Chapter 58 — Chapter 58

employees. A credit union shall, unless otherwise specified by the director, purchase and maintain liability and fidelity insurance coverage on behalf of a person who is or was a board member, committee member, executive officer, employee or agent of the credit union or who is or…

A credit union may enter into arrangements and joint ventures with other credit unions, organizations or financial institutions to facilitate its members' voluntary purchase of goods, insurance and other services from third parties consistent with the purposes of the credit union…

A credit union may collect, receive and disburse money in connection with the providing of negotiable checks, money orders, travelers checks and other money-type instruments for its members and other persons within the credit union's field of membership and in connection with the…

A credit union may act as custodian of any form of self-directed retirement, pension, profit-sharing or deferred income accounts authorized under federal law or the laws of this state, including but not limited to individual retirement accounts, pension funds of self-employed ind…

A credit union may accept, administer and execute trusts pursuant to prior approval by the director. History: Laws 1987, ch. 311, § 55.

A. Funds not required to satisfy member demands for extensions of credit may be invested in: (1) securities, obligations or other instruments of or issued by or fully guaranteed as to principal and interest by the United States or any agency of the United States or in any trust i…

ANNOTATIONS Repeals. — Laws 2003, ch. 28, § 15 repeals 58-11-57 NMSA 1978, being Laws 1987, ch. 311, § 57, as amended, relating to reserve requirements, effective June 20, 2003. For provisions of former section, see the 2002 NMSA 1978 on NMOneSource.com. For present similar provi…

A. A credit union shall maintain a well-capitalized status as determined by the director. B. A credit union shall set aside and maintain such reserves as may be required by the insurer of its share accounts and deposit accounts. History: Laws 2003, ch. 28, § 14.

A. A credit union may elect to dissolve voluntarily and liquidate its affairs in the manner prescribed in this section. B. If it decides to begin the procedure, the board of directors shall adopt a resolution recommending the credit union be dissolved voluntarily and directing th…

A. A credit union organized under or subject to the Credit Union Act may, with the approval of the director and regardless of common bond, merge with one or more other credit unions subject to that act, the laws of another state or territory of the United States or the laws of th…

A. A credit union shall maintain all books, records, accounting systems and procedures in accordance with the rules, regulations and orders the director from time to time establishes or issues. In establishing and issuing such rules, regulations and orders, the director shall con…

A. A credit union organized under the laws of this state may be converted to a credit union organized under the laws of any other state or under the laws of the United States, subject to regulations issued by the director. B. A credit union organized under the laws of the United …

A. A credit union organized under or subject to the Credit Union Act is exempt from taxation to the extent that a credit union chartered under federal law is exempt. B. The shares of a credit union shall not be subject to stock transfer taxes, either when issued or when transferr…

Any credit union executive officer, director, committee member, employee or agent who willfully does any of the following is guilty of a fourth degree felony: A. with intent to deceive, falsifies any books of account, report, statement, record or other document of a credit union …

Whoever maliciously and knowingly spreads false reports or utters false statements about the management or finances of any credit union is guilty of a third degree felony. History: Laws 1987, ch. 311, § 63.

ANNOTATIONS Repeals. — Laws 2003, ch. 28, § 15 repeals 58-11-64 NMSA 1978, being Laws 1987, ch. 311, § 64, as amended, relating to payment from the account of a deceased member, effective June 20, 2003. For provisions of former section, see the 2002 NMSA 1978 on NMOneSource.com.

Any person who makes a false statement in writing for the purpose of obtaining credit union funds is guilty of a third degree felony. History: Laws 1987, ch. 311, § 65.

A. Credit unions shall report to the director quarterly on or before January 30, April 30, July 30 and October 30. Reports shall be on forms supplied by the director. The director may require additional reports. B. A charge of twenty-five dollars ($25.00) shall be levied for each…

A. Information from the records of the division, including division examination reports of which a credit union has possession, is not public records, shall be revealed only with the consent of the director and is not subject to subpoena. B. Reports of examinations made by the di…

No officer or employee of the division having supervisory authority over credit unions shall be a member, executive officer, director, attorney or employee of any credit union incorporated under or subject to the provisions of the Credit Union Act; receive, directly or indirectly…

subsidiary company. A. Subject to such regulations as the director may prescribe, a credit union may maintain and lease safe deposit boxes and may accept property or documents for safekeeping if, except in the case of night depositories, it issues a receipt for them. B. A credit …

Unless otherwise provided in a written agreement, where a lessor, without knowledge of the death of or an adjudication of incapacity of the lessee, deals with his agent pursuant to a written power of attorney signed by the lessee, the transaction binds the lessee's estate and the…

A lessor may lease a safe deposit box and in connection therewith deal with a minor with the same effect as if leasing to and dealing with a person of full legal capacity. History: Laws 1991, ch. 51, § 23.

A. A lessor shall permit the person named in a court order, or if no order has been served upon the lessor, the spouse, parent, an adult descendant or a person named as a personal representative in a copy of a purported will produced by him, to open and examine the contents of a …

A. An adverse claim to the contents of a safe deposit box or to property held in safekeeping is not sufficient to require the lessor to deny access to its lessee unless the lessor is directed to do so by court order. B. An adverse claim includes, but is not limited to, the follow…

A. Unless otherwise provided in a written agreement, if the rental due on a safe deposit box has not been paid for six months, the lessor may send a notice by certified or registered mail to the last known address of the lessee stating that the safe deposit box will be opened and…

union is liquidated; duty of conservator. A. In the event a credit union is liquidated or placed under conservatorship by the director, as authorized by Subsection I of Section 58-11-3 NMSA 1978 of the Credit Union Regulatory Act [Credit Union Act], the conservator or receiver sh…

This act [58-12-1 to 58-12-3, 58-12-4 to 58-12-15 NMSA 1978] may be cited as the "Credit Union Share Insurance Corporation Act". History: 1953 Comp., § 48-19A-1, enacted by Laws 1973, ch. 114, § 1.

A. As a basic assessment for the purpose of establishing the "share insurance fund", the board shall require the original members and each new member to pay over in cash to the corporation an amount equal to one percent of its total member share and deposit balances as shown by i…

In or within thirty days after June 30 or December 31 of each year except as hereinbefore provided, while a member, such member shall pay to the corporation an assessment equal to one-fourth of one percent of its share and deposit liabilities payable as shown on its financial sta…

The board may by resolution borrow money for the purposes of the share insurance fund and may pledge any assets in which such fund is invested as security for such loans. The board may have the right to buy reinsurance and bonds or participate in the capital structure of a busine…

The directors of the corporation, at a special meeting called for the purpose of dissolution of the corporation and held in accordance with the bylaws and Section 58- 12-6 NMSA 1978, may determine by vote of four-fifths of all directors that as a fact the corporation is no longer…

The corporation shall be exempt from all state and local taxation except in respect to any real estate owned and used by it for its corporate purposes. History: 1953 Comp., § 48-19A-14, enacted by Laws 1973, ch. 114, § 14.

Except as herein provided, any or all of the corporation funds may be invested by the board only in cash, securities or investments which are legal. History: 1953 Comp., § 48-19A-15, enacted by Laws 1973, ch. 114, § 15. ARTICLE 13 Security Dealers (Repealed.) 58-13-1 to 58-13-47.…

As used in the Credit Union Share Insurance Corporation Act: A. "corporation" means the credit union share insurance corporation of this state; B. "board" means the board of directors of the corporation; C. "commissioner" means the director of the financial institutions division;…

Any seven or more credit unions in this state or in any other state organized and existing under the provisions of the Credit Union Act [Chapter 58, Article 11 NMSA 1978] or under other substantially similar state laws may, subject to the prior approval of the director, form a co…

Notwithstanding any language herein to the contrary, any member not chartered in New Mexico shall only be subject to the statutes, rules and regulations enacted or issued by the member's chartering state or applicable supervisory agency. As a condition of participation in the New…

A. Except as otherwise provided, each delegate shall have one vote in the election of directors and in voting in any matter legally coming before a meeting. However, delegates shall not vote by proxy nor shall any one delegate represent more than one member. B. A quorum shall con…

A. The corporation shall have a board of directors consisting of seven persons, six of whom shall be elected by the delegates from among their members, with the remaining director to be elected by the other six directors and to be the chief administrative officer of the corporati…

The annual meeting of the corporation shall be held in the month of April and shall be called by the secretary at a time and place to be designated by the board. Special meetings of the corporation may be called by request either of a majority of the members of the board or the c…

A. To the extent authorized by the commissioner or any supervisory agency, the board may review the financial condition of any member as it relates to share insurance and, after the review, submit a report of the review to the commissioner and the supervisory agency accompanied w…

A. Whenever it shall appear to the board and the commissioner or supervisory agency that a member has conducted its business in an unsafe or unsound manner or has knowingly or negligently permitted any of its officers or agents to violate any provision of any law or regulation to…

A. Any membership applicant shall first give notice in writing to the corporation of its intention to become a member and shall submit such preliminary financial statements and other information concerning its assets, liabilities and affairs as the commissioner or supervisory age…

This act [58-13A-1 to 58-13A-22 NMSA 1978] may be cited as the "Model State Commodity Code". History: Laws 1985, ch. 163, § 1.

The Model State Commodity Code may be construed and implemented to effectuate its general purpose to protect investors, to prevent and prosecute illegal and fraudulent schemes involving commodities and to maximize coordination with federal and other states' law and the administra…

A. The director may make investigations, within or without this state, as he finds necessary or appropriate to: (1) determine whether any person has violated, or is about to violate, any provision of the Model State Commodity Code or any rule or order of the director; or (2) aid …

A. If the director believes, whether or not based upon an investigation conducted under Section 11 [58-13A-11 NMSA 1978] of the Model State Commodity Code, that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of that c…

A. (1) Upon a proper showing by the director that a person has violated, or is about to violate, any provision of the Model State Commodity Code or any rule or order of the director, the district court may grant appropriate legal or equitable remedies. (2) Upon showing of violati…

A. Any person who willfully violates any provision of the Model State Commodity Code is guilty of a third degree felony. B. Any person who willfully and knowingly violates any rule or order of the director under the Model State Commodity Code is guilty of a third degree felony. C…

A. The Model State Commodity Code shall be administered by the director. B. Neither the director nor any employees of the director shall use any information which is filed with or obtained by the director which is not public information for personal gain or benefit, nor shall the…