reglab/housing_qa huggingface dataset:
NM Stat § 58-11-40 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-40 - Dividends and interest.

A. Periodically, and after provision for the required reserves, the board of directors may declare, dividends to be paid on share accounts and membership shares. Dividends may be paid from the credit union's undivided earnings; provided, no such payment shall result in or increase a debit balance in the undivided earnings account. B. Dividends may be paid at various rates with due regard to the conditions that pertain to each type of account, such as minimum balance, notice and time requirements. C. Dividends need not be paid on membership shares, but if such a dividend is paid, it shall be added to the membership share held by each member. D. A credit union may receive payments on deposit accounts from its members and other credit unions subject to such terms, rates and conditions as the board of directors establishes. E. Interest may be paid on deposit accounts at various rates with due regard to the conditions that pertain to each type of account, such as minimum balance, notice and time requirements. History: Laws 1987, ch. 311, § 40; 1997, ch. 195, § 28. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, substituted "Periodically" for "At intervals and for periods, the board of directors may authorize" at the beginning of Subsection A.
NM Stat § 58-11-41 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-41 - Withdrawals.

A. Funds in share accounts and deposit accounts may be withdrawn for payment to the account holder or to third parties, in a manner and in accordance with procedures established by the board of directors subject to any regulations or orders the director prescribes. B. Share accounts and deposit accounts shall be subject to any withdrawal notice requirement which is imposed pursuant to the bylaws; however, in the case of shares, not more than sixty days, and in the case of deposits, not more than thirty days notice may be required. C. A membership share may not be redeemed or withdrawn except upon termination of membership in the credit union. History: Laws 1987, ch. 311, § 41. ANNOTATIONSLaws 1997, ch. 195, § 42 repeals Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-42 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-42 - Accounts of minors.

Payments on share accounts and deposit accounts may be received from a minor who may withdraw funds from those accounts, including the dividends and interest thereon. Payments on share accounts and deposit accounts by a minor and withdrawal by the minor shall be valid in all respects. For such purposes a minor is deemed of full age. History: Laws 1987, ch. 311, § 42. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-43 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-43 - Joint accounts.

A. A member may designate any person to own a share account or deposit account in joint tenancy with the right of survivorship, as a tenant in common or under any other form of joint ownership permitted by law, but no co-owner, unless also a member in his own right, shall be permitted to vote, obtain loans, hold office or be required to pay a membership fee. B. Payment of part or all of those accounts to any of the co-owners shall, to the extent of such payment, discharge the liability to all unless the account agreement contains a prohibition. History: Laws 1987, ch. 311, § 43; 1997, ch. 195, § 29. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, in Subsection A, deleted "with him" following "deposit account" and inserted "also" preceding "a member in his".
NM Stat § 58-11-44 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-44 - Trust accounts.

A. Share accounts and deposit accounts may be owned by a member in trust for a beneficiary or owned by a non-member in trust for a beneficiary who is a member. B. Beneficiaries may be minors, but no beneficiary, unless a credit union member, shall be permitted to vote, obtain loans, hold office or be required to pay a membership fee. C. Payment of part or all of a trust account to the party in whose name the account is held shall, to the extent of that payment, discharge the liability of the credit union to that party and to the beneficiary, and the credit union shall be under no obligation to see to the application of that payment. D. In the event of the death of the party who owns a trust account, if the credit union has been given no other written notice of the existence or terms of any trust and has not received a court order as to disposition of the account, account funds and any dividends or interest thereon shall be paid to the beneficiary. History: Laws 1987, ch. 311, § 44; 1991, ch. 51, § 13; 1997, ch. 195, § 30. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, substituted "credit union member" for "in his own right" in Subsection B. The 1991 amendment, effective July 1, 1991, substituted "or all" for "of all" in Subsection C.
NM Stat § 58-11-45 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-45 - Payable-on-death accounts.

Notwithstanding any other provision of law, a credit union may establish share accounts and deposit accounts payable to one or more persons during their lifetimes and on the death of all of them to one or more payable-on-death payees. Any transfer to a payable-on-death payee is effective by reason of the account contract and shall not be considered to be a testamentary transfer. History: Laws 1987, ch. 311, § 45. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-46 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-46 - Liens.

A credit union shall have a lien on the membership shares, share accounts and deposit accounts and accumulated dividends and interest of a member's individual, joint or trust account for any sum owed the credit union from that member or for any extension of credit endorsed or guaranteed by him. A credit union may refuse to allow withdrawals and shall have a right of immediate set-off with respect to every such account. The board of directors or any person or committee to which it has delegated the authority to extend credit may waive the credit union's rights to a lien, to immediate set-off, to restrict withdrawals or to any combination of those rights with respect to any share or deposit account or groups of those accounts. History: Laws 1987, ch. 311, § 46; 1997, ch. 195, § 31. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, in the first sentence, substituted "member's" for "member in his" preceding "individual" and substituted "any extension of credit" for "any loan" preceding "endorsed", and, in the third sentence, substituted "The board of directors or any person or committee to which it has delegated the authority to extend credit" for "The credit committee, credit manager or loan officer".
NM Stat § 58-11-47 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-47 - Dormant accounts.

A. If there has been no activity in a share or deposit account for one year, except for the posting of dividends or interest, the credit union may impose a reasonable maintenance fee as provided in the bylaws. B. Any account presumed abandoned shall be disposed of in accordance with the Uniform Disposition of Unclaimed Property Act [Uniform Unclaimed Property Act (1995), 7-8A-30 NMSA 1978]. History: Laws 1987, ch. 311, § 47. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not a part of the law. Repeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-48 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-48 - Share and deposit insurance.

A. Before the organizers of a credit union submit the organizational documents to the director under Section 58-11-10 NMSA 1978, they shall apply for insurance of share accounts and deposit accounts by the national credit union administration's share insurance fund or, alternatively, for insurance from an insuring organization approved by the director. Any membership share issued by a credit union shall be excluded from the requirement for insurance. B. A credit union that has been denied or has lost its commitment for that insurance or that has been notified of cancellation of that insurance shall within thirty days commence steps to either liquidate or merge with an insured credit union. C. No credit union shall commence business unless such credit union has obtained insurance of its share accounts and deposit accounts. D. The director shall make available reports of condition and examination findings to the national credit union administration or to the appropriate insuring organization and may accept any report of examination made on behalf of such organization. History: Laws 1987, ch. 311, § 48; 1997, ch. 195, § 32. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, substituted "Section 58-11-10 NMSA 1978" for "Section 10 of the Credit Union Regulatory Act" in the first sentence of Subsection A and made minor stylistic changes in Subsections A and B.
NM Stat § 58-11-50 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-50 - Insurance for members.

A credit union may purchase or make available insurance for its members either on an individual or group basis, subject to the insurance laws of this state and the rules and regulations established by the superintendent of insurance. History: Laws 1987, ch. 311, § 50. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-51 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-51 - Liability and fidelity insurance for officials and 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 was serving at the request of the credit union as a director, committee member, executive officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against that person and incurred by that person in any such capacity or arising out of that person's status whether or not the credit union would have the power to indemnify that person against such liability; provided, a credit union shall not provide for the indemnification of personnel who are adjudged guilty of or liable for willful misconduct, gross neglect of duty or criminal acts. History: Laws 1987, ch. 311, § 51; 1991, ch. 51, § 15; 2003, ch. 28, § 10. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 2003 amendment, effective June 20, 2003, in the section heading, inserted "and fidelity" following "Liability" and inserted "and employees" at the end; in the first sentence in the section text, substituted "shall, unless otherwise specified by the director" for "may" near the beginning, inserted "liability and fidelity" following "purchase and maintain" near the beginning and inserted "coverage" following "insurance" near the middle. The 1991 amendment, effective July 1, 1991, inserted "committee member, executive" twice near the beginning of the section. Am. Jur. 2d, A.L.R. and C.J.S. references. — Who is an "Executive Officer" of insured within meaning of liability insurance policy, 1 A.L.R.5th 132. Validity, construction, and effect of "regulatory exclusion" in directors' and officers' liability insurance policy, 21 A.L.R.5th 292.
NM Stat § 58-11-52 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-52 - Group purchasing.

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, and in accordance with any applicable laws. A credit union may be compensated for services so provided. History: Laws 1987, ch. 311, § 52. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-53 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-53 - Money-type instruments.

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 providing of services through service facilities, including automated terminal machines, and for such other purposes as may provide benefit or convenience to its members. A credit union may charge reasonable fees for those services. History: Laws 1987, ch. 311, § 53; 1991, ch. 51, § 16; 1997, ch. 195, § 34; 2003, ch. 28, § 11. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 2003 amendment, effective June 20, 2003, inserted "other persons within the credit union's field of membership and in connection with" following "for its members and" near the middle of the section. The 1997 amendment, effective July 1, 1997, inserted "service facilities, including" preceding "automated terminal" in the first sentence. The 1991 amendment, effective July 1, 1991, in the first sentence inserted "for its members".
NM Stat § 58-11-54 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-54 - Retirement accounts.

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 individuals and pension funds of a company or organization whose employees or members are eligible for membership in the credit union. History: Laws 1987, ch. 311, § 54. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-55 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-55 - Trust authority.

A credit union may accept, administer and execute trusts pursuant to prior approval by the director. History: Laws 1987, ch. 311, § 55. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-57 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-57 - Repealed.

ANNOTATIONSRepeals. — 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 provisions, see 58-11-57.1 NMSA 1978.
NM Stat § 58-11-57.1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-57.1 - Capitalization and reserves.

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. ANNOTATIONSEffective dates. — Laws 2003, ch. 28, contains no effective date provision, but, pursuant to N.M. Const., art IV, § 23, is effective on June 20, 2003, 90 days after adjournment of the legislature.
NM Stat § 58-11-60 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-60 - Conversion.

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 States or of any other state may convert to a credit union organized under the laws of this state. To effect such a conversion, a credit union shall comply with all of the requirements of the jurisdiction under which it was originally organized, the requirements provided for in the Credit Union Act and other requirements determined by the director, and file proof of such compliance with the director. C. A bank, savings and loan company or other financial institution that is not a credit union may be converted to a credit union organized pursuant to the Credit Union Act. To effect such a conversion, the converting financial institution shall file proof of compliance with all of the requirements of the jurisdiction under which it was originally organized, the provisions of the Credit Union Act and other requirements determined by the director. D. A credit union organized pursuant to the Credit Union Act may be converted to a bank, savings and loan company or other financial institution. To effect such a conversion, the converting credit union shall comply with all the requirements of the jurisdiction in which it will be organized, including any rules issued by the appropriate regulating agency and other requirements determined by the director. History: Laws 1987, ch. 311, § 60; 2003, ch. 28, § 13. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 2003 amendment, effective June 20, 2003, added "the requirements provided for in the Credit Union Act and other requirements determined by the director," following "was originally organized," near the end of Subsection B; and added Subsections C and D.
NM Stat § 58-11-61 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-61 - Taxation.

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 transferred from one member to another. C. The participation by a credit union in any government program providing unemployment, social security, old age pension or other benefits shall not be deemed a waiver of the tax exemptions granted by this section. History: Laws 1987, ch. 311, § 61; 1997, ch. 195, § 39. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act" near the beginning of Subsection A and substituted "granted by this section" for "hereby granted" at the end of Subsection C.
NM Stat § 58-11-62 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-62 - Criminal liability.

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 whether by alteration, false entry, omission or otherwise; B. signs, issues, publishes or transmits to a government agency any book of account, report, statement, record or other document which he knows to be false; C. by means of deceit, obtains a signature to a writing which is a subject of forgery; D. with intent to deceive, destroys any credit union book of account, statement, record or other document; or E. divulges any information not lawfully required or specifically permitted concerning the affairs of the credit union or any member thereof which he has obtained solely by virtue of his position with the credit union and which information causes harm to the credit union or member. History: Laws 1987, ch. 311, § 62; 1991, ch. 51, § 20. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1991 amendment, effective July 1, 1991, in the introductory paragraph substituted "executive officer, director, committee member" for "officer, director" and corrected a misspelling in Subsection D.
NM Stat § 58-11-63 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-63 - Slander; libel.

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. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-64 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-64 - Repealed.

ANNOTATIONSRepeals. — 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.