing; and
E. "state bank" means any bank authorized to do banking business by the laws of this state.
History: 1953 Comp., § 48-22-2, enacted by Laws 1963, ch. 305, § 2; 1985, ch. 56, § 1.
Cross references. — For public depositories, see 6-10-15 NMSA 1978.
For exemption of director of financial institutions division, director of securities division and chief of savings and loan bureau from authority of superintendent of regulation and licensing, see 9-16-11 NMSA 1978.
For Section 3(h) of the Federal Deposit Insurance Act referred to in Subsection A(1), and Section 5 of the Federal Deposit Insurance Act referred to in Subsection A(2), see 12 U.S.C. §§ 1813(h) and 1815, respectively.
For Sections 25 and 25a of the Federal Reserve Act referred to in Subsection A(3), see 12 U.S.C. §§ 601 to 604 and 611 to 631, respectively.
Checking accounts may be eliminated by savings banks. — A savings bank, as defined in this section, organized under the laws of New Mexico, may eliminate from its charter authority to accept checking accounts. 1957 Op. Att'y Gen. No. 57-22 (rendered under prior law).
A savings bank, as defined by this section, organized under the laws of New Mexico, could not assume authority to issue investment certificates and invest resulting funds according to former Section 58-14-1 NMSA 1978 et seq. 1957 Op. Att'y Gen. No. 57-22 (rendered under prior law).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 1.
Status of "Christmas club" deposits, 21 A.L.R. 1128.
What property may be the subject of special deposit in bank, 50 A.L.R. 247.
Commercial and savings departments, rights and preferences in respect of assets of insolvent bank as affected by its division into, 114 A.L.R. 680.
9 C.J.S. Banks and Banking § 3.

Structure 2021 New Mexico Statutes