New Mexico Administrative Code

Financial Institutions Division of the Regulation and Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504. Telephone No. (505) 827-7100.

All savings and loan associations chartered by the state of New Mexico.

Section 58-10-38 NMSA 1978.

Permanent.

March 31, 1978, unless a later date is cited at the end of a section or paragraph. Reformatted in NMAC format effective August 30, 1997.

The objective of this sub-part [now part] is to bring to state savings and loan associations the definition of the term "regular lending area".

"Regular lending area" means the area within one hundred miles of an established office of an association.

Financial Institutions Division of the Regulation and Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504. Telephone No. (505) 827-7100.

All savings and loan associations chartered by the state of New Mexico.

Sections 58-10-72 and 58-10-83 NMSA 1978.

Permanent.

August 31, 1978, unless a later date is cited at the end of a section or paragraph. Reformatted in NMAC format effective August 30, 1997.

The objective of this sub-part [now part] is to establish safekeeping requirements for any security of which a state-chartered savings and loan association has ownership but not physical possession.

[Reserved]

A. In the interest of promoting and maintaining a sound savings and loan association system, the security of the savings account holders and other customers, the preservation of the liquid position of associations and in the interest of preventing injurious credit expansions and …

Financial Institutions Division of the Regulation and Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504. Telephone No. (505) 827-7100.

All savings and loan associations chartered by the state of New Mexico.

Sections 58-10-72 and 58-10-83 NMSA 1978.

Permanent.

December 31, 1980, unless a later date is cited at the end of a section or paragraph. Reformatted in NMAC format effective September 15, 1997.

The objective of this sub-part [now part] is to define and set limits and requirements for selected assets for state-chartered savings and loans associations.

A. "Consumer loan": A secured or unsecured loan to a natural person for personal, family or household purposes; including loans secured by liens on real estate and by chattel liens on personal property; provided the association relies substantially upon other factors such as the …

A. Consumer loans: (1) General: An association may make direct or indirect consumer loans; provided that (1) at any one time the total investment made under this sub-part [now part] and Subsection 8.2 now Subsection B of 12.20.34.8 NMAC of this regulation, in the aggregate, shall…

State of New Mexico Commerce and Industry Department, Financial Institutions Division, Savings and Loan Bureau, Lew Wallace Building, Santa Fe, New Mexico 87503.

A. Home loans: (1) Authorization: An association may make, sell, purchase, participate, or otherwise deal in loans on the security of homes or combinations of homes and business property and on farm residences and combinations of farm residences and commercial farm real estate,. …

An association may invest in loans, with or without security, for residential real property alteration, repair or improvement, or for equipping or furnishing residential real property, with installments payable at least quarterly, the first installment due no later than 120 days …

A. Loans without requirement of security for construction purposes: In addition to loans in which it may invest under other provisions of this regulation, an association may invest an amount not exceeding the greater of its surplus, undivided profits, and reserves or 5 percent of…

A. Loans (including construction loans) secured by first liens on other improved real estate, as defined in Section 541.17 (a) and (c) of the regulation for the federal savings and loan system, shall-not exceed 90 percent of the value of the security property and shall be repayab…

Limitations in this regulation or the Savings and Loan Act relating to maximum loan terms and loan-to-value ratios shall not apply to any loan secured by a first lien on real estate which is, or is being constructed, remodeled, rehabilitated, or renovated to be, the subject of (1…

A. General: An association may invest in loans on residential real estate guaranteed under the farmers home administration (FmHA) rural housing program, without regard to other provisions in this regulation or the Savings and Loan Act. B. Limitations: (1) FmM shall guarantee at l…

Without regard to other limitations, an association may invest in loans on the security of first liens on other improved real estate, provided the loans are guaranteed by one of the following agencies under authority specified herein, and the loan terms are acceptable to the guar…

A. Definitions used in this section: (1) "Manufactured home" shall have the same definition as that contained the National Manufactured Home Construction and Safety Standards Act, 42 U.S.C. 5402(6). (2) "Manufactured home chattel paper" - a document evidencing an installment sale…

[RESERVED]

[RESERVED]

PERMANENT

[Filed December 16, 1982]

[RESERVED]

[RESERVED]

A. General: A real estate loan is any loan secured by real estate where the association relies substantially upon that real estate as the primary security for the loan. An association may invest in, sell, purchase, participate or otherwise deal in real estate loans or interests t…

A. Loans that are insured or guaranteed by a public mortgage insur or may be made in amounts and with terms and conditions of repayment acceptable to the insuring or guaranteeing agency. B. A loan is insured or guaranteed by a public mortgage insurer if:(1) it comes within the de…

Financial Institutions Division of the Regulation and Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504. Telephone No. (505) 827-7100.

A. At the time of origination, a real estate loan may not exceed one hundred percent of the market value of the security property. An association shall, by a vote of its board of directors, establish maximum loan-to-value ratios for loans made on the security of real estate, and …

All savings and loan associations chartered by the state of New Mexico.

Section 58-10-33 through 58-10-49 NMSA 1978.

Permanent.

September 27, 1983, unless a later date is cited at the end of a section or paragraph. Reformatted in NMAC format effective September 15, 1997.

The objective of this sub-part [now part] is to bring to state savings and loan associations the authority to originate, invest in, sell, purchase, service, participate or otherwise deal in (including brokerage or warehousing) loans made on the security of residential or nonresid…

"Value" for a real estate loan means the market value of the real estate.

A. An association may make a real estate loan only after a qualified person designated by its board has submitted a signed appraisal of the security property, except that an insured or guaranteed loan may be made on the basis of a valuation of the security property furnished to t…