Chapter 58, Chapter 58

Any financial institution desiring to utilize an off-premises ATM shall give the director written notice of its intention to do so in a form required by the director. The notice shall be delivered to the director not less than thirty days prior to the implementation of the off-pr…

A. Notwithstanding any provision to the contrary in the Remote Financial Service Unit Act, no ATM shall be owned or leased by a person other than an in-state financial institution. B. Notwithstanding any provision to the contrary in the Remote Financial Service Unit Act, no POS t…

A. Two or more financial institutions, separately or in combination with any other person, may establish one or more networks through which the financial institutions are interconnected for on-line data interchange. B. Membership or participation by any financial institution in o…

A. Every merchant having a POS terminal on its premises and every financial institution contracting for use of or operating a remote financial service unit shall adopt and maintain safeguards to insure the safety of funds of any third party in situations where deposits are accept…

A. No card that will actuate a remote financial service unit shall be issued except in response to a request or application therefor. The prohibition does not apply to the issuance of a card in renewal of or in substitution for a card or as an adjunct to an established account. B…

A. A financial institution may charge a reasonable foreign transaction fee for use of an automated teller machine if the fee is disclosed: (1) on a sign posted on the automated teller machine or in clear view of the customer while viewing the machine; or (2) electronically during…

A. A cardholder who is authorized to engage in transactions through or by means of remote financial service units may bring a civil action against a person violating the Remote Financial Service Unit Act for an amount equal to the sum of any actual damages sustained by the cardho…

A. Any person who knowingly and willfully violates any of the provisions of Section 14 [58-16-14 NMSA 1978] of the Remote Financial Service Unit Act may be found guilty of a petty misdemeanor. B. Any person who makes an unauthorized withdrawal from the account of another person w…

Single subscriber terminals shall be exempted from: A. ownership limitations otherwise imposed on off-premises ATMs; B. restricted geographic location; C. consideration as a financial institution branch office; and D. requirements for notice to the director. History: 1978 Comp., …

The purposes of the Remote Financial Service Unit Act are: A. to provide greater convenience for the consumer by authorizing financial institutions and merchants to offer certain financial services in convenient ways and locations; B. to enable the use of remote financial service…

A. As used in the Remote Financial Service Unit Act: (1) "account" means an account maintained by a cardholder or merchant with a financial institution or with a state agency, which term shall include demand deposit, checking, negotiable order of withdrawal (NOW) share, share dra…

A. Nothing in the Remote Financial Service Unit Act shall be construed as authority for any person to provide financial services in a manner not otherwise permitted or restricted by applicable law nor as authority to enlarge upon the financial services that financial institutions…

A. Subject to the provisions of Subsection B of this section, a POS terminal may be used to perform internal business functions in addition to all functions defined as POS transactions. B. In conjunction with the performance of any POS transaction, the transfer or deposit of fund…

A. An ATM may only be used to initiate and complete one or more ATM transactions. B. Any lobby or teller-line ATM and any on-premises ATM, including the associated structures, shall be owned or leased by one in-state financial institution. C. An off-premises ATM, excluding the as…

office. A POS terminal installed and operated pursuant to the Remote Financial Service Unit Act is not a branch office of a financial institution and shall not be construed to be a branch office of a financial institution under New Mexico law. If any court of competent jurisdicti…

premises automated teller machines not considered financial institutions. No lobby or teller-line ATM or on-premises ATM shall be construed for any purpose to be a branch office of a financial institution under New Mexico law. History: 1953 Comp., § 48-25-8, enacted by Laws 1977,…

office. A. An off-premises ATM is a branch office of a financial institution. Subject to the limitations contained in the Remote Financial Service Unit Act [this article], in-state financial institutions are authorized to install one or more off-premises ATMs. Before installing o…

It is declared to be necessary in the public interest that cemeteries advertising or selling "endowed care or perpetual care" in connection with the sale of cemetery lots or burial spaces be subject to sufficient regulation by the state to ensure the establishment of sound busine…

A. After the initial registration a cemetery authority shall register with the director by filing an annual registration statement, upon forms furnished by the director, which shall show as of the end of the preceding calendar year: (1) the amount of the principal of the care fun…

If a cemetery authority is duly organized and desires to accept care funds authorized by the Endowed Care Cemetery Act, it shall make an initial deposit to the care fund of twenty-five thousand dollars ($25,000). In lieu of the initial deposit, the cemetery authority may furnish …

A cemetery authority authorized to accept care funds shall post in a conspicuous place at or near each entrance of the cemetery a clearly legible sign containing letters not less than six inches in height stating "Endowed Care Cemetery". Those cemeteries that furnish endowed care…

A. The duty of administering and enforcing the provisions of the Endowed Care Cemetery Act is imposed on the director, who shall approve all forms of contract for endowed care and shall have authority to subpoena witnesses, conduct hearings and investigations and issue orders rea…

If a cemetery authority refuses or neglects to make a required report or to file an annual registration statement or willfully disobeys a valid order of the director or violates any provisions of the Endowed Care Cemetery Act or rule of the director, or if it appears to the direc…

Where any cemetery authority owning, operating, controlling or managing a cemetery or any trustee for the cemetery authority has accepted care funds pursuant to the Endowed Care Cemetery Act and dissolution is sought by the cemetery authority in any manner, by resolution of the c…

Whoever violates any provision of the Endowed Care Cemetery Act, fails to establish an irrevocable trust fund, encroaches upon the principal of an irrevocable trust, refuses to cooperate in an examination or investigation or violates the provisions of a trust instrument by willfu…

The provisions of the Endowed Care Cemetery Act do not apply to municipal cemeteries, fraternal cemeteries, religious cemeteries or family burial grounds that provide burial only for members. History: 1953 Comp., § 67-29-17, enacted by Laws 1961, ch. 156, § 17; 2001, ch. 149, § 1…

A. A person establishing or acquiring a cemetery subject to the Endowed Care Cemetery Act shall file an initial registration with the director that contains the following information: (1) a detailed financial statement of the proposed owners; (2) a current credit report of the pe…

A. An endowed care cemetery's registration is not transferable. When any cemetery authority subject to the provisions of the Endowed Care Cemetery Act is transferred, the person acquiring the cemetery shall register with the director as required by Section 58- 17-18 NMSA 1978. B.…

Chapter 58, Article 17 NMSA 1978 may be cited as the "Endowed Care Cemetery Act". History: 1953 Comp., § 67-29-2, enacted by Laws 1961, ch. 156, § 2; 2001, ch. 149, § 2.

A. The director may deny, suspend or revoke any registration if the registrant, or any director, officer, employee or affiliate of the registrant: (1) lacks a good business reputation; (2) has violated any provision of the Endowed Care Cemetery Act; (3) has committed fraud in con…

A person aggrieved by the decision of the director in the enforcement of the Endowed Care Cemetery Act may obtain judicial review pursuant to Section 39-3-1.1 NMSA 1978. History: Laws 2001, ch. 149, § 21.

As used in the Endowed Care Cemetery Act: A. "affiliate" means a corporation that is related to another corporation by shareholdings or other means of control and includes a subsidiary, parent or sibling corporation; B. "burial park" means a tract of land that has been dedicated …

A. A cemetery authority is authorized and empowered to accept care funds and hold them in trust in perpetuity for the care of its cemetery; for the care of any lot, grave, crypt or niche in its cemetery; for the special care of any lot, grave, crypt or niche in its cemetery; or f…

Except upon written approval of the director, no loan or investment of care funds accepted by a cemetery authority shall be made: A. to any officer, director or trustee of the cemetery authority or to any person in which any officer, director or trustee of the cemetery authority …

authority. If a cemetery authority accepts care funds, either in connection with the sale of a lot, grave, crypt or niche or in pursuance of a contract, or if, as a condition precedent to the purchase of a lot, grave, crypt or niche, the cemetery authority requires the establishm…

furnished. A cemetery authority, agent, servant or employee of it or another person shall not advertise, represent, guarantee, promise or contract that perpetual care, permanent care, perpetual or permanent maintenance, care forever, continuous care, eternal care, everlasting car…

The care funds authorized in the Endowed Care Cemetery Act and all sums paid into those funds or contributed to those funds are expressly permitted and are for charitable and eleemosynary purposes. Care funds are provided for the discharge of the duty due from the person contribu…

A. It is unlawful for a cemetery to hold out to the public or sell endowed care in connection with the sale of burial space until it has complied with the requirements of the Endowed Care Cemetery Act. Endowed care cemeteries shall establish and maintain with a state or federally…

Chapter 58, Article 18 NMSA 1978 shall be known and may be cited as the "Mortgage Finance Authority Act". History: 1953 Comp., § 13-9-1, enacted by Laws 1975, ch. 303, § 1; 1982, ch. 86, § 1.

A. All multiple-family dwelling projects and transitional and congregate housing facilities shall be subject to any applicable master plan, official map, zoning regulation, building code, housing ordinance and other laws and regulations governing land use or planning or construct…

A. The authority may from time to time issue its bonds and notes in the principal amounts as, in the opinion of the authority, are necessary to provide sufficient funds for achieving its corporate purposes, the payment of principal and of premium, if any, and interest on bonds an…

A. The authority may create and establish one or more reserve funds. B. The authority may create and establish other reserve funds as it deems advisable and necessary. History: 1953 Comp., § 13-19-12, enacted by Laws 1975, ch. 303, § 12; 1995, ch. 9, § 22.

No notice, consent or approval by any governmental body or public officer shall be required as a prerequisite to the issuance, sale or delivery of any bonds, notes or other obligations of the authority pursuant to the provisions of the Mortgage Finance Authority Act, except as sp…

Except to the extent this section conflicts with a term or condition of any trust indenture or note, bondholders and noteholders shall have the following remedies: A. in the event that the authority defaults in the payment of principal of or interest on any issue of bonds or note…

A. Compliance by any mortgage lender with the terms of its agreement with or undertaking to the authority with respect to the making of any project mortgage loans to sponsors may be enforced by decree of any court of competent jurisdiction. The authority shall require as a condit…

The bonds, notes and other obligations of the authority shall not be a debt of the state or of any municipality, and neither the state nor any municipality shall be liable thereon. History: 1953 Comp., § 13-19-15, enacted by Laws 1975, ch. 303, § 15.

The state does hereby pledge to and agree with the holders of any bonds, notes, other obligations, pass-through securities or guarantees issued under the Mortgage Finance Authority Act that the state will not limit or alter the rights vested in the authority or any secondary mark…

public officers and fiduciaries. The bonds, notes, other obligations, pass-through securities and guarantees of the authority or any secondary market facility are securities in which all insurance companies and associations and other persons carrying on insurance business, all ba…

A. It is determined that the creation of the authority is in all respects for the benefit of the people of the state, for the improvement of their health and welfare and for the promotion of the economy and that those purposes are public purposes. The authority will be performing…

Neither the state nor any municipality shall have the power to pay out of its general funds or otherwise contribute its money to the authority, nor may the state or any state agency purchase any bonds or notes of the authority, nor shall the state or any municipality have the pow…