Chapter 58 — Chapter 58

ANNOTATIONS Repeals. — Laws 1985, ch. 30, § 5 repeals 58-5-4 NMSA 1978, as amended by Laws 1977, ch. 245, § 22, relating to fees for examination of a bank, effective January 1, 1986. For present comparable provisions, see 58-1-41, 58-1-41.1, and 58-1-41.2 NMSA 1978.

Any bank agency or agencies heretofore opened and conducted prior to the passage and approval hereof under the authorization contained in Chapter 50 Section 216 of the New Mexico Statutes Annotated, 1941 Compilation, are hereafter to be conducted and known as branches under the a…

A. A bank is authorized to fix from time to time the days and hours when each of its banking offices will be open to the public for its banking business. The days and hours need not be the same for each office. The bank shall notify the director of the financial institutions divi…

A. The following legal holidays may be observed by banks, notwithstanding the provisions of Sections 12-5-1 through 12-5-9 NMSA 1978: New Year's Day ................................. January 1 Martin Luther King, Jr.'s Birthday …... 3rd Monday in January President's Day .........…

member.] Any incorporated bank may apply to the federal reserve board for the right to subscribe to the stock of the federal reserve bank organized within the federal reserve district where the applicant bank is located, and may become a stockholder of such bank and exercise all …

state balance requirements.] Compliance on the part of any bank or trust company exercising the right conferred by Section 96 [58-5-8 NMSA 1978] hereof with the reserve requirements of the Federal Reserve Act shall be held to be a full compliance with these [those] provisions of …

for educational purposes. A. As used in this section: (1) "person" means any individual, partnership, company, corporation, association, institution, department or agency; and (2) "institution of higher learning" means any graduate or undergraduate junior college, college, univer…

association authorized.] Notwithstanding any other provision of law, any institution, including a bank, trust company, building and loan association, insurance company or other banking, building or insuring organization, organized under the laws of this state, which has as one of…

A. As used in this section, "financial institution" means a bank, savings and loan association or credit union authorized to transact business in the state. B. A contract, promise or commitment to loan money or to grant, extend or renew credit or any modification thereof, in an a…

Chapter 58, Article 7 NMSA 1978 may be cited as the "New Mexico Bank Installment Loan Act of 1959". History: 1953 Comp., § 48-21-1, enacted by Laws 1959, ch. 327, § 1; 2017, ch. 110, § 2.

For each installment loan made pursuant to the New Mexico Bank Installment Loan Act of 1959, a lender shall report to a consumer reporting agency the terms of the loan and the borrower's performance pursuant to those terms. History: Laws 2017, ch. 110, § 9.

The state has exclusive jurisdiction and authority regarding the terms and conditions of loans to which the New Mexico Bank Installment Loan Act of 1959 is applicable, and counties, municipalities and other political subdivisions of the state are preempted from any regulation of …

This act [58-7-1 to 58-7-3, 58-7-5 to 58-7-9 NMSA 1978] shall apply to any state or national bank located in and authorized to do business in the state, to any licensee as defined in the New Mexico Small Loan Act of 1955 [Chapter 58, Article 15 NMSA 1978] or to any sales finance …

A. The New Mexico Bank Installment Loan Act of 1959 applies to a loan that is a precomputed loan repayable in installments and that is clearly identified on the loan documents as being made under that act. B. A loan in an amount equal to ten thousand dollars ($10,000) or less sha…

In a precomputed loan transaction, the interest charge shall be calculated on the assumption that all scheduled payments will be made when due, and the effect of prepayment is governed by the provisions of rebate upon prepayment in Section 58-7-5 NMSA 1978. History: 1978 Comp., §…

In precomputed loan transactions where the borrower and lender execute an extension agreement for the deferral of an installment payment, the lender may make an interest charge on the monthly installment that is deferred at a rate not exceeding that on the original loan for each …

instruments; limitations on charges after judgment and interest. A. Every lender shall: (1) at the time a consumer becomes contractually obligated on a precomputed loan transaction, deliver to the borrower or, if there are two or more borrowers on the same obligation, to one of t…

All agreements for precomputed loan transactions shall include a provision granting the borrower the right to rescind the transaction by returning in cash, or through certified funds, one hundred percent of the amount advanced by the lender pursuant to the New Mexico Bank Install…

ANNOTATIONS Repeals. — Laws 1981, ch. 263, § 4, repeals 58-7-4 NMSA 1978, relating to the rate of interest charge, effective July 1, 1981. Compiler's notes. — Laws 1981, ch. 263, § 6, revived 58-7-4 NMSA 1978, effective July 1, 1983. Laws 1983, ch. 44, § 1, repeals Laws 1981, ch.…

If the entire unpaid balance outstanding on a precomputed loan transaction is paid by cash, renewal or otherwise, at any time prior to maturity, the lender shall give a refund or credit of the unearned portion of such charge, according to the rule commonly known as "the rule of 7…

A. No amount, other than the total finance charge, calculated pursuant to Subsections D, E and F of Section 58-7-7 NMSA 1978, which consists solely of interest and a fully earned processing fee not to exceed the lesser of two hundred dollars ($200) or ten percent of the principal…

A. No lender shall make a loan pursuant to the New Mexico Bank Installment Loan Act of 1959 to a borrower who is also indebted to that lender pursuant to the New Mexico Small Loan Act of 1955 [Chapter 58, Article 15 NMSA 1978] unless the loan made pursuant to the New Mexico Small…

A. Any person willfully violating any of the provisions of the New Mexico Bank Installment Loan Act of 1959 is guilty of a misdemeanor and upon conviction shall be fined not less than one hundred dollars ($100) or more than five thousand dollars ($5,000) or imprisoned for not mor…

A. None of the provisions of the New Mexico Small Loan Act of 1955 [Chapter 58, Article 15 NMSA 1978] are amended or repealed by the New Mexico Bank Installment Loan Act of 1959. B. None of the provisions of the New Mexico Bank Installment Loan Act of 1959 apply to the assignment…

approved for loans by the National Housing Act. Subject to such regulations as may be prescribed by the director of the financial institutions division, state and national banks, trust companies, savings banks, building and loan associations and savings and loan associations whos…

No law of this state prescribing or limiting the nature, amount or form of security or requiring security upon which loans or advances of credit may be made, or prescribing or limiting interest rates upon loans or advances of credit, or prescribing or limiting the period for whic…

capital or surplus; eligible securities.] Wherever, by statute of this state, collateral is required as security for the deposit of public or other funds; or deposits are required to be made with any public official or department; or an investment of capital or surplus, or a rese…

Chapter 58, Article 9 NMSA 1978 may be cited as the "Trust Company Act". History: 1953 Comp., § 48-24-1, enacted by Laws 1973, ch. 191, § 1; 2013, ch. 88, § 1; 2013, ch. 97, § 1.

A. If it appears to the director that the capital of a trust company is either reduced or impaired below the minimum capital requirements set forth in Section 58-9-6 NMSA 1978, except for nonprofit corporations, the director shall order the company to make good any deficit within…

jurisdiction. A. Whenever any corporation desires to discontinue doing a trust business and surrenders its certificate or if its certificate is suspended or revoked, the company shall continue to be subject to the Trust Company Act for so long as it acts as a fiduciary with respe…

A. It is unlawful for any corporation to carry on or conduct a trust company business or to advertise or hold itself out as being engaged in or doing a trust company business or to use in connection with its business the words "trust company" or words of similar import without fi…

History: 1953 Comp., § 48-24-13, enacted by Laws 1973, ch. 191, § 13; repealed by Laws 2018, ch. 64, § 12.

A. A person aggrieved by a final order of the director may appeal to the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978. B. The commencement of proceedings pursuant to Subsection A of this section does not, unless specifically ordered by the court, operat…

As used in the Trust Company Act: A. "director" means the director of the financial institutions division of the regulation and licensing department; B. "trust business" means the holding out by a person, legal entity or corporation to the public at large by advertising, solicita…

A. For the purposes of the Trust Company Act [Chapter 58, Article 9 NMSA 1978], a person, legal entity or corporation does not engage in the trust business by: (1) rendering services as an attorney-at-law in the performance of duties as such; (2) rendering services as a certified…

separation of trust fund and investments. A. No person, legal entity or corporation shall engage in the trust business without first obtaining a certificate from the director; provided, however, that a bank having its principal office in this state or an out-of-state bank not hav…

A. An application for a certificate shall be in writing, in such form as the director prescribes, verified under oath and supported by such information, data and records as the director may require. B. Each application for a certificate shall be accompanied by an application fee …

A. A certificate shall not be issued to an applicant for certification pursuant to the Trust Company Act having capital of less than five hundred thousand dollars ($500,000). B. The minimum capital requirement shall be waived for nonprofit corporations. History: 1953 Comp., § 48-…

A certificate shall not be issued to an applicant other than a corporation organized under the laws of this state. History: 1978 Comp., § 58-9-6.1, enacted by Laws 1979, ch. 190, § 4.

responsibility required. A. No corporation shall obtain a certificate without securing and filing with the director a fidelity bond in the following amounts: Trust Assets Managed by a Fiduciary Fidelity Bond Amounts $3,000,000 or less $500,000 More than $3,000,000 but not more th…

A. Upon the filing of an application for a certificate, the director shall make or cause to be made a careful investigation and examination and shall issue a certificate if the director finds: (1) that the persons who will serve as directors or officers, insofar as those persons …

A. A trust company may establish its principal office in any county. B. A trust company actively engaged in trust business may establish one or more branch offices subject to the restrictions in Subsection D of this section and after obtaining the approval of the director as prov…

In addition to other powers conferred by the Trust Company Act, the director may: A. examine the business and affairs of each trust company at least once each year and at such other times and to such extent as the director deems necessary or advisable. The expense of every examin…

This act [58-10-1 to 58-10-51, 58-10-54 to 58-10-76, 58-10-78 to 58-10-81, 58-10-83 to 58-10-94 and 58-10-96 to 58-10-102 NMSA 1978] may be cited as the "Savings and Loan Act". History: 1953 Comp., § 48-15-45, enacted by Laws 1967, ch. 61, § 1.

A. With approval of the supervisor and of the stockholders owning two-thirds of the issued and outstanding shares of the association entitled to vote, a permanent capital stock association may issue and sell its capital debentures or notes. With approval of the supervisor and of …

permanent capital stock association. Any association without permanent capital stock may convert itself into a permanent capital stock association upon a vote of fifty-one percent or more of the votes of members of the association without permanent capital stock cast at an annual…

A. No foreign corporation or foreign association shall transact the business of an association within this state beyond a radius of one hundred miles from its principal office. B. Any foreign corporation or foreign association seeking to transact business within this state shall:…

Any federal association whose principal office is located in New Mexico is not a foreign corporation. Unless federal laws or regulations provide otherwise, such federal association and its members possesses [possess] all rights, powers, privileges, benefits, immunities and except…

A. Where no executor or administrator of a deceased savings account depositor has qualified and given notice of his qualification to a savings and loan association, it may pay out of all savings accounts maintained with it by the deceased in his individual capacity all sums which…

subsidiary company. A. Subject to any regulations the supervisor may prescribe, an association may maintain and lease safe deposit boxes and may accept property or documents for safekeeping if, with the exception of night depositories, it issues a receipt for each transaction. B.…