reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 30 - Sale of Recycled Metals › Section 57-30-6 - Preservation of records.

A secondhand metal dealer shall preserve each record required by Section 57-30-5 NMSA 1978 until the first anniversary of the date the record was made.
History:
Laws 2008, ch. 29, § 6; 2012, ch. 29, § 5; 2012, ch. 33, § 5.
ANNOTATIONS
The 2012 amendment,
effective July 1, 2012, changed the statutory reference to the applicable section and after "Section", deleted "5 of the Sale of Recycled Metals Act" and added "57-30-5 NMSA 1978".
Laws 2012, ch. 29, § 5 and Laws 2012, ch. 33, § 5 enacted identical amendments to this section. The section was set out as amended by Laws 2012, ch. 33, § 5.
See
12-1-8 NMSA 1978.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 30 - Sale of Recycled Metals › Section 57-30-7 - Inspection of records by peace officers; holds on property.

A. Upon request, a secondhand metal dealer shall produce to a peace officer during the dealer's usual business hours the requested record of purchase as required by Section 57-30-5 NMSA 1978.
B. If a peace officer determines, through an investigation or examination of the records kept by the secondhand metal dealer, that the dealer may be in possession of stolen property or property that constitutes evidence in a criminal investigation, the peace officer may place a hold on the property prohibiting the sale or removal of the property from the premises. The hold may remain in effect for up to five days or until the hold is lifted or the property is seized, whichever occurs earlier.
C. The inspecting peace officer shall inform the secondhand metal dealer of the person's status as a peace officer.
History:
Laws 2008, ch. 29, § 7; 2012, ch. 29, § 6; 2012, ch. 33, § 6.
ANNOTATIONS
The 2012 amendment,
effective July 1, 2012, eliminated the authority of employees of the department to inspect records; authorized peace officers to place a hold on property that the officer believes may be stolen property; in Subsection A, after "peace officer", deleted "or an authorized employee of the department"; added Subsection B; and in Subsection C, after "inspecting peace officer", deleted "or authorized employee of the department", and after "status as a peace officer", deleted "or authorized employee of the department".
Laws 2012, ch. 29, § 6 and Laws 2012, ch. 33, § 6 enacted identical amendments to this section. The section was set out as amended by Laws 2012, ch. 33, § 6.
See
12-1-8 NMSA 1978.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 30 - Sale of Recycled Metals › Section 57-30-8 - Furnishing of report to department.

A. As of January 1, 2014, a secondhand metal dealer shall, not later than the second business day after the date of the purchase or other acquisition of regulated material for which a record is required pursuant to Section 57-30-5 NMSA 1978, upload to the database maintained by the department a report containing the information required to be recorded pursuant to that section.
B. A local governmental entity may impose reporting requirements on secondhand metal dealers regarding the purchase or acquisition of catalytic converters but not other regulated material as long as the reporting requirements are no more stringent than the reporting requirements for regulated material pursuant to the provisions of the Sale of Recycled Metals Act.
History:
Laws 2008, ch. 29, § 8; 2012, ch. 29, § 7; 2012, ch. 33, § 7; 2023, ch. 193, § 2.
ANNOTATIONS
The 2023 amendment,
effective June 16, 2023, authorized a local government entity to impose reporting requirements on secondhand metal dealers regarding the purchase or acquisition of catalytic converters; and in Subsection B, after "local government entity", deleted "shall not", and added "may", after "purchase or acquisition of", added "catalytic converters but not other", and after "regulated material", added "as long as the reporting requirements are not more stringent than the reporting requirements for regulated material pursuant to the provisions of the Sale of Recycled Metals Act".
The 2012 amendment,
effective July 1, 2012, required secondhand metal dealers to upload the record of acquisitions of regulated material to the database maintained by the department; prohibited municipalities from imposing reporting requirements on secondhand metal dealers; in Subsection A, at the beginning of the sentence, added "As of January 1, 2014, a secondhand metal dealer shall" and after "Section", deleted "5 of the Sale of Recycled Metals Act a secondhand metal dealer shall mail to or file with" and added "57-30-5 NMSA 1978, upload to the database maintained by"; and added Subsection B.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 30 - Sale of Recycled Metals › Section 57-30-9 - Database.

The department shall establish and maintain an electronic database containing the records required to be preserved pursuant to Section 57-30-6 NMSA 1978, which database shall be accessible to law enforcement agencies and the department. Records received by the department pursuant to Section 57-30-8 NMSA 1978 shall be available in the database by the end of the second business day following receipt by the department.
History:
Laws 2008, ch. 29, § 9; 2012, ch. 29, § 8; 2012, ch. 33, § 8.
ANNOTATIONS
The 2012 amendment,
effective July 1, 2012, restricted access to the database to law enforcement agencies and the department; in the title, deleted "Public" and in the first sentence, after "database shall be accessible to", deleted "the public" and added "law enforcement agencies and the department".
Laws 2012, ch. 29, § 8 and Laws 2012, ch. 33, § 8 enacted identical amendments to this section. The section was set out as amended by Laws 2012, ch. 33, § 8.
See
12-1-8 NMSA 1978.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 30 - Sale of Recycled Metals › Section 57-30-10 - Powers and duties of superintendent.

The superintendent has authority to promulgate reasonable regulations for the administration and enforcement of the Sale of Recycled Metals Act and is expressly authorized to make regulations regarding records of purchase of regulated material and the database required pursuant to that act.
History:
Laws 2008, ch. 29, § 10; 2012, ch. 29, § 9; 2012, ch. 33, § 9.
ANNOTATIONS
The 2012 amendment,
effective July 1, 2012, eliminated public access to the database and after "regulated material and the" deleted the word "public".
Laws 2012, ch. 29, § 9 and Laws 2012, ch. 33, § 9 enacted identical amendments to this section. The section was set out as amended by Laws 2012, ch. 33, § 9.
See
12-1-8 NMSA 1978.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 30 - Sale of Recycled Metals › Section 57-30-11 - Waiting period for disposal of regulated material.

A secondhand metal dealer shall not process or permit to be removed from the dealer's premises regulated material until at least twenty-four hours have elapsed since the dealer acquired the regulated material.
History:
Laws 2008, ch. 29, § 11; 2012, ch. 29, § 10; 2012, ch. 33, § 10.
ANNOTATIONS
The 2012 amendment,
effective July 1, 2012, reduced the waiting period for disposal of regulated material to twenty-four hours and after "regulated material until", deleted "the fifth business day after the date on which" and added "at least twenty-four hours have elapsed since".
Laws 2012, ch. 29, § 10 and Laws 2012, ch. 33, § 10 enacted identical amendments to this section. The section was set out as amended by Laws 2012, ch. 33, § 10.
See
12-1-8 NMSA 1978.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 30 - Sale of Recycled Metals › Section 57-30-12 - Prohibited acts.

A person shall not, with the intent to deceive:
A. display to a secondhand metal dealer a false or invalid personal identification document in connection with the person's attempted sale of regulated material;
B. make a false material statement or representation to a secondhand metal dealer in connection with:
(1) that person's execution of a written statement required by Subsection A of Section 57-30-4 NMSA 1978;
(2) the dealer's efforts to obtain the information required pursuant to Subsection B of Section 57-30-5 NMSA 1978; or
(3) the written documentation required for certain transactions pursuant to Section 16 [57-30-18 NMSA 1978] of this 2012 act; or
C. deliberately remove or alter a manufacturer's make, model, serial or personal identification number or other identifying marks engraved or etched upon property that is regulated material.
History:
Laws 2008, ch. 29, § 12; 2012, ch. 29, § 11; 2012, ch. 33, § 11.
ANNOTATIONS
The 2012 amendment,
effective July 1, 2012, prohibited a person from making a false statement in a written document indicating that the seller is the owner of or has permission from the owner to sell certain regulated material and from removing identifying information from regulated material; in Subsection B, added Paragraph (3); and added Subsection C.
Laws 2012, ch. 29, § 11 and Laws 2012, ch. 33, § 11 enacted identical amendments to this section. The section was set out as amended by Laws 2012, ch. 33, § 11.
See
12-1-8 NMSA 1978.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 30 - Sale of Recycled Metals › Section 57-30-13 - Civil penalty; suspension or revocation of registration.

A. A person who violates any provision of the Sale of Recycled Metals Act may be assessed a civil penalty by the superintendent not to exceed one thousand dollars ($1,000) per violation.
B. The superintendent may suspend or revoke the registration of a secondhand metal dealer when the superintendent finds that the dealer has intentionally violated a provision of the Sale of Recycled Metals Act.
C. Prior to the imposition of a civil penalty or the suspension or revocation of a registration, the superintendent shall provide notice and an opportunity to be heard pursuant to the pertinent notice and hearing provisions of the Uniform Licensing Act [Chapter 61, Article 1 NMSA 1978].
History:
Laws 2008, ch. 29, § 13; 2012, ch. 29, § 12; 2012, ch. 33, § 12.
ANNOTATIONS
The 2012 amendment,
effective July 1, 2012, provided for the suspension or revocation of the registration of secondhand metal dealers; added Subsection B; and in Subsection C, after "imposition of a", changed "civil penalty, the person being penalized shall be afforded" to "civil penalty or the suspension or revocation of a registration, the superintendent shall provide", and after "to be heard", deleted "by the superintendent".
Laws 2012, ch. 29, § 12 and Laws 2012, ch. 33, § 12 enacted identical amendments to this section. The section was set out as amended by Laws 2012, ch. 33, § 12.
See
12-1-8 NMSA 1978.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 30 - Sale of Recycled Metals › Section 57-30-14 - Applicability.

The provisions of the Sale of Recycled Metals Act shall not apply to a purchase of regulated material from a manufacturing, industrial or other commercial vendor that sells regulated material in the ordinary course of the vendor's business.
History:
Laws 2008, ch. 29, § 15.
ANNOTATIONS
Compiler's notes.
— Laws 2008, ch. 29, § 15 was erroneously left out of the 2008 compilation by the compiler. The provisions of this section became effective January 1, 2009.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 31 - Distributed Generation Disclosure › Section 57-31-1 - Short title.

Sections 1 through 5 [57-31-1 to 57-31-5 NMSA 1978] of this act may be cited as the "Distributed Generation Disclosure Act".
History:
Laws 2017, ch. 102, § 1.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 102 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 16, 2017, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 31 - Distributed Generation Disclosure › Section 57-31-2 - Definitions.

As used in the Distributed Generation Disclosure Act:
A. "annual percentage rate" means the cost of credit, expressed as a yearly rate, that relates the amount and timing of value received by the consumer to the amount and timing of payments made;
B. "business day" means any day Monday through Friday, unless such day falls on a legal holiday, in which case "business day" means the next day that is not a Saturday, Sunday or legal holiday;
C. "buyer" means a person that purchases a distributed energy generation system from a seller or marketer and includes a power purchaser;
D. "distributed energy generation system" means a device or system that is used to generate or store electricity, that has an electric delivery capacity, individually or in connection with other similar devices or systems, greater than one kilowatt or one kilowatt-hour, and that is used primarily for on-site consumption, but does not include an electric generator that is intended for occasional use;
E. "energized" means that a distributed energy generation system is installed and operational for its intended purposes of generating or storing electricity;
F. "interconnected" means that a distributed energy generation system is connected to the power grid and is able to transfer electricity to the power grid;
G. "lessee" means a person that leases a distributed energy generation system from the owner of the distributed energy generation system;
H. "person" means an individual person, corporation, trust, partnership, association, cooperative association, club, company, firm, joint venture or syndicate;
I. "power purchaser" means a buyer that agrees to purchase the power generated by a distributed energy generation system from the owner of the distributed energy generation system;
J. "renewable energy certificate" means a certificate or other record, in a format approved by the public regulation commission, that represents all the environmental attributes from one kilowatt-hour of electricity generation from a renewable energy resource; and
K. "seller or marketer" means a person acting through its officers, employees, brokers or agents that markets, sells or solicits the sale or lease of distributed energy generation systems or the sale of power to a power purchaser or negotiates or enters into agreements for the sale or lease of distributed energy generation systems or the sale of power to a power purchaser.
History:
Laws 2017, ch. 102, § 2.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 102contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 16, 2017, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 31 - Distributed Generation Disclosure › Section 57-31-4 - Additional requirements; exception.

A. Recurring payments under a distributed energy generation system lease or purchase agreement shall not begin until the distributed energy generation system is energized and interconnected.
B. The Distributed Generation Disclosure Act does not apply to an individual or company, acting through its officers, employees, brokers or agents, that markets, sells, solicits, negotiates or enters into an agreement for the sale, financing or lease of a distributed energy generation system as part of a transaction involving the sale or transfer of the real property to which the distributed energy generation system is or will be affixed.
C. The Distributed Generation Disclosure Act does not apply to third-party financial institutions that enter into an agreement for the financing of a distributed energy generation system.
History:
Laws 2017, ch. 102, § 4.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 102 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 16, 2017, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 31 - Distributed Generation Disclosure › Section 57-31-5 - Disclosure statement forms.

A. The attorney general shall adopt rules necessary to implement and enforce the provisions of the Distributed Generation Disclosure Act. The attorney general shall, by January 1, 2018, issue form disclosure statements that may be used to provide the disclosures required by the Distributed Generation Disclosure Act for agreements with buyers or lessees.
B. Disclosure statements provided in substantially the form issued by the attorney general shall be regarded as complying with the disclosure statements required by Subsection A of Section 3 [57-31-3 NMSA 1978] of the Distributed Generation Disclosure Act.
History:
Laws 2017, ch. 102, § 5.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 102 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 16, 2017, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 32 - Patients' Debt Collection Protection › Section 57-32-1 - Short title.

Sections 1 through 10 [57-32-1 to 57-32-10 NMSA 1978] of this act may be cited as the "Patients' Debt Collection Protection Act".
History:
Laws 2021, ch. 31, § 1.
ANNOTATIONS
Effective dates.
— Laws 2021, ch. 31, § 14 made Laws 2021, ch. 31, § 1 effective July 1, 2021.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 32 - Patients' Debt Collection Protection › Section 57-32-3 - Requirement to provide screening for insurance and program eligibility.

A. In addition to any other actions required by applicable state or federal law or local government ordinance, health care facilities shall take the following steps before seeking payment for emergency or medically necessary care:
(1) offer to and, if requested, verify whether a patient has any health insurance;
(2) if the patient is uninsured, offer information about, offer to screen the patient for and, if requested, screen the patient for:
(a) all available public insurance;
(b) any other public programs that may assist with health care costs; and
(c) any financial assistance offered by the health care facility;
(3) offer to and, if requested, provide assistance with the application process for programs identified during the screening; and
(4) if a third-party health care provider will bill the patient, send the information gathered during the steps required pursuant to this subsection to the third-party health care provider.
B. In addition to any other actions required by applicable state or federal law or local government ordinance, a third-party health care provider shall not seek payment for emergency or medically necessary care until the third-party health care provider receives the information required pursuant to Paragraph (4) of Subsection A of this section.
C. The superintendent shall promulgate rules to establish minimum standards governing the requirements of this section and shall provide health care facilities and third-party health care providers with guidance on billing and screening best practices, based on health care facility type and size, that includes policies to prevent the disclosure of patients' personal information to third parties.
History:
Laws 2021, ch. 31, § 3.
ANNOTATIONS
Effective dates.
— Laws 2021, ch. 31, § 14 made Laws 2021, ch. 31, § 3 effective July 1, 2021.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 32 - Patients' Debt Collection Protection › Section 57-32-4 - Indigent patients; patients' debt collection protections.

A. For patients who are determined to be indigent patients, charges for health care services and medical debt shall not be pursued through collection actions. All collection actions through which charges for health care services and medical debt are pursued shall be terminated upon the determination that a patient is an indigent patient. Health care facilities, third-party health care providers and medical creditors shall not hire or otherwise engage third parties to perform collection actions against or otherwise recover debts from indigent patients.
B. The superintendent shall promulgate rules to establish the process by which a patient is determined to be an indigent patient for purposes of this section. The rules shall take into account both permanent and temporary sources of income.
History:
Laws 2021, ch. 31, § 4.
ANNOTATIONS
Effective dates.
— Laws 2021, ch. 31, § 14 made Laws 2021, ch. 31, § 4 effective July 1, 2021.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 32 - Patients' Debt Collection Protection › Section 57-32-5 - Department guidance on funding sources, billing and screening.

The department shall provide health care facilities and third-party health care providers with guidance on accessing available sources of funding for care that maximizes the use of funds in the following order of priority:
A. federal funds;
B. state funds; and
C. other available funds.
History:
Laws 2021, ch. 31, § 5.
ANNOTATIONS
Effective dates.
— Laws 2021, ch. 31, § 14 made Laws 2021, ch. 31, § 5 effective July 1, 2021.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 32 - Patients' Debt Collection Protection › Section 57-32-6 - Billing information.

A. All bills sent from a health care facility, third-party health care provider or medical creditor to a patient shall include a complete and plain-language description of the date, amount and nature of all charges; if the patient is verified as having health insurance; if the health care facility screened the patient for programs that assist with health care costs; and if the health care facility or third-party health care provider has billed or will bill insurance or public programs that may assist with health care costs for the services provided. Prior to initiating communication with a consumer or a collection action over medical debt, a medical debt collector shall have all billing information required in this subsection as allowed under the provisions of the federal Health Insurance Portability and Accountability Act of 1996.
B. In communications with a consumer about medical debt, including communication related to collection actions, a health care facility, third-party health care provider, medical creditor or medical debt collector shall inform the consumer of the availability of the information required pursuant to Subsection A of this section and offer to provide that information to the consumer; provided that the information required pursuant to this section need only be provided to a requester once every thirty days.
History:
Laws 2021, ch. 31, § 6.
ANNOTATIONS
Effective dates.
— Laws 2021, ch. 31, § 14 made Laws 2021, ch. 31, § 6 effective July 1, 2021.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 32 - Patients' Debt Collection Protection › Section 57-32-7 - Receipts for payments.

A. Within thirty business days of receipt of a payment on a medical debt, the health care facility, third-party health care provider, medical creditor, medical debt collector or their agents receiving the payment shall send a receipt to the person who made the payment. The receipt may take the form of a billing statement. All receipts shall show:
(1) the amount paid;
(2) the date payment was received;
(3) the new balance after application of the payment;
(4) the interest rate and interest accrued since the consumer's last payment;
(5) the consumer's account number;
(6) the name of the current owner of the debt and, if different, the name of the medical creditor; and
(7) whether the payment is accepted as payment in full of the debt.
B. All health care facilities, third-party health care providers, medical creditors and medical debt collectors shall apply payments as of the date payment was received or, if received after business hours, the next business day, and use that date when assessing penalties or interest accumulation.
History:
Laws 2021, ch. 31, § 7.
ANNOTATIONS
Effective dates.
— Laws 2021, ch. 31, § 14 made Laws 2021, ch. 31, § 7 effective July 1, 2021.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 32 - Patients' Debt Collection Protection › Section 57-32-8 - Indigent care reporting requirements.

A. Health care facilities and third-party health care providers shall annually report to the department how the following funds are used:
(1) indigent care funds and safety net care pool funds pursuant to the Indigent Hospital and County Health Care Act [Chapter 27, Article 5 NMSA 1978]; and
(2) funds raised to pay the cost of operating and maintaining county hospitals, pay contracting hospitals in accordance with health care facilities contracts or pay a county's transfer to the county-supported medicaid fund pursuant to the Hospital Funding Act [Chapter 4, Article 48B NMSA 1978].
B. A health care facility's or third-party health care provider's report to the department shall include:
(1) the number of indigent patients whose health care costs were paid directly from the funds described in Subsection A of this section and the total amount of funds expended for these health care costs; and
(2) as applicable, the health care facility's estimated annual amount and percentage of the health care facility's bad debt expense attributable to patients eligible under the health care facility's financial assistance policy and an explanation of the methodology used by the health care facility to estimate this amount and percentage.
C. A health care facility's or third-party health care provider's report shall be available to the public via a link from the homepage of the health care facility's or third-party health care provider's website.
History:
Laws 2021, ch. 31, § 8.
ANNOTATIONS
Effective dates.
— Laws 2021, ch. 31, § 14 made Laws 2021, ch. 31, § 8 effective July 1, 2021.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 32 - Patients' Debt Collection Protection › Section 57-32-9 - Waiver of rights.

A. A consumer shall not be required to exhaust any administrative remedies provided by the provisions of the Patients' Debt Collection Protection Act or other applicable law before seeking legal or equitable relief.
B. A financial assistance policy or agreement between a patient and a health care facility, third-party health care provider, medical creditor or medical debt collector shall not contain any provision that, prior to a dispute arising, waives or has the practical effect of waiving the rights of a patient to resolve that dispute by obtaining:
(1) injunctive, declaratory or other equitable relief;
(2) multiple or minimum damages as specified by statute;
(3) attorney fees and costs as specified by statute or as available at common law; or
(4) a hearing at which that party can present evidence in person.
C. A provision in a financial assistance policy or other written agreement that violates the provisions of Subsection B of this section is void and unenforceable. A court may refuse to enforce other provisions of the financial assistance policy or other written agreement as equity may require.
D. A waiver by a patient or other consumer of any protection provided by or any right of the patient or other consumer pursuant to the Patients' Debt Collection Protection Act is void and shall not be enforced by any court or any other person.
History:
Laws 2021, ch. 31, § 9.
ANNOTATIONS
Effective dates.
— Laws 2021, ch. 31, § 14 made Laws 2021, ch. 31, § 9 effective July 1, 2021.
2023 New Mexico Statutes › Chapter 57 - Trade Practices and Regulations › Article 32 - Patients' Debt Collection Protection › Section 57-32-10 - Enforcement.

A. The attorney general shall enforce the provisions of the Patients' Debt Collection Protection Act and shall adopt rules in accordance with that act to provide for the protection of patients and their families and to assist market participants in interpreting that act.
B. The attorney general shall establish a complaint process whereby an aggrieved patient or a member of the public may file a complaint against a health care facility, third-party health care provider, medical creditor or medical debt collector that violates a provision of the Patients' Debt Collection Protection Act. All complaints shall be considered public records pursuant to the Inspection of Public Records Act [Chapter 14, Article 2 NMSA 1978], with the exception of the complainant's name, address or protected personal identifier information defined in the Inspection of Public Records Act.
History:
Laws 2021, ch. 31, § 10.
ANNOTATIONS
Effective dates.
— Laws 2021, ch. 31, § 14 made Laws 2021, ch. 31, § 10 effective July 1, 2021.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-1 - Short title.

Chapter 58, Articles 1, 2 through 6 and 8 NMSA 1978 may be cited as the "Banking Act".
History:
1953 Comp., § 48-22-1, enacted by Laws 1963, ch. 305, § 1; 1997, ch. 23, § 1.
ANNOTATIONS
Cross references.
— For Trust Company Act,
see
58-9-1 NMSA 1978.
For disposition of unclaimed property,
see
Chapter 7, Article 8A NMSA 1978.
The 1997 amendment,
effective July 1, 1997, rewrote the section.
No due process violation by former banking act.
— Former State Banking Act (Laws 1915, ch. 67, now repealed) did not violate due process of law where it prohibited engaging in banking business to all except those organized under its provisions.
First Thrift & Loan Ass'n v. State ex rel. Robinson
, 1956-NMSC-099, 62 N.M. 61, 304 P.2d 582.
State constitution not violated by former banking act.
— Title of former State Banking Act (Laws 1915, ch. 67) was broad and did not violate N.M. Const., art. IV, § 16.
First Thrift & Loan Ass'n v. State ex rel. Robinson
, 1956-NMSC-099, 62 N.M. 61, 304 P.2d 582.
Reason for enactment of statute containing special provisions for incorporation of banks.
First Thrift & Loan Ass'n v. State ex rel. Robinson
, 1956-NMSC-099, 62 N.M. 61, 304 P.2d 582.
Banks chartered under Banking Act are limited to powers expressly conferred
by the act. 1979 Op. Att'y Gen. No. 79-06.
Banking Act does not authorize issuance of preferred stock
to raise equity capital. 1979 Op. Att'y Gen. No. 79-06.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Bank officer's or employee's misapplication of funds as state criminal offense, 34 A.L.R.4th 547.
Bank's liability for breach of implied contract of good faith and fair dealing, 55 A.L.R.4th 1026.
Exclusion from debtor status of banks and the like by § 109(b)(2) of Bankruptcy Code (11 USCS § 109(b)(2)), 87 A.L.R. Fed. 282.
Construction and application of pre-emption exemption, under Employee Retirement Income Security Act (29 USCS §§ 1001 et seq.), for state laws regulating insurance, banking, or securities (29 USCS § 1144(b)(2)), 87 A.L.R. Fed. 797.
9 C.J.S. Banks and Banking § 36.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-2.1 - Prohibition.

No bank holding company may own an institution which is an "insured bank" as defined in Section 3 (h) of the Federal Deposit Insurance Act or is eligible to make application to become an insured bank pursuant to Section 5 of the Federal Deposit Insurance Act and accepts deposits that the depositor may withdraw by check or similar means for payment to third parties or is engaged in the business of making commercial loans but does not both accept such deposits and make commercial loans.
History:
1978 Comp., § 58-1-2.1, enacted by Laws 1987, ch. 190, § 1.
ANNOTATIONS
Cross references.
— For Sections 3(h) and 5 of the Federal Deposit Insurance Act referred to in this section,
see
12 U.S.C. §§ 1813(h) and 1815, respectively.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-4 - Effect on existing banks.

The articles of incorporation of state banks existing at the time of the adoption of the Banking Act shall continue in full force and effect, but all state banks and, to the extent applicable, all banks shall thereafter be operated in accordance with the provisions of the Banking Act, and any state bank by filing an application for an amendment of its articles of incorporation, or for a merger, consolidation or sale of all, or substantially all, of its assets or the assets of any department under the Banking Act and its articles of incorporation, shall thereafter be subject to the Banking Act.
History:
1953 Comp., § 48-22-4, enacted by Laws 1963, ch. 305, § 4.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 7.
9 C.J.S. Banks and Banking § 7.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-5 - Deposit of minor; school or institutional deposits.

A. A bank may operate a deposit account in the name of a minor or in the name of two or more persons, one or more of whom are minors, with the same effect upon its liability as if such minors were of full age.
B. Subject to such regulations as the commissioner [director of the financial institutions division of the regulation and licensing department] may prescribe for the protection of depositors, a bank may contract with the proper authorities of any elementary or secondary school, or of any institution caring for minors, for the participation by the bank in any school or institutional thrift or savings plan, and it may accept deposits at such a school or institution, either by its own collector or by any representative of the school or institution who becomes the agent of the bank for such purpose.
History:
1953 Comp., § 48-22-6, enacted by Laws 1963, ch. 305, § 6.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Laws 1977, ch. 245, § 4 abolished the department of banking, with § 3 of that act establishing the commerce and industry department consisting of five divisions, including the financial institutions division. Section 12 provided that all references in the law to the department of banking were to be construed to mean the financial institutions division of the commerce and industry department. Furthermore, the powers and duties of the commissioner of banking were transferred to the director of the financial institutions division, and all statutory references to the commissioner were to be construed to mean the director. See 58-1-32 NMSA 1978 and the general definitions of 58-1-3 NMSA 1978. However, Laws 1983, ch. 297, § 33, abolished the commerce and industry department, and § 20 of that act created the regulation and licensing department with a financial institutions division. Laws 1983, ch. 297, § 31, transfers the personnel, etc., of the financial institutions division of the commerce and industry department to the financial institutions division of the regulation and licensing department. See 9-16-4 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 359.
9 C.J.S. Banks and Banking §§ 147 et seq., 211 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-6 - Designating agent.

A. A bank may continue to recognize the authority of an agent authorized in writing to operate, in whole or in part, the account of a depositor, until it receives written notice of the revocation of his authority.
B. Knowledge of the death or adjudication of incapacity of such depositor shall constitute written notice of revocation of the authority of his agent.
C. Notwithstanding that a bank has received written notice of revocation of the authority of such agent, it may, until ten days after receipt of such notice, pay any item apparently made, drawn, accepted or indorsed by such agent prior to such revocation, provided that such item is otherwise properly payable.
D. No bank shall be liable for damages, penalty or tax by reason of any payment made pursuant to this section.
History:
1953 Comp., § 48-22-7, enacted by Laws 1963, ch. 305, § 7; 1975, ch. 257, § 8-122.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
9 C.J.S. Banks and Banking §§ 280, 281, 327.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-7 - Adverse claim to deposit.

Notice to any bank of an adverse claim to a deposit with such bank need not be recognized, and shall not be deemed effective, unless and until either the person making the claim supplies indemnity deemed adequate by the bank or the bank is served with process or order issued by a court of competent jurisdiction in an action in which the adverse claimant and the person or persons nominally entitled to the deposit are parties, provided that the bureau of revenue [revenue division of the taxation and revenue department] may levy against a deposit in accordance with the provisions of Section 7-1-31 NMSA 1978.
History:
1953 Comp., § 48-22-7.1, enacted by Laws 1975, ch. 330, § 8.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
The bureau of revenue was abolished by Laws 1977, ch. 249, § 5. Section 4 of that act establishes the taxation and revenue department, consisting of three divisions, including the revenue division. Section 41 provides that references to the bureau in the Tax Administration Act (Chapter 7, Article 1 NMSA 1978) mean the revenue division. See 7-1-3, 7-2-2 and 9-11-4 NMSA 1978.
Cross references.
— For the taxation and revenue department,
see
9-11-1 NMSA 1978.
Statutory duty.
— Section 58-1-7 NMSA 1978 establishes a mandatory statutory procedure with respect to the handling of adverse claims to deposits. As a result, it supplies a basis for the existence of a statutory duty.
Alcantar v. Sanchez
, 2011-NMCA-073, 150 N.M. 146, 257 P.3d 966.
Action not "adverse claim to a deposit".
— This section did not apply to claims by third parties that the drawer had forged their endorsement on checks previously deposited into the drawer's checking account, because those claims were not "an adverse claim to a deposit" with the bank; rather, the claims were a claim of liability on the part of the bank and this claim of liability was not directed to a deposit.
Landrum v. Security Nat'l Bank
, 1985-NMCA-031, 104 N.M. 55, 716 P.2d 246, cert. denied, 103 N.M. 798, 715 P.2d 71 (1986).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 506.
Adverse claims, construction, application and effect of statute relating to notice to bank of, 62 A.L.R.2d 1116.
Special bank deposits as subject of attachment or garnishment to satisfy depositor's general obligations, 8 A.L.R.4th 998.
9 C.J.S. Banks and Banking §§ 280, 328 et seq., 337, 341, 351, 357, 358, 405.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-8 - Payment from account when no executor or administrator has qualified.

A. Where no executor or administrator of a deceased depositor has qualified and given notice of his qualifications to the bank, it may in its discretion and at any time after the death of the depositor pay out of all accounts maintained with it by him 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) if there is no surviving spouse then to the surviving next of kin, of the closest degree of lineal consanguinity.
B. A bank may in its discretion and at any time after sixty days from the death of a depositor, whose residence address according to the books of the bank 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 bank has received written notice of the appointment of an executor or administrator in this state.
C. No bank 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.
History:
1953 Comp., § 48-22-8, enacted by Laws 1963, ch. 305, § 8; 1975, ch. 330, § 9.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 537.
9 C.J.S. Banks and Banking § 310.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-9 - Transmitting money; foreign exchange.

A bank may accept money for transmission and may transmit money. A bank may buy and sell foreign exchange to the extent necessary to meet the needs of customers.
History:
1953 Comp., § 48-22-9, enacted by Laws 1963, ch. 305, § 9.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 308.
Licensing and regulation of business of transmitting funds to foreign countries, 94 A.L.R.2d 496.
9 C.J.S. Banks and Banking §§ 445 et seq., 486.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-10 - Authority to engage in leasing safe deposit facilities; subsidiary company.

A. Subject to such regulations as the commissioner [director of the financial institutions division of the commerce and industry department] may prescribe, a state bank or safe deposit company may maintain and lease safe deposit boxes and may accept property or documents for safekeeping if, except in the case of night depositories, it issues a receipt therefor.
B. A state bank 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 banks.
History:
1953 Comp., § 48-22-10, enacted by Laws 1963, ch. 305, § 10; 1975, ch. 330, § 10.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not a part of the law.
Cross references.
— For director of financial institutions,
see
9-16-4 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 469 to 492.
93 C.J.S. Warehousemen and Safe Depositaries § 93.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-11 - 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 thereto 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 writing signed by all other persons so acting; or
(3) any agent authorized in writing signed by all of the persons acting as fiduciaries.
B. No lessor shall be liable for damages for allowing or refusing access or removal of the contents of the safety deposit box under the provisions of Subsection A of this section.
History:
1953 Comp., § 48-22-11, enacted by Laws 1963, ch. 305, § 11.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 482, 483.
93 C.J.S. Warehousemen and Safe Depositaries § 96.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-12 - Effect of lessee's death or incapacity.

Where a lessor, without knowledge of the death or of an adjudication of incapacity of the lessee, deals with his agent pursuant to a written power of attorney signed by such lessee, the transaction binds the lessee's estate and the lessee.
History:
1953 Comp., § 48-22-12, enacted by Laws 1963, ch. 305, § 12; 1975, ch. 257, § 8-123.
ANNOTATIONS
Cross references.
— For proof of valid power of attorney,
see
45-5-502 NMSA 1978.
For the Uniform Statutory 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 §§ 472, 473, 476, 484.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-13 - Lease to minor.

A lessor may lease a safe deposit box to and in connection therewith deal with a minor with the same effect as if leasing to and dealing with a person of full legal capacity.
History:
1953 Comp., § 48-22-13, enacted by Laws 1963, ch. 305, § 13.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
93 C.J.S. Warehousemen and Safe Depositaries § 51.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-14 - 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; and the lessor, if so requested by such person, may deliver upon execution of receipt therefor:
(1) any writing purporting to be a will of the decedent;
(2) any writing purporting to be a deed to a burial plot or to give burial instructions to the person making the request for a search; and
(3) any document purporting to be an insurance policy on the life of the decedent to the beneficiary named therein.
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., § 48-22-14, enacted by Laws 1963, ch. 305, § 14.
ANNOTATIONS
Cross references.
— For appointment of personal representative of an estate,
see
45-3-103 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 486 to 492.
9 C.J.S. Banks and Banking, § 79.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-15 - 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 where 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 where it is claimed that a lessee is the same person as one using another name.
History:
1953 Comp., § 48-22-15, enacted by Laws 1963, ch. 305, § 15.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 506.
Bank's or safe deposit company's liability for denying access to box, 4 A.L.R.3d 1462.