New Mexico Administrative Code

Section 58-21A-13 NMSA 1978.

Permanent.

June 30, 2004, unless a later date is cited at the end of a section.

The objective of this rule is to generally describe the type of circumstances the financial institutions division will consider in determining whether the reasonable due diligence standard set forth in Section 58-21A-11 of the act is satisfied.

For purposes of this rule, the definitions set forth in the act and regulations adopted pursuant to the act shall apply unless otherwise noted.

A. Section 58-21A-11 of the act provides that a person who purchases or is otherwise assigned a high-cost home loan is not subject to an action for certain claims and defenses if the person can demonstrate by a preponderance of the evidence that a reasonable person exercising rea…

Financial Institutions Division of the Regulation and Licensing Department.

All creditors and assignees subject to the Home Loan Protection Act, Sections 58-21A-1 to -14 NMSA 1978 (2003 as amended through 2004) ("Act").

Section 58-21A-13 NMSA 1978.

Permanent.

June 30, 2004, unless a later date is cited at the end of a section.

The objective of this rule is to clarify the legal liability exposure of creditors and assignees for actions that may be brought for violations of the act.

For purposes of this rule, the definitions set forth in the act and regulations adopted pursuant to the act shall apply unless otherwise noted.

A. The purpose of this rule is to clarify the inter-relationship of Sections 58-21A-9, 58-21A-11 and 58-21A-12 of the act and the various levels of exposure to legal liability and damages that may apply for violations of the act. B. The legal liability of creditors, and assignees…

Financial Institutions Division of the Regulation and Licensing Department, P.O. Box 25101, Santa Fe, New Mexico 87504

All banks chartered by the state of New Mexico.

A. Section 58-1-51 NMSA 1978. B. Section 58-1-54 NMSA 1978.

Permanent.

February 8, 1985, unless a later date is cited at the end of a section or pagagraph. Reformatted in NMAC format effective March 15, 1997.

The object of this sub-part [now part] is to bring to state banks powers provided to national banks by interpretative ruling of the comptroller of the currency, as set forth in 12 C.F.R. 7.7430.

[Reserved]

While a bank chartered under the laws of New Mexico may not serve as an expert tax consultant, it may assist its customers in preparing their tax returns, either gratuitously or for reasonable fees.

Financial Institutions Division of the Regulation and Licensing Department, P.O. Box 25101, Santa Fe, New Mexico 87504.

All banks chartered by the state of New Mexico.

Section 58-1-54 NMSA 1978.

Permanent.

January 19, 1987, unless a later date is cited at the end of a section or paragraph. Reformatted in NMAC format effective March 15, 1997.

The objective of this sub-part [now part] is to allow state chartered banks to issue preferred stock. This sub-part [now part] parallels 12 U.S.C. 51 a, 51b and 51b-1, and Section 325.2(p) of Subchapter B of the regulations of the federal deposit insurance corporation [12 C.F.R. …

The term "perpetual preferred stock" means a preferred stock that does not have a stated maturity date or that cannot be redeemed at the option of the holder. It includes those issues of preferred stock that automatically convert into common stock at a stated date. It excludes th…

A. Subject to the provisions of this regulation, any state chartered bank may issue perpetual preferred stock. B. Any state chartered bank may, with the prior approval of the director of the financial institutions division (director) and by vote of shareholders owning two-thirds …

Financial Institutions Division of the Regulation and Licensing Department, P.O. Box 25101, Santa Fe, New Mexico 87504

All New Mexico state chartered banks.

Section 58-1-51 NMSA 1978.

Five years beginning on the effective date.

June 15, 1998, unless a later date is cited at the end of a section or paragraph.

The objective of this sub-part [now part] is to establish a uniform and appropriate method of determining statutory limits that are based on the amount of a bank's "capital and surplus".

[Reserved]

A. For the purpose of determining statutory limits that are based upon the bank's "capital and surplus" or equivalent terms the calculations shall be done using the bank's tier 1 and tier 2 capital plus the balance of the bank's allowance for loan and lease losses not included in…

Financial Institutions Division of the Regulation and Licensing Department. P.O. Box 25101, Santa Fe, New Mexico 87504.

Depositors of public money subject to the referenced statutory authority.

Sections 6-10-36 C and 22-8-40 D NMSA 1978.

Five years beginning on the effective date.

February 28, 1998, unless a later date is cited at the end of a section or paragraph.

The objective of this sub-part [now part] is to provide a formula for determining the net worth of bank main offices and branches for the purpose of the distribution of public money as required by the above referenced statutory authority. The formula is necessary, because bank ma…

A. "Deposits in a manned branch" means deposits accepted by that branch, exclusive of deposits accepted at other manned branches or the main office facility. B. "Deposits in main office" means deposits accepted by the main office facility of the bank, exclusive of deposits accept…

A. The net worth of a main office of a bank and/or its manned branches within the geographical boundaries of a governmental unit or local school district is the total equity capital of the bank multiplied by the percentage that deposits of the main office and/or its manned branch…

Financial Institutions Division of the Regulation and Licensing Department, P.O. Box 25101, Santa Fe, New Mexico 87504.

All banks chartered by the state of New Mexico.

Section 58-1-54 NMSA 1978.

Permanent.