A. An application for a certificate shall be in writing, in such form as the director prescribes, verified under oath and supported by such information, data and records as the director may require.
B. Each application for a certificate shall be accompanied by an application fee of one thousand dollars ($1,000), made payable to the division. No portion of the application fee shall be refunded.
C. An application for a certificate shall be accompanied by an oath sworn by each proposed member of the board of directors of the trust company stating that the board member will diligently and honestly administer the affairs of the trust company and will not knowingly violate or knowingly permit to be violated any state or federal laws or any rules promulgated pursuant to those laws, including the Trust Company Act, the Uniform Probate Code [Chapter 45 NMSA 1978], the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978] or the Uniform Trust Code [Chapter 46A NMSA 1978]. The oath shall be in such form as the director prescribes and shall be certified by a notary public.
D. On and after July 1, 2018, any board member newly elected or appointed to the board of directors of a trust company certified under the Trust Company Act shall, immediately upon election to the board, swear and cause to be transferred to the director the oath of a trust company board member as set forth in Subsection C of this section.
History: 1953 Comp., § 48-24-5, enacted by Laws 1973, ch. 191, § 5; 2013, ch. 88, § 2; 2013, ch. 97, § 2; 2018, ch. 64, § 3.
The 2018 amendment, effective July 1, 2018, provided additional requirements, including an oath by each member of the board of directors, to be included in an application for a certificate to engage in trust business; in Subsection B, after "made payable to the", deleted "financial institutions", and after "division", deleted "of the regulation and licensing department"; and added Subsections C and D.
The 2013 amendment, effective June 14, 2013, increased the application fee; in Subsection A, after 'in such form as the", deleted "commissioner" and added "director" and after "records as the", deleted "commissioner" and added "director"; and in Subsection B, in the first sentence, after "application fee of", deleted "five hundred dollars ($500)" and added "one thousand dollars ($1,000)", and after "payable to the", deleted "financial institutions division of the regulation and licensing department".
Am. Jur. 2d, A.L.R. and C.J.S. references. — 9 C.J.S. Banks and Banking § 15 et seq.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Section 58-9-5 - Application for certificate; fee.
Section 58-9-6 - Minimum capital.
Section 58-9-6.1 - State of incorporation.
Section 58-9-7 - Fidelity bond; insurance required; evidence of financial responsibility required.
Section 58-9-8 - Procedure for granting or denying certificate.
Section 58-9-8.1 - Principal and branch offices.
Section 58-9-9 - Powers of director.
Section 58-9-10 - Impairment of capital; unsafe conditions; receivership.
Section 58-9-11 - Discontinuing business; reorganization; continuing jurisdiction.