reglab/housing_qa huggingface dataset:
NM Stat § 58-8-3 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 8 - National Housing Act Loans and Obligations|Section 58-8-3 - [Collateral as security for deposit of funds; investment of 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 reserve or other fund, is required to be maintained consisting of designated securities, notes and bonds secured by mortgages insured, and debentures issued, by the federal housing administrator, and obligations of national mortgage associations shall be considered eligible securities for such purposes. History: Laws 1937, ch. 34, § 2; 1941 Comp., § 50-1203; 1953 Comp., § 48-12-3. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 58-9-1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 9 - Trust Companies|Section 58-9-1 - Short title.

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. ANNOTATIONSCross references. — For the Banking Act, see 58-1-1 NMSA 1978. For fiduciaries, see Chapter 46 NMSA 1978. The 2013 amendment, effective June 14, 2013, added the NMSA chapter and article for the Trust Company Act; and at the beginning of the sentence, deleted "Sections 1 through 13 of this act" and added "Chapter 58, Article 9 NMSA 1978". Laws 2013, ch. 88, § 1, and Laws 2013, ch. 97, § 1, both effective June 1, 2013, enacted identical amendments to this section. The section was set out as amended by Laws 2013, ch. 97, § 1. See 12-1-8 NMSA 1978. Corporation's stock all owned by out-of-state bank holding company. — The financial institutions division may issue a trust company certificate to a New Mexico corporation if all of its common stock is owned by an out-of-state bank holding company; provided that the corporation complies with all requirements of the Trust Company Act, Sections 58-9-1 to 58-9-13 NMSA 1978. 1987 Op. Att'y Gen. No. 87-06. Operation in banks owned by holding company. — If a trust company certificate is issued to a corporation whose common stock is owned by an out-of-state bank holding company, the resulting trust company may operate in the main office or branches of banks owned by the holding company. 1987 Op. Att'y Gen. No. 87-06. Am. Jur. 2d, A.L.R. and C.J.S. references. — Exclusion from debtor status of banks and the like by § 109(b)(2) of Bankruptcy Code (11 USCS § 109(b)(2)), 87 A.L.R. Fed. 282.
NM Stat § 58-9-2 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 9 - Trust Companies|Section 58-9-2 - Definitions.

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, solicitation or other means that the person, legal entity or corporation is available to act as a fiduciary in this state or is accepting and undertaking to perform the duties of a fiduciary in the regular course of its business; C. "trust company" means a corporation holding a certificate issued pursuant to the Trust Company Act; D. "certificate" means a certificate of authority issued pursuant to the Trust Company Act to engage in trust business; E. "fiduciary" means executor, administrator, conservator or trustee; F. "nonprofit corporation" means a nonprofit corporation as defined in the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978] that was formed and is operating a pooled trust in compliance with the requirements of 42 U.S.C. 1396p(d)(4) to provide trust services for individuals who are disabled, and the nonprofit corporation is not otherwise engaged in the trust business. As used in this subsection, "disabled" has the meaning set forth in 42 U.S.C. 1382c(a)(3); and G. "division" means the financial institutions division of the regulation and licensing department. History: 1953 Comp., § 48-24-2, enacted by Laws 1973, ch. 191, § 2; 1977, ch. 245, § 122; 1979, ch. 190, § 1; 1991, ch. 250, § 1; 2018, ch. 64, § 1. ANNOTATIONSThe 2018 amendment, effective July 1, 2018, revised certain definitions and defined "division" as used in the Trust Company Act; in Subsection A, deleted "'commissioner' or" preceding "'director'"; in Subsection D, after "authority issued", deleted "under the provisions of" and added "pursuant to"; in Subsection F, after "Nonprofit Corporation Act that", deleted "is funded by or contracts with a federal, state, county or other governmental entity" and added "was formed and is operating a pooled trust in compliance with the requirements of 42 U.S.C. 1396p(d)(4)", and after "provide trust services", added the remainder of the subsection; and added Subsection G. The 1991 amendment, effective June 14, 1991, in Subsection A, inserted "or 'director'" and substituted "regulation and licensing" for "commerce and industry"; deleted "guardian" following "administrator" in Subsection E; added Subsection F; and made a related stylistic change and minor stylistic changes in Subsection B. Law reviews. — For survey, "Article VII of the New Probate Code: In Pursuit of Uniform Trust Administration," see 6 N.M. L. Rev. 213 (1976).
NM Stat § 58-9-3 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 9 - Trust Companies|Section 58-9-3 - Exemptions.

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 or registered public accountant in the performance of duties as such; (3) acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act; (4) acting as a trustee in bankruptcy or as a receiver; (5) holding trusts of real estate for the primary purpose of subdivision, development or sale, or to facilitate any business transaction with respect to such real estate; (6) engaging in the business of an escrow agent; (7) holding assets as trustee of a trust created for charitable purposes; (8) receiving rents and proceeds of sale as a licensed real estate broker on behalf of the principal; or (9) engaging in securities transactions as a dealer or salesman. B. Insurance companies licensed to do business in New Mexico and subject to the regulation and control of the superintendent of insurance are excluded from the provisions of the Trust Company Act. History: 1953 Comp., § 48-24-3, enacted by Laws 1973, ch. 191, § 3; 1979, ch. 190, § 2. ANNOTATIONS
NM Stat § 58-9-4 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 9 - Trust Companies|Section 58-9-4 - Certificate required; compliance with state and federal law; 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 having an established office in this state otherwise authorized under state or federal laws to engage in the trust business or a savings and loan association having its principal office in this state acting as trustee or custodian pursuant to Section 58-10-35 NMSA 1978 may engage in trust business to the extent permitted in that section without obtaining a certificate under the Trust Company Act. B. A trust company shall conduct such business in compliance with all state and federal laws, and all rules promulgated pursuant to those laws, including the Trust Company Act, the Uniform Probate Code [Chapter 45 NMSA 1978], the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978] and the Uniform Trust Code [Chapter 46A NMSA 1978]. C. A trust company shall keep all trust funds and investments separate and apart from the assets of the trust company, and all investments made by the trust company as a fiduciary shall be designated so that the trust or estate to which such investment belongs is clearly identified. History: 1953 Comp., § 48-24-4, enacted by Laws 1973, ch. 191, § 4; 1975, ch. 236, § 2; 1979, ch. 190, § 3; 2018, ch. 64, § 2. ANNOTATIONSThe 2018 amendment, effective July 1, 2018, provided additional requirements for companies engaged in trust business; in the catchline, added "compliance with state and federal law; separation of trust fund and investments"; added subsection designation "(A)"; in Subsection A, after "obtaining a certificate from the", deleted "commissioner" and added "director", after "custodian" deleted "under the provisions of" and added "pursuant to"; and added Subsections B and C. Law reviews. — For survey, "Article VII of the New Probate Code: In Pursuit of Uniform Trust Administration," see 6 N.M. L. Rev. 213 (1976). Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 11. 9 C.J.S. Banks and Banking § 15 et seq.
NM Stat § 58-9-5 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 9 - Trust Companies|Section 58-9-5 - Application for certificate; fee.

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 of one thousand dollars ($1,000), made payable to the division. No portion of the application fee shall be refunded. C. An application for a certificate shall be accompanied by an oath sworn by each proposed member of the board of directors of the trust company stating that the board member will diligently and honestly administer the affairs of the trust company and will not knowingly violate or knowingly permit to be violated any state or federal laws or any rules promulgated pursuant to those laws, including the Trust Company Act, the Uniform Probate Code [Chapter 45 NMSA 1978], the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978] or the Uniform Trust Code [Chapter 46A NMSA 1978]. The oath shall be in such form as the director prescribes and shall be certified by a notary public. D. On and after July 1, 2018, any board member newly elected or appointed to the board of directors of a trust company certified under the Trust Company Act shall, immediately upon election to the board, swear and cause to be transferred to the director the oath of a trust company board member as set forth in Subsection C of this section. History: 1953 Comp., § 48-24-5, enacted by Laws 1973, ch. 191, § 5; 2013, ch. 88, § 2; 2013, ch. 97, § 2; 2018, ch. 64, § 3. ANNOTATIONSThe 2018 amendment, effective July 1, 2018, provided additional requirements, including an oath by each member of the board of directors, to be included in an application for a certificate to engage in trust business; in Subsection B, after "made payable to the", deleted "financial institutions", and after "division", deleted "of the regulation and licensing department"; and added Subsections C and D. The 2013 amendment, effective June 14, 2013, increased the application fee; in Subsection A, after 'in such form as the", deleted "commissioner" and added "director" and after "records as the", deleted "commissioner" and added "director"; and in Subsection B, in the first sentence, after "application fee of", deleted "five hundred dollars ($500)" and added "one thousand dollars ($1,000)", and after "payable to the", deleted "financial institutions division of the regulation and licensing department". Am. Jur. 2d, A.L.R. and C.J.S. references. — 9 C.J.S. Banks and Banking § 15 et seq.
NM Stat § 58-9-6 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 9 - Trust Companies|Section 58-9-6 - Minimum capital.

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., § 48-24-6, enacted by Laws 1973, ch. 191, § 6; 1991, ch. 250, § 2; 2013, ch. 88, § 3; 2013, ch. 97, § 3; 2018, ch. 64, § 4. ANNOTATIONSThe 2018 amendment, effective July 1, 2018, revised the minimum capital requirement, removed language related to a past deadline, and made stylistic changes; added subsection designations "A." and "B."; in Subsection A, after "an applicant", added "for certification pursuant to the Trust Company Act", after "having", deleted "a paid up", and after "($500,000)", deleted "All trust companies that have been issued certificates pursuant to the Trust Company Act as of December 31, 2012 shall meet the increased paid-up capital requirement of five hundred thousand dollars ($500,000) on or before December 31, 2017." The 2013 amendment, effective June 14, 2013, increased the minimum required paid-up capital; in the first sentence, after "capital of not less than", deleted "one hundred fifty thousand dollars ($150,000)" and added "five hundred thousand dollars ($500,000)"; and added the second sentence. The 1991 amendment, effective June 14, 1991, added the second sentence and made a minor stylistic change. Am. Jur. 2d, A.L.R. and C.J.S. references. — 9 C.J.S. Banks and Banking § 629.
NM Stat § 58-9-6.1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 9 - Trust Companies|Section 58-9-6.1 - State of incorporation.

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.
NM Stat § 58-9-8 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 9 - Trust Companies|Section 58-9-8 - Procedure for granting or denying certificate.

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 are known, are qualified to be fiduciaries by character and experience and that the financial status of the stockholders, directors and officers is consistent with their responsibilities and duties as fiduciaries; for nonprofit corporations, any employee responsible for trust management shall be qualified to be a fiduciary by character and experience; (2) that the name of the proposed company is not deceptively similar to that of another trust company or bank or is not otherwise misleading; (3) that the capital and surplus are not less than the required minimum, except that this requirement shall not apply to nonprofit corporations; and (4) that there is a need for trust facilities or additional trust facilities, as the case may be, in the community where the proposed trust company is to be located. B. The director may consider and inquire into such other facts and circumstances bearing on the proposed trust company and its relation to its locality as in the director's opinion may be relevant. C. The certificate may be granted or denied without hearing, but the director may, and at the request of the applicant shall, fix a date for a hearing on the application. At the hearing, any person may be heard with reference to the facts to be investigated. History: 1953 Comp., § 48-24-8, enacted by Laws 1973, ch. 191, § 8; 1991, ch. 250, § 3; 2018, ch. 64, § 6. ANNOTATIONSThe 2018 amendment, effective July 1, 2018, required that any employee responsible for trust management for a nonprofit corporation be qualified to be a fiduciary, and made technical changes; in Subsection A, in the introductory clause, after "director", deleted "of the financial institutions division", in Paragraph A(1), after each occurrence of "directors or officers", deleted "other than directors and officers of nonprofit corporations", after "duties as fiduciaries", deleted "except that", and after "for nonprofit corporations", deleted "the" and added "any"; in Subsection B, after "The director", deleted "of the financial institutions division"; and in Subsection C, after "but the director", deleted "of the financial institutions division". The 1991 amendment, effective June 14, 1991, substituted "director of the financial institutions division" for "commissioner" in Subsections A, B and C and, in Subsection A, inserted "other than directors and officers of nonprofit corporations" in two places, added the exception at the end and made a minor stylistic change in Paragraph (1), and added the exception at the end of Paragraph (3). Am. Jur. 2d, A.L.R. and C.J.S. references. — 9 C.J.S. Banks and Banking § 15 et seq.
NM Stat § 58-9-12 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 9 - Trust Companies|Section 58-9-12 - Penalty for noncompliance.

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 first having complied with all the provisions of law relating to trust companies. All officers, directors or trustees of any corporation violating this section are guilty of a misdemeanor and shall be punished by a fine not to exceed five thousand dollars ($5,000) or imprisonment in the county jail for a definite term not exceeding one year or both. B. Any person refusing or obstructing access to the director to any books, records or papers, refusing to furnish required information or hindering a full examination of the books, accounts, papers or finances of a trust company is guilty of a misdemeanor and shall be punished by a fine not to exceed five thousand dollars ($5,000) or imprisonment in the county jail for a definite term not exceeding one year or both. History: 1953 Comp., § 48-24-12, enacted by Laws 1973, ch. 191, § 12; 2018, ch. 64, § 11. ANNOTATIONSThe 2018 amendment, effective July 1, 2018, provided penalties for hindering or obstructing an examination of any trust company records or papers or for refusing to furnish required information of a trust company; added subsection designation "A."; in Subsection A, after "It", deleted "shall be" and added "is", after "violating this section", deleted "shall be" and added "are", and after "exceeding one year or both", deleted "such fine and imprisonment"; and added Subsection B. Am. Jur. 2d, A.L.R. and C.J.S. references. — 9 C.J.S. Banks and Banking § 31.
NM Stat § 58-9-13 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 9 - Trust Companies|Section 58-9-13 - Repealed.

History: 1953 Comp., § 48-24-13, enacted by Laws 1973, ch. 191, § 13; repealed by Laws 2018, ch. 64, § 12.ANNOTATIONSRepeals. — Laws 2018, ch. 64, § 12 repealed 58-9-13 NMSA 1978, as enacted by Laws 1973, ch. 191, § 13, relating to effect on existing corporations, effective July 1, 2018. For provisions of former section, see the 2017 NMSA 1978 on NMOnesource.com.
NM Stat § 58-9-14 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 9 - Trust Companies|Section 58-9-14 - Appeals.

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, operate as a stay of the director's order. History: Laws 2018, ch. 64, § 8. ANNOTATIONSEffective dates. — Laws 2018, ch. 64, § 13 made Laws 2018, ch. 64, § 8 effective July 1, 2018.
NM Stat § 58-10-1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-1 - Short title.

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. ANNOTATIONSCompiler's notes. — The Savings and Loan Act was enacted by Laws 1967, ch. 61, §§ 1 to 101. The act is presently compiled as 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. Cross references. — For the Corporate Income Tax Act, see 7-2A-1 NMSA 1978. For disposition of unclaimed property, see Chapter 7, Article 8A NMSA 1978. For exemption of director of financial institutions division, director of securities division, and chief of savings and loan bureau from authority of superintendent of regulation and licensing, see 9-16-11 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — Promissory estoppel of lending institution based on promise to lend money, 18 A.L.R.5th 307. Exclusion from debtor status of banks and the like by § 109(b)(2) of Bankruptcy Code (11 USCS § 109(b)(2)), 87 A.L.R. Fed. 282.
NM Stat § 58-10-3 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-3 - Application for charter.

A. Application for a charter for an association may be made by five or more citizens of this state by filing with the supervisor an application consisting of: (1) four copies of the articles of incorporation for the proposed association stating: (a) the name of the association; (b) the site of the principal office; and (c) the names and addresses of the initial directors; (2) a statement as to: (a) the amount, if any, of permanent reserve fund stock which has been subscribed and paid for at the time of filing; (b) the names and addresses of such subscribers and the amount subscribed by each; (c) the amount of savings liability, if any, with which the association will commence business; and (d) the amount of paid-in surplus expense with which the association will commence business; (3) four copies of the bylaws under which the association proposes to operate; and (4) statements, exhibits, maps and other data sufficiently detailed and comprehensive to enable the supervisor to pass upon the matters set forth in the Savings and Loan Act, and such other information in regard to the proposed association and its operation as may be required by regulations of the supervisor. B. The articles of incorporation and all statements of fact filed with the supervisor in connection with the application for charter shall be subscribed and sworn to under oath or affirmation. C. A fee of two thousand five hundred dollars ($2,500) shall be paid to the supervisor for filing the application and investigation of each association to be organized under the Savings and Loan Act. History: 1953 Comp., § 48-15-47, enacted by Laws 1967, ch. 61, § 3; 1973, ch. 189, § 1. ANNOTATIONSCompiler's notes. — For meaning of "supervisor", see 58-10-2J NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 7. 9 C.J.S. Banks and Banking §§ 631, 633; 12 C.J.S. Building and Loan Associations § 22.