New Mexico Administrative Code

[Reserved]

Notwithstanding the provisions of Section 58-1-21 B NMSA 1978, the bank may obtain an assignment of bank stock or the proceeds of the stockholder's beneficial interest upon a debt previously contracted in good faith when necessary to prevent loss.

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

All banks chartered by the state of New Mexico.

Section 58-1-51 NMSA 1978.

Permanent.

November 26, 1990, unless a later date is cited at the end of a section or paragraph.

The objective of this sub-part [now part] is to clarify the Section 58-1-25 D NMSA 1978 requirement for appraisals, for property of relatively low value transferred to other real estate owned.

[Reserved]

Supplementary to Section 58-1-25 D NMSA 1978: A. The requirements a) for an appraisal upon transfer to other real estate owned, and b) a subsequent annual anniversary appraisal or letter certification are waived, if the entire property is recorded at or below the lower of five pe…

[Regulation and Licensing Department, Financial Institutions Division, 725 St. Michael's Drive, Santa Fe, New Mexico 87504.]

This regulation is not applicable to investments in community development corporations established under Chapter 53, Article 7 NMSA 1978. The regulation parallels the Code of Federal Regulations, Title 12, Section 7.7480.

Sections 58-1-54 NMSA 1978.

[Permanent.]

Pursuant to the authority provided by Section 58-1-54 NMSA 1978, this regulation is issued on this 8th day of November, 1993, to be effective upon filing pursuant to the State Rules Act, Section 14-4-1 et seq NMSA 1978.

[Reserved]

[Reserved]

A. Occasionally banks are asked to contribute to community development corporations, business ventures or community development projects wherein the bank will receive an equity interest in or evidence of debt which may have value in the future, but which is clearly not a bankable…

Financial Institutions Division of the Regulation and Licensing Department, Post Office 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.

November 8, 1993, unless a later date is cited at the end of a section or paragraph. Reformatted in NMAC format effective March 15, 1997.

This objective of this sub-part [now part] is to bring to state banks equivalent powers provided to national banks. This regulation parallels portions of the United States Code, Title 12, Section 29 and the Code of Federal Regulations, Title 12, Section 7.3025 (j).

[Reserved]

Supplementary to Section 58-1-25 B NMSA 1978: a bank may expend funds for the development and improvement of such real estate to facilitate its sale; subject to approval by the director of the financial institutions division, and conditions and limitations the director may prescr…

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

All depository institutions chartered by the state of New Mexico.

Sections 58-18B-5 F and 58-28-4 I NMSA 1978.

Permanent.

June 30, 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 set procedures for state chartered depository institutions for establishing and operating pooled interest bearing escrow or transaction accounts.

[Reserved]

A. The following procedures and forms should be used in establishing and operating pooled interest-bearing escrow or transaction accounts. (1) Form 5828-1, instructions for financial institutions regarding processing Land Title Trust Fund Act and Low Income Housing Trust Act acco…

Department of Banking [Regulation and Licensing Department of the Financial Institutions Division]

[RESERVED]

[Section 48-22-33.5 NMSA 1953]

[Permanent.]

[June 20, 1975]

[RESERVED]

[RESERVED]

WHEREAS, by the provisions of Section 48-22-33.5 of the statutes of the state of New Mexico, the undersigned commissioner of banking of the state of New Mexico is required to issue regulations classifying all records kept by the state banks and prescribing the period for which re…

A. The foregoing regulation is issued pursuant to authority of Section 48-22-33.5 (new section enacted effective June 20, 1975) of the Banking Act of 1963 under date of the 20th day of June 1975, and shall be effective on June 20, 1975. Herbert H. Hughes, Commissioner of Banking.…

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

All banks chartered by the state of New Mexico.

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

Permanent.

October 31, 1996, unless a later date is cited at the end of a section or paragraph.

The objective of this regulation is to provide New Mexico state banks with authority to establish operating subsidiary corporations to conduct only business the bank could conduct directly. This authority is provided to national banks by 12 C.F.R. Section 5.34, Operating Subsidia…

A. "Activities that are part of the business of banking" means activities authorized by the New Mexico Banking Act. B. "Activities that are incidental to the business of banking" means activities permissible under paragraphs 1863 and 1864(f) of the Bank Service Corporation Act (1…