reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-99 - Conversion into state chartered association.

Any federal association may convert itself into an association under the Savings and Loan Act upon a vote of fifty-one percent or more of the votes of members of the federal association cast at an annual meeting or at a special meeting called for the purpose. Copies of the minutes of the proceedings of the meetings, verified by the affidavit of the secretary or an assistant secretary, shall be filed with the supervisor and mailed to the federal home loan bank board, Washington, D. C., within ten days after the meeting. When filed, these verified copies of the minutes shall be presumptive evidence of the holding and action of the meeting. At the meeting at which conversion is voted upon, the members shall also vote upon the directors to be directors of the association after conversion takes effect. Such directors then shall execute four copies of the petition for certificate of incorporation and four copies of the bylaws provided for in the Savings and Loan Act. The supervisor shall insert in the certificate of incorporation a statement that "This association is incorporated by conversion from a federal association". Each of the directors chosen for the association shall sign and acknowledge the petition for certificate of incorporation as subscribers thereto and the proposed bylaws as incorporators of the association. All provisions of the Savings and Loan Act, so far as applicable, apply to conversion under this section. The supervisor may provide by regulation for the procedure to be followed by any federal association converting into an association. All provisions regarding property and other rights prescribed in the case of conversion of an association into a federal association apply in reverse order to the conversion of a federal association into an association so that the association is a continuation of the corporate entity of the converting federal association and continues to have all of its property and rights.
History:
1953 Comp., § 48-15-139, enacted by Laws 1967, ch. 61, § 95.
ANNOTATIONS
Cross references.
— For meaning of "supervisor",
see
58-10-2J NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-100 - Conversion of association without permanent stock into permanent capital stock association.

Any association without permanent capital stock may convert itself into a permanent capital stock association upon a vote of fifty-one percent or more of the votes of members of the association without permanent capital stock cast at an annual meeting or at any special meeting called for the purpose. Copies of the minutes of the proceedings of the meeting, verified by the affidavit of the secretary or an assistant secretary shall be filed with the supervisor and mailed to the federal home loan bank board, Washington, D. C., within ten days after the meeting. When filed, the verified copies of the minutes of the meeting shall be presumptive evidence of the holding and action of the meeting. At the meeting in which conversion is voted upon, the members shall vote upon the directors to be the directors of the permanent capital stock association after conversion takes effect. Such directors then shall execute four copies of the petition for certificate of incorporation and four copies of the bylaws provided for in the Savings and Loan Act. The supervisor shall insert in the certificate of incorporation a statement that "This association is incorporated as a permanent capital stock association by conversion from an association without permanent capital stock". Each of the directors chosen for the association shall sign and acknowledge the petition for certificate of incorporation as subscribers thereto and the proposed bylaws as incorporators of the association. All provisions of the Savings and Loan Act, so far as applicable, apply to conversion under this section. The supervisor may provide by regulation for the procedure to be followed by any association without permanent capital stock converting into a permanent capital stock association under this section. All provisions regarding property and other rights prescribed in the case of conversion of an association into a federal association apply in reverse order to the conversion of an association without permanent capital stock into a permanent capital stock association incorporated under this section, so that the permanent capital stock association is a continuation of the corporate entity of the converting association without permanent capital stock and continues to have all of its property and rights.
History:
1953 Comp., § 48-15-140, enacted by Laws 1967, ch. 61, § 96.
ANNOTATIONS
Cross references.
— For permanent capital stock,
see
58-10-4 NMSA 1978.
For conversion of an association into a federal association,
see
58-10-98 NMSA 1978.
For meaning of "supervisor",
see
58-10-2J NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-101 - Foreign associations.

A. No foreign corporation or foreign association shall transact the business of an association within this state beyond a radius of one hundred miles from its principal office.
B. Any foreign corporation or foreign association seeking to transact business within this state shall:
(1) comply with all laws of this state pertaining to the admission of foreign corporations to do business within this state; and
(2) after receiving permission to do business in New Mexico by complying with all requirements set forth in Subsection B(1) of this section, apply to the supervisor for final approval before doing any business within New Mexico, submitting to the supervisor all information concerning the business of the foreign corporation or foreign association he may require by regulation. The supervisor may approve the admission to do business upon a reciprocity basis if he determines that the state containing the principal office of the foreign corporation or foreign association provides equal consideration to New Mexico corporations and associations.
C. This section does not limit participation in real estate loans with New Mexico associations.
D. The district court shall enjoin any person, firm, association or corporation from violating or continuing to violate the provisions of this section.
E. Any person, firm, association or corporation violating any provision of this section is guilty of a misdemeanor and shall be punished by a fine of not more than one thousand dollars ($1,000) for each violation.
History:
1953 Comp., § 48-15-141, enacted by Laws 1967, ch. 61, § 97.
ANNOTATIONS
Cross references.
— For licensing of foreign corporations,
see
N.M. Const., art. XI, § 6.
For corporation acquiring security interest in real property being excepted from foreign admission requirements,
see
53-17-1 NMSA 1978.
Compliance with section not required if loaning money on mortgages.
— A foreign savings and loan association wishing only to make real estate loans as set forth in Section 38-1-18 NMSA 1978 and not doing any other business of a savings and loan association within this state would have to comply only with the requirements set forth in the above section and would not have to comply with the requirements for "transacting business of an association" as enumerated in this section. 1969 Op. Att'y Gen. No. 69-13.
Law reviews.
— For article, "Attachment in New Mexico - Part I," see 1 Nat. Resources J. 303 (1961).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 9.
9 C.J.S. Banks and Banking §§ 28, 29, 30; 12 C.J.S. Building and Loan Associations § 122.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-102 - Federal associations; applicability.

Any federal association whose principal office is located in New Mexico is not a foreign corporation. Unless federal laws or regulations provide otherwise, such federal association and its members possesses [possess] all rights, powers, privileges, benefits, immunities and exceptions now or hereafter provided by the laws of this state for associations and for the members and savings account holders thereof. This section is additional and supplemental to any provision which, by specific reference, is applicable to federal associations and their members.
History:
1953 Comp., § 48-15-142, enacted by Laws 1967, ch. 61, § 98.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Severability clauses.
— Laws 1967, ch. 61, § 99, provides for the severability of the Savings and Loan Act if any part or application thereof is held invalid.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-103 - Payment from savings account of decedent.

A. Where no executor or administrator of a deceased savings account depositor has qualified and given notice of his qualification to a savings and loan association, it may pay out of all savings accounts maintained with it by the deceased in his individual capacity all sums which do not exceed two thousand dollars ($2,000) in the aggregate:
(1) to the surviving spouse; or
(2) to the next of kin, in the above order of priority in case of conflicting claims.
B. A savings and loan association may, at any time after sixty days from the death of a depositor whose residence address, according to the books of the association, is outside this state, pay the balance of his accounts not exceeding two thousand dollars ($2,000) in the aggregate to an executor or administrator who has qualified in another state unless the association has received written notice of the appointment of an executor or administrator in this state.
C. No savings and loan association shall be liable for damage, penalty, tax or claims of creditors of the estate by reason of any payment or refusal to pay made pursuant to this section.
D. Payment under this section releases a savings and loan association from all liability for the amount paid.
History:
1953 Comp., § 48-15-143, enacted by Laws 1967, ch. 83, § 1.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 551.
Death of beneficiary as terminating or revoking trust of savings bank account over which settlor retains right of withdrawal or revocation, 64 A.L.R.3d 221.
9 C.J.S. Banks and Banking §§ 611, 613, 618.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-104 - Authority to engage in leasing safe deposit facilities; subsidiary company.

A. Subject to any regulations the supervisor may prescribe, an association may maintain and lease safe deposit boxes and may accept property or documents for safekeeping if, with the exception of night depositories, it issues a receipt for each transaction.
B. An association may own stock in safe deposit companies not exceeding in aggregate cost fifteen percent of its capital and surplus, but at least ninety percent of the stock in each such safe deposit company must be owned by associations, banks or trust companies.
History:
1953 Comp., § 48-15-144, enacted by Laws 1971, ch. 242, § 4.
ANNOTATIONS
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 §§ 469 to 492.
Liability of bank or safe-deposit company for its employee's theft or misappropriation of contents of safe-deposit box, 39 A.L.R.4th 543.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-105 - Access by fiduciaries.

A. Where access to a safe deposit box is requested by one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly provided in the lease or the writings pursuant to which such fiduciaries are acting, allow access to, and removal of, the contents of the safe deposit box upon obtaining proper receipt from:
(1) any one or more of the persons acting as executors or administrators;
(2) any one or more of the persons otherwise acting as fiduciaries when authorized in a writing signed by all other persons so acting; or
(3) any agent authorized in a writing signed by all of the persons acting as fiduciaries.
B. No lessor shall be liable for damages for allowing or refusing access to, or removal of, the contents of the safe deposit box under the provisions of Subsection A of this section.
History:
1953 Comp., § 48-15-145, enacted by Laws 1971, ch. 242, § 5.
ANNOTATIONS
Cross references.
— For the appointment of personal representatives,
see
45-1-101 NMSA.
For the Uniform Statutory Form Power of Attorney Act,
see
45-5-601 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 482, 483.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-106 - Effect of lessee's death or incapacity.

When a lessor, without knowledge of a lessee's death or of an adjudication of his incapacity, deals with a lessee's agent pursuant to a written power of attorney signed by the lessee, the transaction binds the lessee's estate and the lessee.
History:
1953 Comp., § 48-15-146, enacted by Laws 1971, ch. 242, § 6; 1975, ch. 257, § 8-121.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 472, 473.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-107 - Lease to minor.

A lessor may lease a safe deposit box to, and in this connection deal with, a minor with the same effect as if leasing to, and dealing with, a person of full legal capacity.
History:
1953 Comp., § 48-15-147, enacted by Laws 1971, ch. 242, § 7.
ANNOTATIONS
Cross references.
— For the age of majority and exceptions thereto,
see
28-6-1 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-108 - Search procedure on death.

A. A lessor shall permit the person named in a court order for the purpose or, if no order has been served upon the lessor, the spouse, a parent, an adult descendant or a person named as an executor in a copy of a purported will produced by him, to open and examine the contents of a safe deposit box leased by a decedent or any documents delivered by a decedent for safekeeping, in the presence of an officer of the lessor. The lessor, if so requested by such person and upon execution of a receipt, may deliver:
(1) to the person making the request, any writing purporting to be a will of the decedent;
(2) to the person making the request, any writing purporting to be a deed to a burial plot or to give burial instructions; and
(3) to the beneficiary named in the policy, any document purporting to be an insurance policy on the decedent's life.
B. No other contents shall be removed pursuant to this section except at the lessor's liability until a special administrator, an administrator or executor qualifies and makes claim to the contents.
History:
1953 Comp., § 48-15-148, enacted by Laws 1971, ch. 242, § 8.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 484.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-109 - Adverse claims to contents of safe deposit box.

A. An adverse claim to the contents of a safe deposit box, or to property held in safekeeping, is not sufficient to require the lessor to deny access to its lessee unless:
(1) the lessor is directed to do so by a court order issued in an action in which the lessee is served with process and named as a party by a name which identifies him with the name in which the safe deposit box is leased or the property held; or
(2) the safe deposit box is leased or the property is held in the name of a lessee with the addition of words indicating that the contents or property are held in a fiduciary capacity, and the adverse claim is supported by an affidavit stating facts disclosing that it is made by, or on behalf of, a beneficiary and that there is a reason to believe that the fiduciary may misappropriate the trust property.
B. A claim is also adverse when one of several lessees claims, contrary to the terms of the lease, an exclusive right of access, or where one or more persons claim a right of access as agents or officers of a lessee to the exclusion of others as agents or officers, or when it is claimed that a lessee is the same person as one using another name.
History:
1953 Comp., § 48-15-149, enacted by Laws 1971, ch. 242, § 9.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 475 to 485.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-110 - Special remedies for nonpayment of rent.

A. If the rental due on a safe deposit box has not been paid for one year, the lessor may send a notice by certified or registered mail to the lessee's last known address stating that the safe deposit box will be opened and its contents stored at the lessee's expense unless payment of rental due is made within thirty days. If the rental is not paid within thirty days from the mailing of the notice, the box may be opened in the presence of an officer of the lessor and of a notary public who is not a director, officer, employee or stockholder of the lessor. The contents shall be sealed in a package by the notary public who shall write on the outside the lessee's name and the date the box was opened. The notary public shall execute a certificate reciting the lessee's name, the date the box was opened and a list of its contents. The certificate shall be included in the package and a copy of it sent by certified or registered mail to the lessee's last known address. The package shall then be placed in the general vaults of the lessor at a rental not exceeding the rental previously charged for the box.
B. If the contents of the box are not claimed within the time prescribed by the Uniform Disposition of Unclaimed Property Act [Uniform Unclaimed Property Act (1995), 7-8A-30 NMSA 1978], they shall be disposed of as provided in that act. Upon sale of the contents, the lessor shall be reimbursed for the accrued rental and storage charges from the sale proceeds.
History:
1953 Comp., § 48-15-150, enacted by Laws 1971, ch. 242, § 10.
ANNOTATIONS
Bracketed 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 §§ 486 to 492.
Bank's right to apply or set off deposit against debt of depositor not due at time of his death, 7 A.L.R.3d 908.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-111 - Limitation of liability on construction loans.

Any association which makes a loan whose proceeds the borrower uses, or may use, to finance the design, manufacture, construction, repair, modification or improvement of real or personal property for sale or lease to others is not liable to third persons for:
A. any loss or damage resulting from any defect in the property; or
B. any loss or damage resulting from the borrower's failure to use due care in any of the work for or on the property, unless the loss or damage results from an act of the association outside the scope of its business as an association or unless the association has knowingly been a party to any misrepresentation concerning the property.
History:
1953 Comp., § 48-15-151, enacted by Laws 1971, ch. 242, § 11.
ANNOTATIONS
Severability clauses.
— Laws 1971, ch. 242, § 12, provides for the severability of the act if any part or application thereof is held invalid.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
9 C.J.S. Banks and Banking §§ 107, 113, 115, 121.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-1 - Short title.

Chapter 58, Article 11 NMSA 1978 may be cited as the "Credit Union Act".
History:
Laws 1987, ch. 311, § 1; 1997, ch. 195, § 1.
ANNOTATIONS
Cross references.
— For credit union share insurance corporations,
see
Chapter 58 Article 12 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.
Repeals and reenactments.
— Laws 1987, Chapter 311 repeals 58-11-1 NMSA 1978, as amended by Laws 1977, ch. 245, § 113, relating to organization and definition of credit unions, effective June 19, 1987, and enacts the present section.
The 1997 amendment,
effective July 1, 1997, substituted "Chapter 58, Article 11 NMSA 1978" for "Section 1 through 65 of this act" and substituted "Credit Union Act" for "Credit Union Regulatory Act".
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of Credit Union Regulation Act, 58-11-1 to 58-11-65 NMSA 1978, on July 1, 1997.
Large credit union is a "public figure" within the law of libel
when the credit union has suspended the payments of dividends and circulates data to its members indicating that it has experienced management and investment problems.
Coronado Credit Union v. KOAT Television, Inc.
, 1982-NMCA-176, 99 N.M. 233, 656 P.2d 896 (decided under prior law).
Act patterned after Federal Credit Union Act.
— The New Mexico Credit Union Act is patterned closely after the Federal Credit Union Act, which act's interpretations may be persuasive before the New Mexico courts. 1982 Op. Att'y Gen. No. 82-03.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
13 Am. Jur. 2d Building and Loan Associations § 1 et seq.
12 C.J.S. Building and Loan Associations § 1 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-4 - Appeal rights and court review.

Any person aggrieved or directly affected by a final order of the director may obtain a review of the order in the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978.
History:
Laws 1987, ch. 311, § 4; 1999, ch. 265, § 58.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-4 NMSA 1978, as amended by Laws 1975, ch. 344, § 4, relating to use of words "credit union", effective June 19, 1987, and enacted a new section.
Cross references.
— For procedures governing appeals from administrative decisions and orders,
see
Rule 1-074 NMRA.
For scope of review of the district court,
see
Zamora v. Village of Ruidoso Downs, 120 N.M. 778, 907 P.3d 182 (1995).
The 1999 amendment,
effective July 1, 1999, rewrote the section, which formerly read: "Any person aggrieved or directly affected by an order, rule or regulation of the director may appeal to the court of appeals within thirty days after issuance of the order".
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-6 - Records.

A. A credit union shall maintain all books, records, accounting systems and procedures in accordance with the rules, regulations and orders the director from time to time establishes or issues. In establishing and issuing such rules, regulations and orders, the director shall consider the relative size of a credit union and its reasonable capability of compliance.
B. A credit union is not liable for destroying records after the expiration of the record retention time prescribed by regulation, except for any records involved in an official investigation or examination about which the credit union has received notice.
C. A photostatic, photographic or xerographic reproduction of any credit union record or any credit union record retrieved in perceptible form from an electronic record maintained pursuant to the provisions of the Uniform Electronic Transactions Act [Chapter 14, Article 16 NMSA 1978] shall be admissible as evidence of transaction with the credit union.
History:
Laws 1987, ch. 311, § 6; 2003, ch. 28, § 2.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repeals 58-11-6 NMSA 1978, as amended by Laws 1975, ch. 344, § 6, relating to powers of commissioner and state credit unions, effective June 19, 1987, and enacts the present section.
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, substituted "record of any credit union record retrieved in perceptible form from an electronic record maintained pursuant to the provisions of the Uniform Electronic Transactions Act" for "records" near the middle of Subsection C.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
13 Am. Jur. 2d Building and Loan Associations § 38.
12 C.J.S. Building and Loan Associations § 7.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-7 - Reports.

A. Credit unions shall report to the director quarterly on or before January 30, April 30, July 30 and October 30. Reports shall be on forms supplied by the director. The director may require additional reports.
B. A charge of twenty-five dollars ($25.00) shall be levied for each day a credit union fails to provide a required report, unless that charge is by the director excused for cause.
History:
Laws 1987, ch. 311, § 7; 1989, ch. 209, § 9; 2003, ch. 28, § 3.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed former 58-11-7 NMSA 1978, as amended by Laws 1975, ch. 344, § 7, relating to membership, effective June 19, 1987, and enacted a new 58-11-7 NMSA 1978.
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, substituted "quarterly on or before January 30, April 30, July 30 and October 30" for "semiannually on or before July 30 and January 30" near the middle of Subsection A.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-8 - Records of the division.

A. Information from the records of the division, including division examination reports of which a credit union has possession, is not public records, shall be revealed only with the consent of the director and is not subject to subpoena.
B. Reports of examinations made by the division shall be retained for five years.
C. A copy of any document on file with the division which is certified by the director as being a true copy may be introduced in court as if it were the original.
History:
Laws 1987, ch. 311, § 8.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repeals 58-11-8 NMSA 1978, as amended by Laws 1985, ch. 30, § 4, relating to reports, examinations and fees, effective June 19, 1987, and enacts the present section.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
Director has supervisory control over credit unions
and may revoke or suspend charters after hearing for a violation of any of the provisions of Section 58-11-1 NMSA 1978 et seq. 1960 Op. Att'y Gen. No. 60-165.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
13 Am. Jur. 2d Building and Loan Associations § 106.
12 C.J.S. Building and Loan Associations § 4.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-9 - Conflicts of interest.

No officer or employee of the division having supervisory authority over credit unions shall be a member, executive officer, director, attorney or employee of any credit union incorporated under or subject to the provisions of the Credit Union Act; receive, directly or indirectly, any payment of gratuity from any such credit union; or be indebted to or engage in the negotiation of loans for others with any such credit union.
History:
Laws 1987, ch. 311, § 9; 1991, ch. 51, § 4; 1997, ch. 195, § 5.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed former 58-11-9 NMSA 1978, as amended by Laws 1975, ch. 344, § 9, relating to disposition of fees, effective June 19, 1987, and enacted a new 58-11-9 NMSA 1978.
Laws 1987, ch. 298, § 3, purported to amend former 58-11-9 NMSA 1978 but could not be given effect because of the subsequent repeal by laws 1987, ch. 311, § 9.
The 1997 amendment,
effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act".
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, inserted "executive" and substituted "attorney or employee" for "or attorney".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-11 - Forms of articles and bylaws.

In order to simplify the organization of credit unions, the director shall cause to be prepared model articles of organization and bylaws, consistent with the Credit Union Act, which may be used by credit union organizers for their guidance. Such articles of organization and bylaws shall be available to persons desiring to organize a credit union.
History:
Laws 1987, ch. 311, § 11; 1997, ch. 195, § 7.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-11 NMSA 1978, as amended by Laws 1975, ch. 344, § 11, relating to elections, effective June 19, 1987, and enacted a new section.
The 1997 amendment,
effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act" in the first sentence.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-12 - Amendments.

A. The articles of organization and the bylaws may be amended as provided in the articles and bylaws, respectively. Amendments to the articles of organization or bylaws shall be submitted to the director who shall approve or disapprove the proposed amendments within thirty days after submission.
B. The director shall not approve any amendment to articles or bylaws which he determines would be detrimental to any credit union's safety or soundness or to the welfare of a credit union's members. No amendment shall become effective until approved by the director. If the director disapproves any proposed amendment, the credit union may appeal the disapproval to the court of appeals within thirty days.
History:
Laws 1987, ch. 311, § 12.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-12 NMSA 1978, as amended by Laws 1975, ch. 344, § 12, relating to directors and officers, effective June 19, 1987, and enacted the present section.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-13 - Use of name exclusive.

A. The name of every credit union organized under or subject to the Credit Union Act shall include the phrase "credit union". No credit union shall adopt a name either identical to the name of any other credit union doing business in this state or so similar to the name of any other credit union doing business in this state as to be misleading or to cause confusion.
B. No person other than a credit union organized under or subject to the Credit Union Act, the Federal Credit Union Act or a credit union authorized to do business in this state under Section 58-11-16 NMSA 1978, an association of credit unions or an organization, corporation or association whose membership or ownership is primarily limited to credit unions or credit union organizations shall use a name or title containing the phrase "credit union" or any derivation thereof, represent itself as a credit union or conduct business as a credit union.
C. Violation of this section is a fourth degree felony.
D. The director may petition the district court of Santa Fe county to enjoin a violation of this section.
History:
Laws 1987, ch. 311, § 13; 1997, ch. 195, § 8.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-13 NMSA 1978, as amended by Laws 1975, ch. 344, § 13, relating to credit committee, effective June 19, 1987, and enacted the present section.
Cross references.
— For the Federal Credit Union Act,
see
12 U.S.C. § 1751.
The 1997 amendment,
effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act" in Subsections A and B, substituted "Section 58-11-16 NMSA 1978" for "Section 16 of the Credit Union Regulatory Act" in Subsection B, and substituted "is" for "constitutes" in Subsection C.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-14 - Service facilities.

A. A credit union may change its principal place of business within this state upon thirty days notice to the director.
B. A credit union may provide services through service facilities.
C. A credit union may individually or in conjunction with other credit unions or other financial organizations operate or maintain automated terminals or other service facilities.
History:
Laws 1987, ch. 311, § 14; 1997, ch. 195, § 9.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-14 NMSA 1978, as amended by Laws 1975, ch. 344, § 14, relating to supervisory committee, effective June 19, 1987, and enacted a new section.
The 1997 amendment,
effective July 1, 1997, substituted "Service" for "Office" in the section heading, rewrote Subsection B, and made stylistic changes throughout Subsection C.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-15 - Fiscal year.

The fiscal year of each credit union organized under or subject to the Credit Union Act shall end on the last day of December.
History:
Laws 1987, ch. 311, § 15; 1997, ch. 195, § 10.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-15 NMSA 1978, as amended by Laws 1973, ch. 65, § 5, relating to capital, effective June 19, 1987, and enacted a new section.
The 1997 amendment,
effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act".
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-17 - Doing business outside this state.

A credit union organized under or subject to the Credit Union Act may do business outside this state, provided that it is legal for it to do so in the foreign state or territory involved. If the director deems it necessary to conduct an examination of the out-of-state office of a credit union, the actual expenses of the examination shall be paid by the credit union examined if the director determines it has violated the provisions of the Credit Union Act or other state laws or federal laws or regulations.
History:
Laws 1987, ch. 311, § 17; 1997, ch. 195, § 12.
ANNOTATIONS
Compiler's notes.
— For prior law, see the laws that were repealed by Laws 1981, ch. 263, §4.
The 1997 amendment,
effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act" in the first sentence, added "if the director determines it has violated the provisions of the Credit Union Act or other state laws or federal laws or regulations" at the end of the second sentence, and made stylistic changes throughout the second sentence.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-18 - Powers of credit unions.

In addition to the powers authorized elsewhere in the Credit Union Act, a credit union may:
A. enter into contracts of any nature;
B. sue and be sued;
C. adopt, use and display a corporate seal;
D. acquire, lease, hold, assign, pledge, hypothecate, sell and discount or otherwise dispose of property or assets, either in whole or in part, necessary or incidental to its operations;
E. lend funds to members;
F. borrow from any source; provided that a credit union shall have prior approval of the director before borrowing in excess of an aggregate of fifty percent of its capital;
G. purchase the assets of another credit union, subject to the approval of the director;
H. offer various financial services approved by the director;
I. hold membership in other credit unions organized under the Credit Union Act, the Federal Credit Union Act or other acts and in associations and organizations controlled by or fostering the interests of credit unions, including a central liquidity facility organized under state or federal law;
J. engage in activities and programs as requested by any governmental unit;
K. act as fiscal agent and receive payments on deposit accounts from a governmental unit;
L. sell or offer to sell insurance to the same extent allowed by law to other state chartered lending institutions; and
M. provide services to persons within the credit union's field of membership, including electronic funds transfers and the sale and negotiation of instruments, including money orders, traveler's checks and stored value cards.
History:
Laws 1987, ch. 311, § 18; 1997, ch. 195, § 13; 2003, ch. 28, § 5.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-18 NMSA 1978, as amended by Laws 1975, ch. 344, § 16, relating to power to borrow, effective June 19, 1987, and enacted a new section.
Cross references.
— For the Federal Credit Union Act,
see
12 U.S.C. § 1751.
The 2003 amendment,
effective June 20, 2003, added Subsection M.
The 1997 amendment,
effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act" in the introductory paragraph and in Subsection I, added Subsection L, and made minor stylistic changes in Subsections F, J and K.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-19 - Incidental powers.

A credit union may exercise all incidental powers that are convenient, suitable or necessary to enable it to carry out its purposes as provided in its bylaws.
History:
Laws 1987, ch. 311, § 19; 1997, ch. 195, § 14.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-19 NMSA 1978, as amended by Laws 1975, ch. 344, § 17, relating to loans, effective June 19, 1987, and enacted a new section.
The 1997 amendment,
effective July 1, 1997, substituted "its bylaws" for "the bylaws" at the end of the section.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-20 - Advantageous federal powers.

In addition to other powers provided for the director and for credit unions organized under or subject to the Credit Union Act and notwithstanding any law to the contrary, the director may adopt such rules and regulations as he deems necessary and proper, granting to state credit unions any of the powers and authority that federal credit unions are or may hereafter be authorized, empowered, permitted or otherwise allowed to exercise under federal statutes, rules or regulations.
History:
Laws 1987, ch. 311, § 20; 1997, ch. 195, § 15.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-20 NMSA 1978, as amended by Laws 1975, ch. 344, § 18, relating to reserves, effective June 19, 1987, and enacted a new section.
The 1997 amendment,
effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act".
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-21 - Membership.

A. The membership of a credit union shall consist of those persons who share a common bond set forth in the bylaws, have been duly admitted members, have paid any required one-time or periodic membership fee, or both, have paid for in cash or its equivalent one or more shares and have complied with such other requirements as the articles of organization and the bylaws specify.
B. Credit union membership may include persons within one or more groups having a common bond of similar occupation, association or interest, or persons who reside or belong to one or more groups that are based within an identifiable neighborhood, community or rural district, or employees of a common employer, or persons employed within a defined business district, industrial park or shopping center and members of the immediate family of such persons.
C. Organizations in which majority ownership or control is vested in persons eligible for membership in a credit union, may be admitted to membership in that credit union. Also, organizations one of whose principal functions is to provide services to persons who are eligible for membership in the credit union may be admitted to membership. Other organizations having a commonalty [commonality] of interest with the credit union may be admitted to membership with the approval of the director.
History:
Laws 1987, ch. 311, § 21.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-21 NMSA 1978, as amended by Laws 1975, ch. 344, § 3, relating to special reserve, effective June 19, 1987, and enacted a new section.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-22 - Central credit unions.

Central credit unions may be organized under the Credit Union Act, and such credit unions organized under prior law are subject to that act. In addition to the members referred to in Section 58-11-21 NMSA 1978, the membership of a central credit union may include:
A. executive officers, board members, committee members and employees of credit unions organized under any credit union act or the executive officers, directors and employees of an employer with insufficient numbers or with executive officers, directors and employees who do not desire to form or conduct the affairs of a separate credit union;
B. persons in the field of membership of liquidated credit unions that have entered into or are about to enter into voluntary or involuntary liquidation proceedings; and
C. members of the immediate families of members qualified pursuant to Subsection A or B of this section.
History:
Laws 1987, ch. 311, § 22; 1991, ch. 51, § 5; 1997, ch. 195, § 16.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed former 58-11-22 NMSA 1978, as amended by Laws 1975, ch. 344, § 20, relating to dividends, effective June 19, 1987, and enacted a new 58-11-22 NMSA 1978.
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" in Subsection A and made a minor stylistic change in Subsection B.
The 1991 amendment,
effective July 1, 1991, in the second sentence of the introductory paragraph, substituted "Section 58-11-21 NMSA 1978" for "Section 21 of the Credit Union Regulatory Act", in Subsection A, inserted "executive" in three places, and, in Subsection C, substituted "pursuant to Subsection A or B of this section" for "above".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-23 - Other credit unions.

Any credit union organized under or subject to the Credit Union Act may accept as a member any other credit union organized under or subject to that act or any other act.
History:
Laws 1987, ch. 311, § 23; 1997, ch. 195, § 17.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealeds 58-11-23 NMSA 1978, as amended by Laws 1975, ch. 344, § 21, relating to withdrawal, effective June 19, 1987, and enacted a new section.
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".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-24 - Member eligibility.

Members who cease to be eligible for membership in a credit union for reasons other than expulsion may be permitted to retain their membership in the credit union, subject to any restrictions which may be established by the bylaws.
History:
Laws 1987, ch. 311, § 24; 1997, ch. 195, § 18.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-24 NMSA 1978, as amended by Laws 1975, ch. 344, § 22, relating to dissolution, effective June 19, 1987, and enacts the present section.
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, inserted "in a credit union for reasons other than expulsion" near the beginning of the section, substituted "bylaws" for "board of directors" at the end of the section and made a minor stylistic change.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-25 - Liability of members.

The members of a credit union shall not be personally or individually liable for the payments of its debts solely by virtue of holding membership.
History:
Laws 1987, ch. 311, § 25.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-25 NMSA 1978, as amended by Laws 1975, ch. 344, § 23, relating to conversion, effective June 19, 1987, and enacted the present section.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-26 - Meetings of members.

A. The annual meeting and any special meetings of the members shall be held in accordance with the bylaws.
B. At all meetings a member shall have but one vote, irrespective of his shareholdings. No member may vote by proxy, but a member may vote by absentee ballot, mail or other method if the bylaws of the credit union so provide.
C. An organization having membership in a credit union, may be represented and have its vote cast by one of its members or shareholders, provided that person has been so authorized by the organization's governing body.
History:
Laws 1987, ch. 311, § 26.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-26 NMSA 1978, as amended by Laws 1975, ch. 344, § 24, relating to merger, effective June 19, 1987, and enacted a new section.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.