New Mexico Administrative Code

The offer and sale of securities that have less-than-equal voting rights may be deemed to be inconsistent with public investor protection and against public policy by the director unless: A. the securities are given preferential treatment as to dividends and liquidation or the le…

A. An issuer shall be deemed to be in unsound financial condition if the financial statements contain: (1) a footnote to the financial statements or an explanatory paragraph in the independent auditor's report regarding the issuer's ability to continue as a going concern; and (2)…

A. A public offering of preferred stock may be disallowed by the director if the issuer's adjusted net earnings for the last fiscal year or its average adjusted net earnings for the last three fiscal years prior to the public offering were insufficient to pay its fixed charges an…

A. The following definitions shall apply to this section. (1) "Adjusted cash flow" is the issuer's cash flow adjusted on a pro forma basis to reflect: (a) the elimination of interest and fees on debt or debt securities and of cash dividends on preferred stock that are to be retir…

All persons, whether natural or legal entities, that transact business in New Mexico as a broker-dealer, an investment adviser or an issuer of securities, and their representatives and agents.

Section 58-13C-605 A NMSA 1978 authorizes the director to adopt, amend and repeal rules necessary or appropriate to carry out the provisions of the New Mexico Uniform Securities Act, Sections 58-13C-101 to 701 NMSA 1978, hereinafter referred to in this Chapter 11 as the "New Mexi…

Permanent.

January 1, 2010, unless a later date is cited at the end of a section.

To implement new rules and revise existing rules to better reflect the realities of current financial, commercial and regulatory principles and practices affecting the securities markets.

A. General: The definitions in this section apply to issuers and promoters of such issuers, organized as limited liability companies, limited partnerships, limited liability partnerships or other legal entities, as appropriate, even though 12.11.9 NMAC refers only to corporate en…

In order to promote uniform regulation, the director adopts the following NASAA statements of policy set out in CCH NASAA reports published by commerce clearing house. An offering being registered pursuant to Sections 303 and 304 of the New Mexico Uniform Securities Act must comp…

A. When an impoundment agreement ("agreement") is necessary, the proceeds from the sale of the securities must be deposited in an interest bearing escrow or trust account with an impoundment agent. The impoundment agent may not be affiliated with the issuer, its affiliates, its o…

Regulation and Licensing Department, Securities Division.

A. Administrative conferences:(1) Any person entitled to a hearing pursuant to Section 58-13A-20 NMSA 1978 may submit a written request to the director for an informal conference to discuss an order issued or proposed to be issued by the director. A request for an informal confer…

[Reserved]

A. Short title:These rules shall be known and may be cited as "Commodity Code Rules." B. Authority: (1) Introduction.Pursuant to the authority granted by the Model State Commodity Code, the director promulgates the following rules in order to carry out the provisions of the code.…

Permanent

These rules shall become effective on October 3, 1986. [Filed October 22, 1986]

[Reserved]

In the code, and unless the context otherwise requires: A. "financial institution" for purposes of Section 58-13A-2 NMSA 1978 means an institution which is regulated, supervised and examined for protection of depositors by an official or agency of a state or the United States and…

A. Chapter 1 - Title and authority [now 12.12.1.3 NMAC] (1) CC 86-101 Short title [now Subsection A of Section 12.12.1.3] (2) CC 86-102 Authority [now Subsection B of Section 12.12.1.3 NMAC] B. Chapter 2 - Definitions [now 12.12.1.7 NMAC] C. Chapter 3 - Exempt transactions [now 1…

A financial institution shall not be deemed to be a depository for purposes of Section 58-13A-5(2)(A) NMSA 1978 if it is holding the precious metals for collateral or acting in any manner as the financing agent for the purchaser of the commodity. A depository for purposes of Sect…

Financial Institutions Division, Regulation and Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87501. Telephone No. (505) 827-7100

The lending institution has on-going responsibility to ensure that the annuities sales program is in compliance with the provisions of this regulation and is consistent with the institution's strategies and objectives. A. The lending institution shall establish a policy addressin…

The promotion and sale of annuities must be effected in such a manner as to avoid confusion between federally-insured deposit products offered by the lending institution and the non-federally insured annuities sold. A. Advertisements or other promotional material must be accurate…

A. The space utilized by the annuity agent to transact business with the public must be distinct from the area where retail deposits are taken in such a manner as to prevent confusion in the public's mind between the lending institution and the annuity agent. B. The space utilize…

A lending institution/affiliate or any third-party provider that sells or arranges for the sale of annuities on the premises of a lending institution shall: A. conspicuously post a notice that is clearly visible to anyone who may purchase annuities that annuities are not deposit …

It is recognized that the federal deposit insurance corporation, the federal reserve system, the comptroller of the currency, the national credit union administration, the office of thrift supervision and the financial institutions division have promulgated, or may, in the future…

All New Mexico state chartered lending institutions.

Sections 58-1-51 and 58-1-54 NMSA 1978.

Permanent.

December 15, 1995[unless a later date is cited at the end of a section].

The objective of Part 1 [now 12.15.1 NMAC] is to establish the framework within which a New Mexico lending institution or its affiliate may plan a program and obtain licensure for the distribution and sale of annuities products in order to: bring about parity between state and fe…

A. "Affiliate" means a person that directly or indirectly is controlled by, is under common control with or controls another person as defined in Section 59A-37-2 NMSA 1978. B. "Annuity" means a contract under which an obligation is assumed by the issuer to make periodic payments…

A. A lending institution or its affiliate may engage in the sale of annuities subject to the following.(1) All lending institution/affiliate employees who are engaged in the sale of annuities must be licensed to the extent required by the Insurance Code Section 59A-12-6 NMSA 1978…

Annuity agents as defined in this regulation must be licensed by the New Mexico department of insurance to sell annuities.

Financial Institutions Division of the Regulation and Licensing Department.

Upon receipt of an application from a qualified depository institution the director shall promptly review the application and the documentation submitted therewith. The director may request additional information or clarification from an applicant. The director may, but shall not…

Based upon the information provided by a qualified depository institution, and any additional information obtained by the director from any source, if the director reasonably believes that the qualified depository institution is eligible to participate in the linked deposit progr…

Each qualified depository institution certified by the director as eligible to participate in the linked deposit program shall on an annual basis after certification of eligibility provide the director with the following information. A. An affidavit from an officer of the deposit…

Upon receipt of annual reporting information from a qualified depository institution the director shall promptly review the information and the documentation submitted therewith. The director may request additional information or clarification. The director may, but shall not be …

Insured banks, (trust and) thrift institutions, and credit unions participating in and/or desiring to participate in the Linked Deposit Program.

Section 6-10-24.2 NMSA 1978.

Permanent.

November 30, 2007 unless a later date is cited at the end of a section.

The objective of this rule is to provide rules implementing Section 6-10-24.2 NMSA 1978, including eligibility criteria, application procedures, and verification criteria.

A. "Depository institution" means any bank, [trust institution,] savings and loan association (thrift), or credit union whose deposits, including but not limited to deposits of public money, are insured by an agency of the United States. B. "Linked deposit program" means a qualif…

To participate in the linked deposit program a qualified depository institution must have a qualifying branch located in a financially at risk rural community.

Qualified depository institutions desiring to participate in the linked deposit program must submit the following information to the director of the financial institutions division of the regulation and licensing department (the "director"): A. a letter from the depository instit…

(Reserved.)