New Mexico Administrative Code

A. New Mexico state banks may engage in activities which are part of or incidental to the business of banking by means of an operating subsidiary corporation. In order to qualify as an operating subsidiary, the parent bank must own at least eighty percent of the voting stock of t…

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 confirm the authority of New Mexico state banks to invest and participate in businesses with various business organizational forms, which only conduct business a state bank could legally conduct directly.

"Activities that are incidental to the business of banking" means activities permissible under paragraphs 1863 and 1864(f) of the Bank Service Corporation Act (12 U.S.C. Sections 1861 - 1867), except as otherwise restricted by applicable state law; and other activities approved b…

A. A state bank may invest and participate in business enterprises with various forms of business organization including, but not limited to, corporations, limited liability companies, limited partnerships and joint ventures; provided the following conditions are met: (1) the act…

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.

December 8, 1983, unless a different 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 require that state-chartered banks comply with the Federal Reserve System Regulation D, "Reserve Requirements of Depository Institutions".

[RESERVED]

A. For state chartered banks which are not members of the federal reserve system, reserves against deposits required under Section 58-1-20 NMSA 1978 shall be those reserves required of state chartered banks by Regulation D of the board of governors of the federal reserve system. …

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 58-1-54 NMSA 1978.

Permanent.

October 14,1986, 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 powers provided to national banks by 15 U.S.C. Section 682(b).

"SBIC" means small business investment company.

Shares of stock in SBICs shall be eligible for purchase by state-chartered banks; except that in no event may any such bank acquire shares in any SBIC if, upon the making of that acquisition, the aggregate amount of shares in SBICs then held by the bank would exceed five percent …

Regulation and Licensing Department, Financial Institutions Division.

The regulation is applicable to Section 58-7-3.2 NMSA 1978 and is proposed to read as follows:

The director of the financial institutions division hereby issues an interpretive regulation pursuant to the authority granted by Section 58-7-9 E NMSA 1978, after receiving and considering comments from interested parties to whom this regulation is being submitted.

[Permanent.]

This regulation becomes effective March 16, 1987 [filed March 18, 1987].

[RESERVED]

[RESERVED]

A. All extension agreements with respect to precomputed loan transactions subject to the Bank Installment Loan Act shall be governed by this regulation. B. In computing the charge for extending (deferring) monthly installments: (1) a rebate shall be computed as if the entire loan…

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 administrative procedures for state banks to establish bank service corporations under the Bank Service Corporation Act (12 U.S.C. Sections 1861 through 1867).

Definitions are the same as in the Bank Service Corporation Act.

A. New Mexico state banks may invest and participate in bank service corporations under the Bank Service Corporation Act and subject to its provisions. B. Requests for approval: (1) No regulatory approval is required for a New Mexico state bank to invest in a bank service corpora…

Regulation and Licensing Department, Financial Institutions Division.

[RESERVED]

This section is issued pursuant to the authority provided by Section 58-1-51 NMSA 1978.

Permanent

The regulation shall become effective upon filing pursuant to the State Rules Act (Section 14-4-12 to 14-4-9 NMSA 1978). Issued this 5 day of August, 1985.

It is the purpose of this regulation to allow a bank which receives prior approval by the financial institutions division to operate loan production offices (LPO) in New Mexico. The establishment and operation of an LPO by a bank shall not violate state branch banking restriction…

[Reserved]

A. Any bank may, subject to the provisions of this regulation, establish one or more LPOs anywhere in the state of New Mexico. B. Before a bank establishes and operates an LPO in New Mexico, that bank shall obtain the approval of the director of the financial institutions divisio…

Financial Institutions Division of the Regulation and Licensing Department.