2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-5 - Examinations; supervision fees.

A. The director shall examine or cause to be examined each credit union. A credit union and any of its board members, executive officers, agents and employees shall give the director or his representatives full access to all books, papers, securities, records and other desired sources of information under their control.
B. A copy of the report of any such examination shall be forwarded to the board of directors of the credit union examined within thirty days after completion of the report. The report shall contain comments relative to the management of the affairs of the credit union and its general financial condition. The board of directors shall meet to consider matters contained in the report and shall respond to the director in writing, acknowledging receipt of the report and setting forth corrective measures taken or contemplated with respect to any adverse comments by the examiner.
C. In lieu of examination, the director may accept an audit report of the condition of a credit union, conducted by a certified public accountant or other qualified person or firm approved by the director. The cost of the audit shall be borne by the credit union.
D. Each credit union shall annually pay to the director a supervision fee in accordance with the following schedule:
If the credit union's
total assets are —
The fee is —
Over
But Not
Over
This
Amount
Plus
Per
Of Excess
Over
-0-
49,999
400.00
50,000
100,000
400.00
1.7227
1,000
50,000
100,001
250,000
400.00
1.1021
1,000
100,000
250,001
500,000
400.00
0.9095
1,000
250,000
500,001
1,000,000
575.13
0.5136
1,000
500,000
1,000,001
2,000,000
833.42
0.3959
1,000
1,000,000
2,000,001
5,000,000
1,226.04
0.3470
1,000
2,000,000
5,000,001
20,000,000
2,267.21
0.1800
1,000
5,000,000
20,000,001
50,000,000
4,898.96
0.1680
1,000
20,000,000
50,000,001
100,000,000
9,854.85
0.1551
1,000
50,000,000
100,000,001
17,642.07
0.1423
1,000
100,000,000
The supervision fee shall be calculated as of December 31. The fee shall be paid on or before the March 1 following the asset computation. For failure to pay the supervision fee when due, unless excused for cause by the director, the credit union shall pay to the division fifty dollars ($50.00) for each day of its delinquency. The director may prescribe lower supervision fees by regulation and in determining those fees, he may use criteria other than the total assets of the credit union paying the fee.
E. If at any time the director deems it necessary to examine a credit union more than once in any calendar year and if the credit union is determined to have violated the Credit Union Act or other state laws or federal laws or regulations, the credit union shall pay to the director reimbursement of the actual costs of that examination or those examinations.
History:
Laws 1987, ch. 311, § 5; 1989, ch. 209, § 8; 1991, ch. 51, § 3; 1997, ch. 195, § 4.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed former 58-11-5 NMSA 1978, as amended by Laws 1975, ch. 344, § 5, relating to powers generally, effective June 19, 1987, and enacted a new 58-11-5 NMSA 1978.
The 1997 amendment,
effective July 1, 1997, deleted "plus one hundred dollars ($100) for each branch office in operation" following the table of fees in Subsection D, added the last sentence of Subsection D, and inserted "and if the credit union is determined to have violated the Credit Union Act or other state laws or federal laws or regulations" in Subsection E.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1991 amendment,
effective July 1, 1991, in the second sentence of Subsection A, inserted "executive".
Scope of examination.
— This section limits the scope of the examination to credit-union-related materials and limits the discretion of the inspecting officials to that extent as well.
State v. Montoya
, 1993-NMCA-097, 116 N.M. 297, 861 P.2d 978, cert. denied, 116 N.M. 364, 862 P.2d 1223.
Service charges, late fees or similar charges may be assessed
by a credit union provided the statutory disclosure provisions are followed. 1985 Op. Att'y Gen. No. 85-01.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
13 Am. Jur. 2d Building and Loan Associations § 42.
12 C.J.S. Building and Loan Associations §§ 49, 51, 52.