reglab/housing_qa huggingface dataset:
NM Stat § 58-10-21 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-21 - Qualification of directors.

The bylaws of an association may prescribe other qualifications for directors, but no person is eligible for election as a director unless he is the owner in good faith and in his own right on the books of the association, either in the form of a savings account or permanent capital stock, or a combination of both, having a value on the books of at least one thousand dollars ($1,000) which shall not be reduced by withdrawal or pledge for a loan by the association so long as the person remains a director. Any director who, after his election as such, ceases to be the owner in his own right of the necessary qualifying interest, shall cease to be a director, but no action of the board of directors shall be invalidated through the participation of such director in the action. If a director becomes ineligible under the terms of this section by reason of the exercise by the association of the right of redemption of savings accounts, he shall remain validly in office until the expiration of his term or until he otherwise becomes ineligible, whichever occurs first. Any vacancy among directors may be filled by a majority vote of the remaining directors, though less than a quorum, by electing a director to serve until the next annual meeting of members. In the event of a vacancy on the board of directors from any cause, the remaining directors have full power to continue direction of the association until the vacancy is filled. History: 1953 Comp., § 48-15-65, enacted by Laws 1967, ch. 61, § 21. ANNOTATIONSCross references. — For redemption of savings accounts, see 58-10-64 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks, §§ 78, 79. 9 C.J.S. Banks and Banking §§ 99, 104, 105; 12 C.J.S. Building and Loan Associations § 14.
NM Stat § 58-10-22 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-22 - Officers.

The officers of an association shall consist of a president, one or more vice presidents, a secretary and other officers as prescribed by the bylaws. Officers shall be elected by majority vote of the board of directors. History: 1953 Comp., § 48-15-66, enacted by Laws 1967, ch. 61, § 22. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 77 to 79. 9 C.J.S. Banks and Banking §§ 97, 98; 12 C.J.S. Building and Loan Associations § 9.
NM Stat § 58-10-24 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-24 - Meetings; voting.

The annual meeting of the members of each association shall be held each year at the time fixed in the bylaws of the association. Special meetings may be called as provided in the bylaws. Members entitled to vote at any meeting of the members are those who were members of record at the end of the calendar month next preceding the date of the meeting except those who have ceased to be members. The bylaws of an association having permanent capital stock may provide that only members who are holders of the stock are entitled to vote. In the absence of such bylaw, in the determination of all questions requiring action by the members, each member is entitled to cast one vote by virtue of his membership, plus an additional vote for each share or fraction thereof of the permanent capital stock of the association, if any, owned by the member, plus an additional vote for each one hundred dollars ($100) or fraction thereof of the withdrawal value of savings accounts, if any, held by the member, but no member shall cast more than fifty votes based upon the withdrawal value of his savings account. A loan or a savings account creates a single membership for voting purposes even though more than one person is obligated on the loan or has an interest in the savings account. Voting may be in person or by proxy. Every proxy shall be in writing and signed by the member or his attorney in fact and, when filed with the secretary, unless otherwise specified in the proxy, continues in force from year to year until a revocation in writing is delivered to the secretary or until superseded by subsequent proxies. The bylaws of each association shall specify the quorum requirements and other voting requirements for conducting business at membership meetings. History: 1953 Comp., § 48-15-68, enacted by Laws 1967, ch. 61, § 24. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 4. 9 C.J.S. Banks and Banking § 66; 12 C.J.S. Building and Loan Associations § 23.
NM Stat § 58-10-25 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-25 - Access to records.

A. Every member may inspect records of an association which pertain to his loan, permanent capital stock or savings account. Otherwise, the right of inspection and examination of the records is limited to the supervisor or his authorized representatives as provided in the Savings and Loan Act, to persons authorized to act for the association and to any state or federal instrumentality or agency authorized to inspect or examine the records of an association. Records pertaining to the accounts and loans of members shall be kept confidential by the supervisor and his representatives except where disclosure is compelled by a court of competent jurisdiction, and no member or other person shall have access to the records or be furnished or possess a partial or complete list of the members except upon express action and authority of the board of directors. Records of an association are not admissible as evidence in any proceeding concerning the validity of any tax assessment or the collection of delinquent taxes, penalties or interest except where: (1) the owner of an account is a party to the proceeding, in which case the records pertaining to the account of the party are admissible; or (2) the association itself is a party to the proceeding, in which case any record material to the proceeding is admissible. B. If any member or members desire to communicate with the other members of the association with reference to any question pending or to be presented for consideration at a meeting of the members, the association shall furnish, upon request, a statement of the approximate number of members of the association at the time of the request and an estimate of the cost of forwarding the communication. The requesting member or members shall then submit the communication to the supervisor who, if he finds it to be appropriate, truthful and in the best interests of the association and all its members, shall execute a certificate setting out such findings, forward the certificate and the communication to the association and direct that the communication be prepared and mailed by the association to the members upon the requesting member's or members' payment to it of the expenses of preparation and mailing. History: 1953 Comp., § 48-15-69, enacted by Laws 1967, ch. 61, § 25. ANNOTATIONSCross references. — For requirement of confidentiality by the supervisor, see 58-10-74 NMSA 1978. For audits and examinations by the supervisor, see 58-10-76, 58-10-77 NMSA 1978. 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 §§ 67, 68. Purposes for which stockholder may exercise right to examine corporate books and records, 15 A.L.R.2d 11. 9 C.J.S. Banks and Banking § 79.
NM Stat § 58-10-26 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-26 - Records.

Every association shall keep correct and complete books of account and minutes of the meetings of members and directors. History: 1953 Comp., § 48-15-70, enacted by Laws 1967, ch. 61, § 26. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 18. 9 C.J.S. Banks and Banking §§ 8, 9.
NM Stat § 58-10-27 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-27 - Misdescription of assets.

No association shall, directly or indirectly, by any system of account or any device of bookkeeping, knowingly enter any of its assets upon its books in the name of any other person, partnership, association or corporation or under any title or designation that is not truly descriptive of the assets. History: 1953 Comp., § 48-15-71, enacted by Laws 1967, ch. 61, § 27. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 232, 237. 9 C.J.S. Banks and Banking §§ 288, 290, 292, 301, 302, 303, 305, 306, 313, 336, 341.
NM Stat § 58-10-28 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-28 - Charging off or setting up reserves against bad assets.

After a determination of value, the supervisor may order that assets in the aggregate, to the extent that the assets exceed appraised value, be charged off, or that a special reserve or reserves equal to the depreciation in value be set up by transfers from surplus, undivided profits or reserves. History: 1953 Comp., § 48-15-72, enacted by Laws 1967, ch. 61, § 28. ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978. Special reserves. — Net worth of a savings and loan association as defined by Section 58-10-2 NMSA 1978 does not include special reserves established pursuant to Section 58-10-28 NMSA 1978, 1982 Op. Att'y Gen. No.82-19. Special reserves included in net worth. — The special reserves provided for in this section are to be included in the net worth of a savings and loan association, as net worth is defined by Section 58-10-2 NMSA 1978. 1968 Op. Att'y Gen. No. 68-56 (overruled by 1982 Op. Att'y Gen. No. 82-19). Reserves are an appropriation or a segregation of surplus. 1968 Op. Att'y Gen. No. 68-56 (overruled by 1982 Op. Att'y Gen. No. 82-19). Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 404, 405, 411. 9 C.J.S. Banks and Banking § 402.
NM Stat § 58-10-29 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-29 - Membership records.

Every association shall maintain membership or stockholder records which show the name and address of each member, the status of each member as a savings account holder, a stockholder or an obligor and the date of his membership. History: 1953 Comp., § 48-15-73, enacted by Laws 1967, ch. 61, § 29.
NM Stat § 58-10-30 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-30 - Financial statement.

Every association shall prepare and publish in January of each year, in a newspaper of general circulation in the county in which the principal office of the association is located, a statement of its financial condition in the form prescribed or approved by the supervisor as of the last business day of December of the preceding year. History: 1953 Comp., § 48-15-74, enacted by Laws 1967, ch. 61, § 30. ANNOTATIONSCross references. — 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 § 18. 9 C.J.S. Banks and Banking § 737.
NM Stat § 58-10-31 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-31 - Annual reports; other reports.

On or before January 31 each year, every association shall make a written report to the supervisor, upon a form prescribed and furnished by the supervisor, of its affairs and operations, including a complete statement of its financial condition along with a statement of income and expense since its last previous similar report, for the twelve months ending on the last business day of December of the previous year. The report shall be signed by the president, vice president or secretary. History: 1953 Comp., § 48-15-75, enacted by Laws 1967, ch. 61, § 31. ANNOTATIONSCross references. — 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 § 237. 9 C.J.S. Banks and Banking § 27.
NM Stat § 58-10-32 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-32 - Power to borrow.

No association shall borrow more money than an aggregate amount equal to fifty percent of its withdrawable savings on the date of borrowing, except that the supervisor may grant immediate authority to exceed this limit for the sole purpose of meeting withdrawals. History: 1953 Comp., § 48-15-76, enacted by Laws 1967, ch. 61, § 32. ANNOTATIONSCross references. — 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 §§ 289, 290. 9 C.J.S. Banks and Banking § 604; 12 C.J.S. Building and Loan Associations § 52.
NM Stat § 58-10-33 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-33 - General corporate powers.

Every association incorporated pursuant to, or operating under, the provisions of the Savings and Loan Act has all powers authorized by the corporation laws of this state, is a body corporate and politic, may sue and be sued, may have a common seal which it may alter at pleasure and has all other powers incident to, or necessary for, the purpose of properly carrying on its business. History: 1953 Comp., § 48-15-77, enacted by Laws 1967, ch. 61, § 33. ANNOTATIONSCross references. — For the New Mexico general corporation laws, see Chapter 53 NMSA 1978. Purchase of one association's assets by another permitted. — A New Mexico state chartered savings and loan association may purchase the assets, which include branch offices located more than 100 miles from the purchasing association's principal office, and assume the liabilities, of another state chartered savings and loan association. 1982 Op. Att'y Gen. No. 82-13. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 270 to 335. 9 C.J.S. Banks and Banking §§ 230, 231; 12 C.J.S. Building and Loan Associations § 6.
NM Stat § 58-10-34 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-34 - Fiscal agent.

Any association may act as fiscal agent of the United States and, when so designated by the secretary of the treasury, shall perform under regulations he may require, and may act as agent for any instrumentality of the United States. History: 1953 Comp., § 48-15-78, enacted by Laws 1967, ch. 61, § 34. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 9 C.J.S. Banks and Banking §§ 665, 749 et seq.; 12 C.J.S. Building and Loan Associations § 9.
NM Stat § 58-10-35 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-35 - Powers under federal law.

A. Any association insured by the federal savings and loan insurance corporation, or any federal association, insofar as its charter and applicable state and federal laws, rules and regulations permit, may, upon application to and approval by the supervisor, act as trustee or custodian of any trust created or organized in the United States and forming part of a stock bonus, pension or profit-sharing plan which qualifies or qualified for specific tax treatment under Section 401(d) or Section 408(a) of the Internal Revenue Code of 1954, as amended. B. Any association in relation to any funds held in a fiduciary capacity pursuant to this section: (1) shall segregate such funds from its general assets; (2) shall keep a separate set of books and records detailing all transactions involving such funds; (3) may commingle such funds for appropriate investment purposes but individual records shall be kept by the fiduciary for each participant and shall show in proper detail all transactions; and (4) shall invest such funds only in its savings accounts or deposits in the association. No association shall use in the conduct of its business any funds held in a fiduciary capacity pursuant to this section. C. In considering any application made pursuant to this section, the supervisor shall examine the investment policies, amount, type and adequacy of reserves, fidelity bonds and any legally required deposits of the applicant, and other pertinent facts and circumstances, and may grant or refuse the application accordingly. History: 1953 Comp., § 48-15-79, enacted by Laws 1967, ch. 61, § 35; 1971, ch. 242, § 1; 1975, ch. 236, § 1. ANNOTATIONSCross references. — For Section 401(d) and 408(a) of the Internal Revenue Code of 1954, see 26 U.S.C. §§ 401(d) and 408(a). Cross references. — 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 §§ 220 to 231. 9 C.J.S. Banks and Banking § 671; 12 C.J.S. Building and Loan Associations § 49.
NM Stat § 58-10-36 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-36 - Original real estate loans.

Every association may make real estate loans to members, secured by a mortgage, deed of trust or other instrument creating or constituting a first and prior lien on the real estate, and may make additional real estate loans secured by liens subsequent to its own first lien upon the same property. Additional security may also be taken by the association in connection with any such loan. History: 1953 Comp., § 48-15-80, enacted by Laws 1967, ch. 61, § 36. ANNOTATIONSCross references. — For provisions relating to money, interest and usury, see 56-8-1 to 56-8-30 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 282 to 284. Recoverability of compensatory damages for mental anguish or emotional distress for breach of contract to lend money, 52 A.L.R.4th 826. 9 C.J.S. Banks and Banking § 606.
NM Stat § 58-10-37 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-37 - Dealing in real estate loans.

Every association may purchase real estate loans upon security of the same character against which the association may make an original loan and also may lend money on the security of such real estate loans. History: 1953 Comp., § 48-15-81, enacted by Laws 1967, ch. 61, § 37. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 282 to 284. 9 C.J.S. Banks and Banking § 606; 12 C.J.S. Building and Loan Associations § 65.
NM Stat § 58-10-38 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-38 - Participation with others in real estate loans.

A. Subject to the requirements of any regulations of the supervisor, every association may: (1) participate with other lenders in real estate loans of any type that the association could originate; (2) sell, but only without recourse, any real estate loan it holds or any participating interest therein; and (3) service any real estate loans sold by it. B. No association shall participate in the making of a loan pursuant to the approval granted in this section or purchase a participation in a loan beyond the association's regular lending area pursuant to this approval if the resulting aggregate amount of the institution's investments made pursuant to this approval would exceed forty percent of the association's assets. As used in this subsection, "loan" and "investments" do not include or apply to any loan as to which the institution has, with respect to such loan or its participation therein, the benefit of any insurance or guaranty or commitment for insurance or guaranty under any law of the United States. History: 1953 Comp., § 48-15-82, enacted by Laws 1967, ch. 61, § 38. ANNOTATIONSCross references. — 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 §§ 282 to 284. 9 C.J.S. Banks and Banking § 606.
NM Stat § 58-10-40 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-40 - Advances to protect security.

Any association may pay taxes, assessments, supplemental abstract or title search charges, insurance premiums and other similar charges for the protection of its interests in properties securing its real estate loans, which advances may be carried on its books as an asset of the association and for which it may charge and collect interest, or the advances may be added to the unpaid balance of the loan as of the first day of the month in which the advances are made. All such advances constitute a valid lien against the real estate securing the loan for which they were made. An association may require borrowers to pay monthly, in advance, in addition to interest or interest and principal, the equivalent of one-twelfth of the estimated annual taxes, assessments, insurance premiums and other charges upon the real estate securing any loan, or any of these charges, so as to enable the association to pay them as they become due from the funds so received. The amount of the monthly charges may be increased or decreased as necessary for their payment. An association may carry such funds in trust in an account or may credit them to the indebtedness and advance the money for taxes, insurance and other charges as they come due. Every association shall keep a record of the payment by the association of taxes, assessments and insurance premiums on all real estate securing its loans and on all real and personal property owned by it. History: 1953 Comp., § 48-15-84, enacted by Laws 1967, ch. 61, § 40. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 693. Power of bank officer respecting security or collateral held by bank, 11 A.L.R.2d 1305. Rights in funds representing "escrow" payments made by mortgagor in advance to cover taxes or insurance, 50 A.L.R.3d 697. 9 C.J.S. Banks and Banking §§ 470, 611, 613; 12 C.J.S. Building and Loan Associations § 65.