New Mexico Administrative Code

September 20, 1973, 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 bring state banks powers provided to national banks by 12 C.F.R. Section 32.102.

[Reserved]

A transaction involving the sale and transfer by a state bank to another bank of a state bank's excess reserve funds for one business day only at a specified rate of interest, commonly referred to as the "sale of federal funds", does not create on the part of the buyer an obligat…

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.

November 15 1973, 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 bring state banks powers provided to national banks by Section 12 C.F.R. 34.3(a)(2).

[Reserved]

Where a state bank makes a loan in substantial reliance upon private company mortgage insurance or guaranty, the loan does not constitute a real estate loan within the meaning of Section 58-1-21 NMSA 1978, to the extent of the insurance or guaranty. Appropriate evidence to demons…

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 58-1-26 B NMSA 1978 and Section 58-1-54 NMSA 1978.

Permanent.

January 31, 1974, unless a later date is cited at the end of a section or paragraph.

This regulation is promulgated for the purpose of granting to state banks powers similar to those granted to national bank by 12 C.F.R. Section 7.3300 and Section 7.3400.

A. A "net lease" is a lease under which the bank will not, directly or indirectly, provide or be obligated to provide for: (1) the servicing, repair or maintenance of the leased property during the lease term; (2) the purchasing of parts and accessories for the leased property; h…

A. A state bank may purchase or construct a municipal building, such as a school building or other similar public facility, and, as holder of legal title, lease the same to a municipality or other public authority having resources sufficient to make payment of all rentals as they…

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.

Sections 58-1-17 and 58-1-51 NMSA 1978.

Permanent.

July 10, 1975, unless a later date is cited at the end of a section or paragraph. Reformatted in NMAC format effective March 15, 1997.

The objective is to permit any state bank that satisfies the requirements of this regulation to act as fiduciary to accept individual retirement accounts and self-employed retirement trusts.

[Reserved]

A. Any state bank, which does not have a permit from the director to act as a fiduciary, but satisfies the requirements of Subsections A and B of Section 58-1-17 NMSA 1978 may accept individual retirement accounts and self-employed retirement trusts established under the Employee…

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 58-1-51 NMSA 1978.

Permanent.

April 1, 1982, 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 regulation is to clarify the accounting treatment of repurchase agreements.

[Reserved]

The sale of securities by a state chartered bank, under an agreement to repurchase at the end of a stated period, is not a borrowing subject to Section 58-1-28 NMSA 1978.

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.

May 9, 1985, 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 regulation is to bring to state banks authority held by national banks, so state banks can compete with national banks in real estate lending.

[Reserved]

For the purposes of Subsection C of Section 58-1-21 NMSA 1978, the requirement for amortization shall be the same as required for national banks.

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 1973.

Permanent.

November 6, l986, 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 authorize state banks to obtain an assignment of bank stock or proceeds of the stockholders beneficial interest within the provisions stated herein. This power is provided to national banks by 12 C.F.R. Section 7.6030.