reglab/housing_qa huggingface dataset:
NM Stat § 58-10-41 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-41 - Charges for real estate loans.

Every association may require borrowing members to pay all reasonable expenses incurred in connection with the making, maintenance, closing, disbursing, extending, readjusting or renewing of real estate loans, which charges may be collected by the association from the borrower and retained by it or paid to any persons, including any director, officer or employee of the association rendering services in connection therewith, or paid directly by the borrower. In addition, any association may charge premiums for making such loans as well as penalties for prepayments or late payments. No director, officer or employee of an association shall receive any fee or other compensation of any kind in connection with procuring any loan for an association except for services actually rendered as provided in this section. A loan settlement statement shall be furnished by or on behalf of the association to each borrower upon the closing of every real estate loan, indicating in detail the expenses, fees and charges the borrower has paid or obligated himself to pay to the association or to any other person in connection with the loan. A copy of the statement shall be retained in the records of the association. History: 1953 Comp., § 48-15-85, enacted by Laws 1967, ch. 61, § 41. ANNOTATIONSCross references. — For the limits on commissions for securing loans, see 56-8-7, 56-8-8 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 110 to 120. Construction and application of 18 U.S.C.S. § 213 punishing acceptance of loan or gratuity by bank examiner, 19 A.L.R. Fed. 340. 9 C.J.S. Banks and Banking §§ 461, 462.
NM Stat § 58-10-42 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-42 - Insured and guaranteed loans.

Any association may make, without regard to any loan limitations or restrictions otherwise imposed by the Savings and Loan Act, any loan, secured or unsecured, which is insured or guaranteed in any manner and in any amount by the United States or any instrumentality thereof. History: 1953 Comp., § 48-15-86, enacted by Laws 1967, ch. 61, § 42. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 420. 9 C.J.S. Banks and Banking § 605.
NM Stat § 58-10-43 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-43 - Loans on security of savings accounts.

Any association may make loans on the sole security value of the accounts owned or otherwise pledged for or by the borrower. No such loan shall be made when an association has applications for withdrawal filed which have not been reached for payment. History: 1953 Comp., § 48-15-87, enacted by Laws 1967, ch. 61, § 43. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 684, 686. 9 C.J.S. Banks and Banking § 466.
NM Stat § 58-10-45 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-45 - Investment in securities.

A. Every association may invest in: (1) obligations of, or guaranteed as to principal and interest by, the United States or this state; (2) stock of a federal home loan bank of which it is eligible to be a member, and in any obligations or consolidated obligations of any federal home loan bank or banks; (3) stock or obligations of the federal savings and loan insurance corporation; (4) stock or obligations of a federal national mortgage association or any successor or successors thereto; (5) demand, time or savings deposits with any bank or trust company, the deposits of which are insured by the federal deposit insurance corporation; (6) stock or obligations of any corporation or agency of the United States or this state, or in deposits therewith to the extent that the corporation or agency assists in furthering or facilitating the association's purposes or power; (7) insured savings accounts of any association; (8) bonds, notes or other evidences of indebtedness which are a general obligation of any municipality, county, school district or other political subdivision of this state; and (9) capital stock obligations or other securities of any service corporation organized under the laws of this state, if the entire capital stock of the corporation is available for purchase only by financial institutions of this state, federal savings and loan associations and national banks having their home offices in this state. No association may make any such investment in this state if its aggregate outstanding investment, determined as prescribed by the supervisor, would thereupon exceed one percent of its assets. B. Securities owned by an association shall be carried on its books at no more than the actual cost thereof. C. Nothing in the Savings and Loan Act denies to an association the right to invest its funds, operate a business, manage or deal in property or take any other action over whatever period of time may be reasonably necessary to avoid loss on a loan or investment made, or an obligation created, in good faith. History: 1953 Comp., § 48-15-89, enacted by Laws 1967, ch. 61, § 45. ANNOTATIONSCross references. — For definition of "service corporation", see 58-10-2I NMSA 1978. For municipal housing bonds being legal investments, see 3-45-24 NMSA 1978. For meaning of "supervisor", see 58-10-2J NMSA 1978. State chartered banks and savings and loan associations are permitted to invest in mutual funds. 1987 Op. Att'y Gen. No. 87-04. Mutual funds may not be pledged as collateral for deposits of public funds. 1987 Op. Att'y Gen. No. 87-04. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 296. 9 C.J.S. Banks and Banking § 606.
NM Stat § 58-10-46 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-46 - Acquisition of real property.

A. An association may own real property upon which any facility used in connection with the operation of the association is or will be located. The supervisor may order that any property be sold which cannot reasonably be expected to be used as a future location. B. An association may acquire or hold real property for the purpose of investment, development or improvement up to an aggregate value not to exceed five percent of its total assets. History: 1953 Comp., § 48-15-90, enacted by Laws 1967, ch. 61, § 46. 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 §§ 279 to 284. 9 C.J.S. Banks and Banking § 237; 12 C.J.S. Building and Loan Associations § 50.
NM Stat § 58-10-47 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-47 - Investment in office buildings.

An association shall not invest more in office buildings, sites and parking, than an amount equal to the net worth of the association. History: 1953 Comp., § 48-15-91, enacted by Laws 1967, ch. 61, § 47. ANNOTATIONSOutstanding capital debentures not used to satisfy net worth requirements. — Outstanding capital debentures or notes may not be used to satisfy the net worth requirements of Section 58-10-47 NMSA 1978, or any other section of the Savings and Loan Act except for Section 58-10-68 NMSA 1978, which is for the purpose of computing an association's reserve requirements. In that event, they are to be treated as capital. 1975 Op. Att'y Gen. No. 75-53. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 71, 205. 9 C.J.S. Banks and Banking § 237; 12 C.J.S. Building and Loan Associations § 50.
NM Stat § 58-10-48 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-48 - Valuation of real property of an association.

No association shall carry any real estate on its books at a sum in excess of the total amount invested by the association on account of the real estate, including advances, costs and improvements. Any association selling real estate under a contract of sale may carry the amount due the association under terms of the contract as an asset upon its books, but at no time shall the contract be considered as having an asset value greater in amount than the remaining principal balance of the contract, or greater in amount than the value at which the property so sold was permitted to be carried upon the books of the association. History: 1953 Comp., § 48-15-92, enacted by Laws 1967, ch. 61, § 48. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 102. 9 C.J.S. Banks and Banking § 740 et seq.
NM Stat § 58-10-49 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-49 - Appraisals of real estate owned.

Every association shall appraise every parcel of real estate at the time of acquisition and upon completion of any permanent improvements. The report of the appraisal shall be in writing and kept in the records of the association. History: 1953 Comp., § 48-15-93, enacted by Laws 1967, ch. 61, § 49. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 102. 9 C.J.S. Banks and Banking § 740 et seq.
NM Stat § 58-10-50 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-50 - Powers and privileges of association.

Notwithstanding any other provision of the Savings and Loan Act, every company, association or corporation licensed under the provisions of the savings and loan laws of this state whose accounts are insured by the federal savings and loan insurance corporation or its successor, and which is a member of a federal home loan bank or its successor, shall possess in addition to the rights, powers, privileges, immunities and exceptions provided by the Savings and Loan Act, such additional rights, powers, privileges, immunities and exceptions which the supervisor may grant, extend and provide for by regulations promulgated pursuant to the provisions of Sections 58-10-72 and 58-10-73 NMSA 1978; provided, however, that every such additional right, power, privilege, immunity and exception so granted, extended and provided for by the supervisor are [is] also possessed by federally chartered associations at the time such regulation is promulgated. Provided, further, that the supervisor shall also adopt regulations controlling the aforesaid state associations to the same extent that federally chartered associations are controlled in those instances where state regulations are less restrictive than federal regulations. History: 1953 Comp., § 48-15-94, enacted by Laws 1967, ch. 61, § 50; 1973, ch. 220, § 1. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not a part of the law. Cross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978. State and federal regulations need not be identical. — A state emergency regulation was not invalid, even though it sought to restrict state chartered savings and loan associations from making loans on timeshares at a time when similar loans were authorized by institutions chartered by the federal government. The regulatory provisions of the state and federal government need not be identical or in agreement with each other. State v. Grissom, 1987-NMCA-123, 106 N.M. 555, 746 P.2d 661, cert. denied, 106 N.M. 439, 744 P.2d 912. State chartered banks and savings and loan associations are permitted to invest in mutual funds. 1987 Op. Att'y Gen. No. 87-04. Mutual funds may not be pledged as collateral for deposits of public funds. 1987 Op. Att'y Gen. No. 87-04. Section controls limitations in Section 58-10-17 NMSA 1978. — The prefatory clause of this section "notwithstanding any other provision of the Savings and Loan Act" resolves any possible conflict between this section and Section 58-10-17 NMSA 1978 and accords primacy to this section. Thus, notwithstanding the limitations expressed by Section 58-10-17 NMSA 1978, the provisions of this section are controlling. 1971 Op. Att'y Gen. No. 71-77. See also 1972 Op. Att'y Gen. No. 72-68. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 275, 282. 9 C.J.S. Banks and Banking §§ 669, 670; 12 C.J.S. Building and Loan Associations § 49.
NM Stat § 58-10-51 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-51 - Limitation on savings accounts.

There is no limit on the number and value of savings accounts an association may accept unless limits are fixed by its board of directors or by Section 67 [58-10-68 NMSA 1978] of the Savings and Loan Act. Any association may refuse to accept deposits as it deems advisable. History: 1953 Comp., § 48-15-95, enacted by Laws 1967, ch. 61, § 51. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 4. 9 C.J.S. Banks and Banking § 7.
NM Stat § 58-10-52 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-52 - Uninsured accounts; notice.

Within thirty days following the effective date of this section, each savings and loan association subject to the provisions of the Savings and Loan Act, including specifically those associations established or approved prior to the effective date of the Savings and Loan Act, whose accounts are not insured with the federal savings and loan insurance corporation, an agency of this state or another federal agency established for the purpose of insuring savings accounts in associations, or with any other insurer approved by the savings and loan supervisor and meeting the qualifications prescribed in Section 58-10-12 NMSA 1978, shall give a written notice to each new member opening a savings account prior to accepting the first deposit from said new member, that its accounts are not insured and shall continually maintain at each place of business at which deposits are received a sign in a conspicuous place giving notice that its accounts are not insured. The sign shall be in such form and of such size as the supervisor shall prescribe by regulation. History: 1953 Comp., § 48-15-95.1, enacted by Laws 1972, ch. 62, § 1. ANNOTATIONSEffective dates. — Laws 1967, ch. 61, § 101 made the Savings and Loan Act effective July 1, 1967. Cross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.
NM Stat § 58-10-53 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-53 - Insurance of accounts; failure to obtain or maintain.

A. Any association subject to the provisions of the Savings and Loan Act, including specifically those associations established or approved prior to the effective date of the Savings and Loan Act, which on January 1, 1979, has not obtained insurance of its accounts with the federal savings and loan insurance corporation, an agency of this state or another federal agency established for the purpose of insuring accounts in associations, shall furnish proof to the supervisor prior to June 30, 1979, that it has: (1) obtained insurance of its accounts in one of the manners specified above; (2) become a federal savings and loan association; (3) merged with an existing insured savings and loan association, state or federal; or (4) entered into voluntary liquidation. B. If it appears to the supervisor that any association, so uninsured as of January 1, 1979, has failed to accomplish one of the prescribed four steps in Subsection A of this section prior to June 30, 1979, the supervisor shall, after hearing, proceed to take possession of the association pursuant to the provisions of Section 58-10-85 NMSA 1978 and may liquidate the association pursuant to the provisions of Section 58-10-85 NMSA 1978. Likewise, if it appears at any time that any association, the accounts of which are insured, has failed to maintain its insurance, the supervisor shall, after hearing, proceed to take possesssion [possession] of the association pursuant to the provisions of Section 58-10-85 NMSA 1978 and may liquidate the association pursuant to the provisions of Section 58-10-85 NMSA 1978. History: 1953 Comp., § 48-15-95.2, enacted by Laws 1976, ch. 57, § 2. ANNOTATIONSEffective dates. — Laws 1967, ch. 61, § 101 made the Savings and Loan Act effective July 1, 1967. 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 § 230. 9 C.J.S. Banks and Banking §§ 671, 749 et seq.
NM Stat § 58-10-54 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-54 - Who may open a savings account.

Investments in savings accounts may be made only in cash and may be made by any person in his own right or in a trust or other fiduciary capacity and by any partnership, association, corporation [or] federal entities which are authorized to open such savings accounts, subject to any limitation fixed by the board of directors or the association's refusal to accept deposits. History: 1953 Comp., § 48-15-96, enacted by Laws 1967, ch. 61, § 52. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not a part of the law. Cross references. — For procedures governing administrative appeals to the district court, see Rule 1-074 NMRA. Compiler's notes. — For scope of review of the district court, see Zamora v. Village of Ruidoso Downs, 120 N.M. 778, 907 P.2d 182 (1995). Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 4. 9 C.J.S. Banks and Banking § 609.
NM Stat § 58-10-55 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-55 - Savings contracts.

Each holder of a savings account shall execute a savings contract, the form of which is subject to approval of the supervisor, setting forth any special terms and provisions applicable to the account and the conditions upon which withdrawals may be made not inconsistent with the provisions of the Savings and Loan Act. The savings contract shall be held by the association as part of its records pertaining to the account. History: 1953 Comp., § 48-15-97, enacted by Laws 1967, ch. 61, § 53. ANNOTATIONSCross references. — For withdrawals from savings accounts, see 58-10-63 NMSA 1978. 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 § 416. Effect, on bank depositor's rights and those of bank, of printed rules in passbook not expressly accepted, 60 A.L.R.2d 708. 9 C.J.S. Banks and Banking § 605.
NM Stat § 58-10-56 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-56 - Evidence of account ownership.

As evidence of each savings account, the association shall issue to the holder of the account either an account book or a certificate. History: 1953 Comp., § 48-15-98, enacted by Laws 1967, ch. 61, § 54. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 347 to 350. Certificate of deposit as "security" under federal securities laws, 82 A.L.R. Fed. 553. 9 C.J.S. Banks and Banking § 740 et seq.
NM Stat § 58-10-57 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-57 - Transfer of savings accounts.

Savings accounts are transferrable [transferable] only on the books of the association upon presentation of evidence of transfer satisfactory to the association, accompanied by application for transfer by which the transferee agrees to accept the account subject to the terms and conditions of the savings contract, the bylaws of the association and the provisions of its charter. The association may treat the holder of record of a savings account as the owner for all purposes without being affected by any notice to the contrary unless the association has acknowledged in writing that a pledge of the savings account has been made. History: 1953 Comp., § 48-15-99, enacted by Laws 1967, ch. 61, § 55. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 531. 9 C.J.S. Banks and Banking § 279.
NM Stat § 58-10-58 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-58 - Lost or destroyed evidence of ownership.

A new account book or certificate may be issued in the name of the holder of record at any time when requested by the holder or his legal representative upon proof satisfactory to the association that the original book or certificate has been lost or destroyed. The new account book or certificate shall expressly state that it is issued in lieu of the one lost or destroyed, and the association shall in no way be liable thereafter on account of the original account book or certificate. The association may require indemnification against any loss that might result from the issuance of the new account book or certificate. History: 1953 Comp., § 48-15-100, enacted by Laws 1967, ch. 61, § 56. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 350, 497, 531, 532. Liability of savings bank for payment to person presenting lost or stolen passbook or savings account card, 68 A.L.R.3d 1080. 9 C.J.S. Banks and Banking §§ 417, 418, 424, 434, 435, 437, 438.
NM Stat § 58-10-59 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-59 - Savings accounts of minors.

Any association operating under the Savings and Loan Act, and any federal savings and loan association doing business in this state, may accept savings accounts in the name of a minor or in the name of two or more persons, one or more of whom are minors, and pay the account to the order of the minor or minors as if they were of full age. History: 1953 Comp., § 48-15-101, enacted by Laws 1967, ch. 61, § 57. ANNOTATIONSCross references. — For the age of majority and exceptions thereto, see 28-6-1 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 359.
NM Stat § 58-10-60 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-60 - Power of attorney on savings accounts.

Any association or federal association may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals, in whole or in part, from the savings account of a member, whether minor or adult, until it receives written notice or is on actual notice of the revocation of his authority. For the purposes of this section, written notice of the death or adjudication of incapacity of the member constitutes written notice of revocation of the authority of his attorney-in-fact. No association or federal association is liable for damages, penalty or tax by reason of any payment made pursuant to this section. History: 1953 Comp., § 48-15-102, enacted by Laws 1967, ch. 61, § 58; 1975, ch. 257, § 8-120. ANNOTATIONSCross references. — For the Uniform Statutory Power of Attorney Act, see 45-5-601 NMSA 1978. For proof of valid power of attorney, see 45-5-502 NMSA 1978.