If the director determines that a branch maintained by an out-of-state state bank in this state is being operated in violation of the laws of this state, is not reasonably meeting the credit needs of the community served or is being operated in an unsafe and unsound manner, the director may take the same enforcement actions he could take if the branch were a New Mexico state bank. The director shall give notice promptly to the home state regulator of an enforcement action taken against an out-of-state state bank and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action.
History: Laws 1996, ch. 2, ยง 24.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 1C - Interstate Bank Branching
Section 58-1C-1 - Short title.
Section 58-1C-3 - Definitions.
Section 58-1C-4 - Authority of state banks to establish interstate branches by merger.
Section 58-1C-5 - Interstate merger transactions and branching permitted.
Section 58-1C-6 - De novo branching and acquisition of individual branches not permitted.
Section 58-1C-7 - Notice and filing requirements.
Section 58-1C-8 - Condition for interstate merger prior to June 1, 1997.
Section 58-1C-9 - Powers; additional branches.
Section 58-1C-10 - Examinations; periodic reports; cooperative agreements; assessment of fees.
Section 58-1C-11 - Enforcement.
Section 58-1C-12 - Regulations.
Section 58-1C-13 - Notice of subsequent merger and other transactions.