New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 10 - Savings and Loan Associations

Section 58-10-5 - Stock requirements for proposed permanent capital stock associations. - As a prerequisite to approval of an application for charter...

Section 58-10-6 - Paid-in surplus and operating fund requirements for proposed permanent capital stock associations. - A. As a prerequisite to approval of an application for...

Section 58-10-7 - Savings account requirements for proposed permanent capital stock associations. - A. As a prerequisite to approval of an application for...

Section 58-10-8 - Savings account requirements for proposed associations without permanent capital stock. - A. As a prerequisite to approval of an application for...

Section 58-10-9 - Expense fund requirements for proposed associations without permanent capital stock. - A. As a prerequisite to approval of an application for...

Section 58-10-10 - Capital debentures or notes. - A. With approval of the supervisor and of the stockholders...

Section 58-10-11 - Hearings on charter application. - When a proper application for a charter has been filed,...

Section 58-10-12 - Approval of application for charter. - A. The supervisor shall not approve any charter application unless...

Section 58-10-13 - Refusal of charter application; appeal. - A. Whenever the supervisor is unable to make the findings...

Section 58-10-14 - Forfeiture of charter for failure to commence business. - Any association whose charter has been approved under the Savings...

Section 58-10-15 - Amendment of charter and bylaws. - Any association may, by resolution adopted by a majority vote...

Section 58-10-16 - Corporate name; exclusive use. - A. The name of every association incorporated after the effective...

Section 58-10-17 - Branch offices. - A. Any association authorized to transact business in this state...

Section 58-10-18 - Change of office. - When approval for a change of any office is applied...

Section 58-10-19 - Board of directors. - A. The business of an association shall be directed by...

Section 58-10-20 - Organizational meeting. - Within thirty days after the corporate existence of an association...

Section 58-10-21 - Qualification of directors. - The bylaws of an association may prescribe other qualifications for...

Section 58-10-22 - Officers. - The officers of an association shall consist of a president,...

Section 58-10-23 - Indemnity bonds of directors, officers and employees. - A. Each association shall maintain an effective blanket indemnity bond...

Section 58-10-24 - Meetings; voting. - The annual meeting of the members of each association shall...

Section 58-10-25 - Access to records. - A. Every member may inspect records of an association which...

Section 58-10-26 - Records. - Every association shall keep correct and complete books of account...

Section 58-10-27 - Misdescription of assets. - No association shall, directly or indirectly, by any system of...

Section 58-10-28 - Charging off or setting up reserves against bad assets. - After a determination of value, the supervisor may order that...

Section 58-10-29 - Membership records. - Every association shall maintain membership or stockholder records which show...

Section 58-10-30 - Financial statement. - Every association shall prepare and publish in January of each...

Section 58-10-31 - Annual reports; other reports. - On or before January 31 each year, every association shall...

Section 58-10-32 - Power to borrow. - No association shall borrow more money than an aggregate amount...

Section 58-10-33 - General corporate powers. - Every association incorporated pursuant to, or operating under, the provisions...

Section 58-10-34 - Fiscal agent. - Any association may act as fiscal agent of the United...

Section 58-10-35 - Powers under federal law. - A. Any association insured by the federal savings and loan...

Section 58-10-36 - Original real estate loans. - Every association may make real estate loans to members, secured...

Section 58-10-37 - Dealing in real estate loans. - Every association may purchase real estate loans upon security of...

Section 58-10-38 - Participation with others in real estate loans. - A. Subject to the requirements of any regulations of the...

Section 58-10-39 - Requirements in lending transactions. - In no event shall an association make a loan, purchase...

Section 58-10-40 - Advances to protect security. - Any association may pay taxes, assessments, supplemental abstract or title...

Section 58-10-41 - Charges for real estate loans. - Every association may require borrowing members to pay all reasonable...

Section 58-10-42 - Insured and guaranteed loans. - Any association may make, without regard to any loan limitations...

Section 58-10-43 - Loans on security of savings accounts. - Any association may make loans on the sole security value...

Section 58-10-44 - Property improvement, educational and manufactured home financing loans. - Any association may make or purchase loans without the security...

Section 58-10-45 - Investment in securities. - A. Every association may invest in: (1) obligations of, or...

Section 58-10-46 - Acquisition of real property. - A. An association may own real property upon which any...

Section 58-10-47 - Investment in office buildings. - An association shall not invest more in office buildings, sites...

Section 58-10-48 - Valuation of real property of an association. - No association shall carry any real estate on its books...

Section 58-10-49 - Appraisals of real estate owned. - Every association shall appraise every parcel of real estate at...

Section 58-10-50 - Powers and privileges of association. - Notwithstanding any other provision of the Savings and Loan Act,...

Section 58-10-51 - Limitation on savings accounts. - There is no limit on the number and value of...

Section 58-10-52 - Uninsured accounts; notice. - Within thirty days following the effective date of this section,...

Section 58-10-53 - Insurance of accounts; failure to obtain or maintain. - A. Any association subject to the provisions of the Savings...

Section 58-10-54 - Who may open a savings account. - Investments in savings accounts may be made only in cash...

Section 58-10-55 - Savings contracts. - Each holder of a savings account shall execute a savings...

Section 58-10-56 - Evidence of account ownership. - As evidence of each savings account, the association shall issue...

Section 58-10-57 - Transfer of savings accounts. - Savings accounts are transferrable [transferable] only on the books of...

Section 58-10-58 - Lost or destroyed evidence of ownership. - A new account book or certificate may be issued in...

Section 58-10-59 - Savings accounts of minors. - Any association operating under the Savings and Loan Act, and...

Section 58-10-60 - Power of attorney on savings accounts. - Any association or federal association may continue to recognize the...

Section 58-10-61 - Pledge of savings account in joint tenancy. - The pledge or hypothecation to any association or federal association...

Section 58-10-62 - Accounts of fiduciaries. - Any association or federal association may accept savings accounts in...

Section 58-10-63 - Withdrawals from savings accounts. - A. Any savings account holder may, at any time, present...

Section 58-10-64 - Redemption of savings accounts. - At any time funds are on hand for the purpose,...

Section 58-10-65 - Lien on savings accounts. - Every association operating under the Savings and Loan Act, or...

Section 58-10-66 - Paying dividends on savings accounts. - After providing for payment of expenses of operation of the...

Section 58-10-67 - Computation of net income. - Each association shall close its books on the last business...

Section 58-10-68 - Transfers to loss reserves. - A. Every association without permanent capital stock shall accumulate from...

Section 58-10-69 - Dividends on permanent capital stock. - The balance of net income of an association, if any,...

Section 58-10-70 - Use of surplus accounts and expense fund contributions. - At any closing date, any association may use all or...

Section 58-10-71 - Savings and loan supervisor. - There is created the "savings and loan bureau" in the...

Section 58-10-72 - General powers of supervisor. - The supervisor has general supervision over all associations and corporations...

Section 58-10-73 - Regulations. - In the exercise of his power to promulgate regulations under...

Section 58-10-74 - Confidential information. - The supervisor, deputy and his employees shall not divulge any...

Section 58-10-75 - Supervisor; disposition of fees. - All money collected by the supervisor shall be paid to...

Section 58-10-76 - Audits and examinations; fees. - The supervisor shall, at least once each year without previous...

Section 58-10-77 - Other examinations. - The supervisor may examine any service corporation in which an...

Section 58-10-78 - Federal examination. - The supervisor may accept the report of examination of any...

Section 58-10-79 - Additional examinations. - Whenever, in the judgment of the supervisor, the condition of...

Section 58-10-80 - Order to discontinue violations. - As a result of any examination, or from any report...

Section 58-10-81 - Removal of directors, officers and employees. - The supervisor may require that any director, officer or employee...

Section 58-10-82 - Order to refrain from voting shares. - In addition to other powers conferred by law, the supervisor...

Section 58-10-83 - Emergency power of supervisor. - Notwithstanding the procedures set forth in Sections 71, 78 and...

Section 58-10-84 - When order is final; appeal. - A. If a hearing has been held in regard to...

Section 58-10-85 - Receivership. - If, in the judgment of the supervisor, the public interest...

Section 58-10-86 - Communications from supervisor. - Every approval or rejection by the supervisor given pursuant to...

Section 58-10-87 - Reorganization; merger; consolidation. - Pursuant to a plan adopted by the board of directors...

Section 58-10-88 - Voluntary liquidation. - At any annual meeting or any special meeting called for...

Section 58-10-89 - Exemption from securities laws. - Associations, their officers, employees and agents, savings accounts and the...

Section 58-10-90 - All businesses to conform. - Any association or corporation authorized to conduct a building and...

Section 58-10-91 - Outstanding items considered as savings accounts. - From the effective date of the Savings and Loan Act,...

Section 58-10-92 - Judicial review. - A. Except as to matters covered by, or appealable under,...

Section 58-10-93 - Slander; felony. - Any person who knowingly makes, utters, circulates or transmits to...

Section 58-10-94 - Violation of act; civil penalty. - Any association violating any provision of the Savings and Loan...

Section 58-10-95 - Violations; criminal penalties. - It is unlawful for any person to knowingly violate any...

Section 58-10-96 - Suppressing evidence; felony. - Any officer, director, employee or agent of any association subject...

Section 58-10-97 - Disclosure of confidential information; felony; civil liability. - The supervisor or any examiner, inspector, deputy, assistant or clerk...

Section 58-10-98 - Conversion into federal association. - Any association may convert itself into a federal association in...

Section 58-10-99 - Conversion into state chartered association. - Any federal association may convert itself into an association under...

Section 58-10-100 - Conversion of association without permanent stock into permanent capital stock association. - Any association without permanent capital stock may convert itself into...

Section 58-10-101 - Foreign associations. - A. No foreign corporation or foreign association shall transact the...

Section 58-10-102 - Federal associations; applicability. - Any federal association whose principal office is located in New...

Section 58-10-103 - Payment from savings account of decedent. - A. Where no executor or administrator of a deceased savings...

Section 58-10-104 - Authority to engage in leasing safe deposit facilities; subsidiary company. - A. Subject to any regulations the supervisor may prescribe, an...

Section 58-10-105 - Access by fiduciaries. - A. Where access to a safe deposit box is requested...

Section 58-10-106 - Effect of lessee's death or incapacity. - When a lessor, without knowledge of a lessee's death or...

Section 58-10-107 - Lease to minor. - A lessor may lease a safe deposit box to, and...

Section 58-10-108 - Search procedure on death. - A. A lessor shall permit the person named in a...

Section 58-10-109 - Adverse claims to contents of safe deposit box. - A. An adverse claim to the contents of a safe...

Section 58-10-110 - Special remedies for nonpayment of rent. - A. If the rental due on a safe deposit box...

Section 58-10-111 - Limitation of liability on construction loans. - Any association which makes a loan whose proceeds the borrower...

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New Mexico Statutes Chapter 58 - Financial Institutions and Regulations Article 10 - Savings and Loan Associations

New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 10 - Savings and Loan Associations