Chapter 58 — Chapter 58

A state bank may be organized by five or more individual incorporators or a bank holding company subject to the requirements of the Banking Act. A majority of the incorporators shall be residents of the state. Each incorporator shall subscribe and pay in full in cash for stock ha…

State banks shall have: A. all the powers provided and conferred on them in the Banking Act and such general corporate powers as are appropriate to its purpose; B. the power to act as a fiduciary in any capacity, after proper qualifications under the Banking Act, and if authorize…

In addition to other powers provided for the director and for state banks in the Banking Act notwithstanding any other provision of laws, the director may grant to state banks any of the powers and authority that national banks or federally chartered or insured depository institu…

A. A state bank shall have such capital structure as the commissioner [director of the financial institutions division of the regulation and licensing department] shall deem adequate, except that no bank hereafter organized shall do business unless it shall have a bona fide minim…

A. The organizers shall file with the director a notice of their intention to organize a state bank, signed by each of them. At the time of filing the notice of intention, the organizers shall pay an investigation fee of one-half of one percent of the proposed capital structure, …

A. After the capital structure has been fully subscribed, the organizers may apply to the director for permission to file with the state corporation commission [public regulation commission]. If no application for permission to file corporate papers is filed within one hundred ei…

corporation commission [public regulation commission] A. When an application for permission to file with the corporation commission [public regulation commission] has been delivered to the commissioner [director of the financial institutions division of the regulation and licensi…

A. Immediately after the filing of the articles of incorporation with the corporation commission [public regulation commission], the proposed directors shall call for the payment of the subscriptions in full, within thirty days from the date of the notice. No certificate of autho…

A. A bank may continue to recognize the authority of an agent authorized in writing to operate, in whole or in part, the account of a depositor, until it receives written notice of the revocation of his authority. B. Knowledge of the death or adjudication of incapacity of such de…

bylaws. A. After the capital structure has been fully paid, a meeting of the stockholders shall be called by the incorporators to elect directors, to adopt bylaws and to call the first meeting of directors for the election of officers. B. Bylaws shall be adopted and may be amende…

A. A request for a certificate of authority shall be made to the commissioner [director of the financial institutions division of the regulation and licensing department] after he has approved the application to file the articles of incorporation with the corporation commission […

A. A state bank may apply to the commissioner [director of the financial institutions division of the regulation and licensing department] to amend its articles of incorporation or to change its location. B. An application for an amendment of the articles of incorporation changin…

ANNOTATIONS Repeals. — Laws 1991, ch. 12, § 3 repeals 58-1-63 NMSA 1978, being Laws 1963, ch. 305, § 51, relating to county with branch bank, effective June 14, 1991. For provisions of former section, see the 1990 NMSA 1978 on NMOneSource.com.

preemptive right; transfer of stock; report of holdings. A. Regular meetings of stockholders shall be held annually and at such additional times as the bylaws direct at a place designated by the bylaws. A special meeting may be called at any time by the commissioner [director of …

A. The affairs of a state bank shall be managed by a board of directors, which shall exercise its powers and be responsible for the discharge of its duties. The number of directors, not less than three and not more than twenty-five, shall be fixed by the bylaws and the number so …

A. The board of directors shall meet at least once each calendar quarter. The director may, at his discretion, require more frequent meetings. The director of the division, a board member or an executive officer may call a special meeting. A majority of the board shall constitute…

A. The directors of a state bank shall direct and require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salary or compensation, which bonds shall provide for indemnity to such bank on account of any losses sustained by it as the…

The board of directors of a state bank may declare dividends not more than once in each calendar quarter from undivided profits if: (1) the undivided profits account has been maintained in accordance with the Banking Act; and (2) the reserve against deposits required by the Banki…

requirements. A. No credit shall be entered in the undivided profits account founded upon an unrealized appreciation in the value of any type of asset except accretion of discounts on investments securities in accordance with generally accepted accounting principles. Before any n…

Notice to any bank of an adverse claim to a deposit with such bank need not be recognized, and shall not be deemed effective, unless and until either the person making the claim supplies indemnity deemed adequate by the bank or the bank is served with process or order issued by a…

A state bank shall obtain insurance of its deposits by the United States or any agency thereof, and may acquire and hold membership in the federal reserve system. History: 1953 Comp., § 48-22-58, enacted by Laws 1963, ch. 305, § 58.

When notice is required to be given to stockholders or directors under the Banking Act, or the articles of incorporation or bylaws of any state bank, a waiver of notice in writing, signed by the person or persons entitled to the notice, whether before or after the time stated in …

A. A state bank may liquidate and dissolve with the approval of the commissioner [director of the financial institutions division of the regulation and licensing department]. The commissioner [director] shall grant approval to liquidate and dissolve if: (1) the proposal to liquid…

A. The director may take possession of a state bank if, after a hearing or bank stipulation, he finds: (1) its capital is impaired or it is otherwise in an unsound condition; (2) its business is being conducted in an unlawful or unsound manner; (3) it is unable to continue normal…

A. A plan of reorganization shall not be proposed under the Banking Act unless: (1) the plan is feasible and fair to all classes of depositors, creditors and stockholders; (2) the face amount of the interest accorded to any class of depositors, creditors or stockholders under the…

A. In liquidating a state bank, the commissioner [director of the financial institutions division of the regulation and licensing department] may exercise any power thereof but he shall not, without the approval of the court in which notice of possession has been filed: (1) sell …

It is unlawful for any unauthorized person to engage in the business of holding deposits or to represent that he is or is acting for a bank or to use an artificial or corporate name that purports to be or suggests that it is the name of a bank. History: 1953 Comp., § 48-22-64, en…

It is unlawful for a bank to receive any deposit while insolvent or for an officer, director or employee who knows or, in the proper performance of his duty, should know of such insolvency to receive or authorize the receipt of such deposit. History: 1953 Comp., § 48-22-65, enact…

It is unlawful for any person to serve as an officer or director of a bank, who: A. is an officer, director or employee of a directly competitive bank in the same community; B. has been convicted of an offense constituting, in the jurisdiction in which the judgment was rendered, …

persons connected with state bank. A. It is unlawful for an affiliate of a bank or for an officer, director or employee of a bank, or affiliate of a bank: (1) to solicit, accept or agree to accept, directly or indirectly, from any person other than the institution any gratuity, c…

has qualified. A. Where no executor or administrator of a deceased depositor has qualified and given notice of his qualifications to the bank, it may in its discretion and at any time after the death of the depositor pay out of all accounts maintained with it by him in his indivi…

It is unlawful for an officer, director, employee, attorney or agent of a bank to conceal or endeavor to conceal any transaction of the bank from any officer, director or employee of the bank or any official or employee of the department [financial institutions division of the re…

entries and statements. It is unlawful for an officer, director, employee or agent of a bank to: A. maintain or authorize the maintenance of any account of the bank in a manner which, to his knowledge, does not conform to the requirements prescribed by the Banking Act or by the c…

A. It is unlawful for a state bank to pay a fine or penalty imposed by law upon any other person or any judgment against such person or to reimburse directly or indirectly any person by whom such fine, penalty or judgment has been paid, except: (1) in the settlement of a bank's o…

It is unlawful for any person to use the words "safe deposit," "safety deposit" or other words deceptively similar thereto, in connection with the rental of storage space, or in the title or name under which business was done, unless he is: A. a person subject to the jurisdiction…

A. Any person responsible for an act or omission expressly declared to be unlawful by the Banking Act is guilty: (1) of a misdemeanor punishable by imprisonment for a term not exceeding one year or a fine not exceeding five thousand dollars ($5,000) or both; (2) of a felony punis…

Whenever a violation of the Banking Act, by a bank or an officer, director or employee thereof, is threatened or impending and will cause substantial injury to the institution or to the depositors, creditors or stockholders thereof, the district court of Santa Fe county may, upon…

A bank may accept money for transmission and may transmit money. A bank may buy and sell foreign exchange to the extent necessary to meet the needs of customers. History: 1953 Comp., § 48-22-9, enacted by Laws 1963, ch. 305, § 9.

This act [58-1A-1 to 58-1A-8 NMSA 1978] may be cited as the "Consumer Credit Bank Act". History: Laws 1993, ch. 11, § 1.

As used in the Consumer Credit Bank Act: A. "consumer credit bank" means a national bank located in the state or a bank organized pursuant to the laws of this state that has those powers and limitations provided for pursuant to the Consumer Credit Bank Act; B. "credit card" means…

With the approval of the director, a domestic bank, foreign bank, international bank or holding company may organize, own and control a consumer credit bank in accordance with the following terms and conditions: A. in connection with the application to organize or to own and cont…

A domestic bank shall not be required to establish a consumer credit bank to issue credit cards and create credit card accounts. History: Laws 1993, ch. 11, § 4.

A credit card account between a domestic bank or consumer credit bank and a borrower, wherever the borrower's place of residence, shall be governed solely by the laws of New Mexico and federal law, where applicable. Unless otherwise expressly agreed in writing by the parties, a c…

A. A consumer credit bank organized under the laws of New Mexico shall be subject to the supervision, regulation and examination of the director. B. The director shall adopt and promulgate rules and regulations implementing the provisions of the Consumer Credit Bank Act, includin…

A. Each consumer credit bank shall annually pay to the director a supervision fee, calculated on the basis of total assets as of December 31 of the immediately previous year: Total assets (000): Assessment: Over But not This Plus Of excess over amount over (000) 0 200,000 7,500 0…

A consumer credit bank shall be subject to the laws governing financial institutions except when the rights, powers, privileges or provisions of those laws are inconsistent with the rights, powers, privileges, provisions or limitations of the Consumer Credit Bank Act, in which ca…

Sections 1 through 12 [58-1B-1 to 58-1B-11 NMSA 1978] of this act may be cited as the "Interstate Bank Acquisition Act". History: Laws 1996, ch. 2, § 1.

fees. To carry out the purposes of the Interstate Bank Acquisition Act, the director may: A. adopt regulations; B. enter into cooperative, coordinating or information-sharing agreements with a bank supervisory agency or an organization affiliated with or representing a bank super…

The director may enforce the provisions of the Interstate Bank Acquisition Act by an action for injunctive relief in the district court of Santa Fe county. The director shall give notice promptly to the home state regulator of any action commenced by the director against an out-o…

As used in the Interstate Bank Acquisition Act: A. "acquire" means: (1) for a company to merge or consolidate with a bank holding company; (2) for a company to assume direct or indirect ownership or control of: (a) more than twenty-five percent of any class of voting shares of a …