A. The director has the power to require banks under his supervision to keep their records in such manner and form that they will at all times reflect the true condition of the bank and permit it to be readily and thoroughly audited.
B. Every state bank shall retain its business records for such periods as are or may be prescribed by or in accordance with the provisions of this section.
C. Each state bank shall retain permanently the minute books of meetings of its stockholders and directors, its capital stock ledger and capital stock certificate ledger or stubs, its general ledger, its daily statements of condition, its general journal, its investment ledger, its copies of bank examination reports and all records which the director in accordance with the provisions of this section requires to be retained permanently.
D. All other bank records shall be retained for such periods as the director in accordance with the provisions of this section prescribes.
E. The director shall from time to time issue regulations classifying all records kept by the state banks and prescribing the period for which records of each class shall be retained. Periods may be permanent or for a lesser term of years. Regulations may from time to time be amended or repealed. Prior to issuing any such regulation, the director shall consider:
(1) actions at law and administrative proceedings in which the production of bank records might be necessary or desirable;
(2) state and federal statutes of limitation applicable to such actions or proceedings;
(3) the availability of information contained in bank records from other sources; and
(4) such other matters as the director deems pertinent in order that his regulations will require banks to retain their records for as short a period as is commensurate with the interests of bank customers and shareholders and of the people of this state in having bank records available.
F. Any state bank may dispose of any record which has been retained for the period prescribed by or in accordance with the provisions of this section for retention of records of its class and shall thereafter be under no duty to produce that record in any action or proceeding.
G. Any state bank may cause any or all records at any time in its custody to be converted into electronic images or be reproduced by the microphotographic process, and an image or reproduction has the same force and effect as the original and may be admitted in evidence equally with the original.
H. To the extent that they are not in contravention of any law of the United States, the provisions of this section apply to all banks doing business in this state.
History: 1953 Comp., § 48-22-33.5, enacted by Laws 1975, ch. 330, § 23; 1999, ch. 213, § 6.
Cross references. — For meaning of director, see 58-1-3 NMSA 1978.
The 1999 amendment, effective June 18, 1999, substituted "director" for "commissioner" throughout the section; inserted "converted into electronic images or be" and "an image or" in Subsection G; and made minor stylistic changes.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 18.
Rights and remedies of financial institution customer in relation to subpoena duces tecum exception to general prohibitions of state right to financial privacy statute, 43 A.L.R.4th 1157.
9 C.J.S. Banks and Banking §§ 27, 116.
Structure 2021 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Section 58-1-2 - Definitions of banks.
Section 58-1-2.1 - Prohibition.
Section 58-1-4 - Effect on existing banks.
Section 58-1-5 - Deposit of minor; school or institutional deposits.
Section 58-1-6 - Designating agent.
Section 58-1-7 - Adverse claim to deposit.
Section 58-1-8 - Payment from account when no executor or administrator has qualified.
Section 58-1-9 - Transmitting money; foreign exchange.
Section 58-1-10 - Authority to engage in leasing safe deposit facilities; subsidiary company.
Section 58-1-11 - Access by fiduciaries.
Section 58-1-12 - Effect of lessee's death or incapacity.
Section 58-1-13 - Lease to minor.
Section 58-1-14 - Search procedure on death.
Section 58-1-15 - Adverse claims to contents of safe deposit box.
Section 58-1-16 - Special remedies for nonpayment of rent.
Section 58-1-17 - Qualification and fiduciary powers.
Section 58-1-18 - Fiduciary bond or oath excused.
Section 58-1-20 - Reserves against deposits.
Section 58-1-22 - Investments.
Section 58-1-23 - Acceptances.
Section 58-1-24 - Diversification of loans and investments.
Section 58-1-25 - Acquisition of property to satisfy or protect previous loan.
Section 58-1-26 - Acquisition of banking premises and equipment.
Section 58-1-27 - Sale of assets in ordinary course.
Section 58-1-29 - Issuance of capital debentures or notes.
Section 58-1-30 - Pledge of assets.
Section 58-1-31 - Endorsement and signature guaranty and unauthorized assumption of liability.
Section 58-1-33 - Oath of secrecy; surety bonds.
Section 58-1-34 - Powers of director.
Section 58-1-35 - Employees [Examiners] and clerks; designation of deputy.
Section 58-1-36 - Seal of the director.
Section 58-1-37 - Office of the commissioner [director]; delegation of powers.
Section 58-1-39 - Bank records; prescribing manner of keeping.
Section 58-1-40 - Reports of condition; special reports; failure to make; penalty.
Section 58-1-41 - Supervision fees.
Section 58-1-41.1 - Trust department examination; fees.
Section 58-1-41.2 - Additional examinations.
Section 58-1-43 - Fees and penalties; disposition.
Section 58-1-44 - Copies of reports and records; evidence; fees.
Section 58-1-45 - Court review.
Section 58-1-46 - Examinations and reports.
Section 58-1-47 - Commissioner's [Director's] annual report.
Section 58-1-48 - Records of division.
Section 58-1-50 - Limitation of personal liability.
Section 58-1-51 - Standards in regulations.
Section 58-1-52 - Incorporators.
Section 58-1-53 - General corporate powers.
Section 58-1-54 - Powers of director and of state banks.
Section 58-1-55 - Capital structure; impairment of capital.
Section 58-1-56 - Notice of intention.
Section 58-1-57 - Application for permission to file corporate papers.
Section 58-1-59 - Subscription calls.
Section 58-1-60 - First meetings of stockholders and directors; adoption of bylaws.
Section 58-1-61 - Certificate of authority.
Section 58-1-62 - Amendment of articles of incorporation.
Section 58-1-65 - Directors and officers.
Section 58-1-66 - Directors; meetings and duties.
Section 58-1-67 - Fidelity bonds and other insurance.
Section 58-1-68 - Authority to declare dividends.
Section 58-1-69 - Capital, surplus and undivided profits; accounting requirements.
Section 58-1-70 - Deposit insurance; membership in federal reserve system.
Section 58-1-71 - Waivers; corporate action by unanimously signed writing.
Section 58-1-72 - Voluntary liquidation and dissolution.
Section 58-1-73 - Director in possession.
Section 58-1-74 - Requirements of reorganization plan.
Section 58-1-75 - Liquidation by commissioner [director].
Section 58-1-76 - Unauthorized conduct of banking business.
Section 58-1-77 - Receipt of deposits while insolvent.
Section 58-1-78 - Unlawful service as officer or director.
Section 58-1-80 - Unlawful concealment of transaction.
Section 58-1-81 - Improper maintenance of accounts; false or deceptive entries and statements.
Section 58-1-82 - Reimbursement for fines and penalties.
Section 58-1-83 - Unlawful use of words "safe deposit.".
Section 58-1-84 - Unlawful sanctions; violations of rules and orders.