reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-25 - Access to records.

A. Every member may inspect records of an association which pertain to his loan, permanent capital stock or savings account. Otherwise, the right of inspection and examination of the records is limited to the supervisor or his authorized representatives as provided in the Savings and Loan Act, to persons authorized to act for the association and to any state or federal instrumentality or agency authorized to inspect or examine the records of an association. Records pertaining to the accounts and loans of members shall be kept confidential by the supervisor and his representatives except where disclosure is compelled by a court of competent jurisdiction, and no member or other person shall have access to the records or be furnished or possess a partial or complete list of the members except upon express action and authority of the board of directors. Records of an association are not admissible as evidence in any proceeding concerning the validity of any tax assessment or the collection of delinquent taxes, penalties or interest except where:
(1) the owner of an account is a party to the proceeding, in which case the records pertaining to the account of the party are admissible; or
(2) the association itself is a party to the proceeding, in which case any record material to the proceeding is admissible.
B. If any member or members desire to communicate with the other members of the association with reference to any question pending or to be presented for consideration at a meeting of the members, the association shall furnish, upon request, a statement of the approximate number of members of the association at the time of the request and an estimate of the cost of forwarding the communication. The requesting member or members shall then submit the communication to the supervisor who, if he finds it to be appropriate, truthful and in the best interests of the association and all its members, shall execute a certificate setting out such findings, forward the certificate and the communication to the association and direct that the communication be prepared and mailed by the association to the members upon the requesting member's or members' payment to it of the expenses of preparation and mailing.
History:
1953 Comp., § 48-15-69, enacted by Laws 1967, ch. 61, § 25.
ANNOTATIONS
Cross references.
— For requirement of confidentiality by the supervisor,
see
58-10-74 NMSA 1978.
For audits and examinations by the supervisor,
see
58-10-76, 58-10-77 NMSA 1978.
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 §§ 67, 68.
Purposes for which stockholder may exercise right to examine corporate books and records, 15 A.L.R.2d 11.
9 C.J.S. Banks and Banking § 79.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-26 - Records.

Every association shall keep correct and complete books of account and minutes of the meetings of members and directors.
History:
1953 Comp., § 48-15-70, enacted by Laws 1967, ch. 61, § 26.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 18.
9 C.J.S. Banks and Banking §§ 8, 9.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-27 - Misdescription of assets.

No association shall, directly or indirectly, by any system of account or any device of bookkeeping, knowingly enter any of its assets upon its books in the name of any other person, partnership, association or corporation or under any title or designation that is not truly descriptive of the assets.
History:
1953 Comp., § 48-15-71, enacted by Laws 1967, ch. 61, § 27.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 232, 237.
9 C.J.S. Banks and Banking §§ 288, 290, 292, 301, 302, 303, 305, 306, 313, 336, 341.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-28 - Charging off or setting up reserves against bad assets.

After a determination of value, the supervisor may order that assets in the aggregate, to the extent that the assets exceed appraised value, be charged off, or that a special reserve or reserves equal to the depreciation in value be set up by transfers from surplus, undivided profits or reserves.
History:
1953 Comp., § 48-15-72, enacted by Laws 1967, ch. 61, § 28.
ANNOTATIONS
Cross references.
— For meaning of "supervisor",
see
58-10-2J NMSA 1978.
Special reserves.
— Net worth of a savings and loan association as defined by Section 58-10-2 NMSA 1978 does not include special reserves established pursuant to Section 58-10-28 NMSA 1978, 1982 Op. Att'y Gen. No.82-19.
Special reserves included in net worth.
— The special reserves provided for in this section are to be included in the net worth of a savings and loan association, as net worth is defined by Section 58-10-2 NMSA 1978. 1968 Op. Att'y Gen. No. 68-56 (overruled by 1982 Op. Att'y Gen. No. 82-19).
Reserves are an appropriation or a segregation of surplus.
1968 Op. Att'y Gen. No. 68-56 (overruled by 1982 Op. Att'y Gen. No. 82-19).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 404, 405, 411.
9 C.J.S. Banks and Banking § 402.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-29 - Membership records.

Every association shall maintain membership or stockholder records which show the name and address of each member, the status of each member as a savings account holder, a stockholder or an obligor and the date of his membership.
History:
1953 Comp., § 48-15-73, enacted by Laws 1967, ch. 61, § 29.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-30 - Financial statement.

Every association shall prepare and publish in January of each year, in a newspaper of general circulation in the county in which the principal office of the association is located, a statement of its financial condition in the form prescribed or approved by the supervisor as of the last business day of December of the preceding year.
History:
1953 Comp., § 48-15-74, enacted by Laws 1967, ch. 61, § 30.
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 § 18.
9 C.J.S. Banks and Banking § 737.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-31 - Annual reports; other reports.

On or before January 31 each year, every association shall make a written report to the supervisor, upon a form prescribed and furnished by the supervisor, of its affairs and operations, including a complete statement of its financial condition along with a statement of income and expense since its last previous similar report, for the twelve months ending on the last business day of December of the previous year. The report shall be signed by the president, vice president or secretary.
History:
1953 Comp., § 48-15-75, enacted by Laws 1967, ch. 61, § 31.
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 § 237.
9 C.J.S. Banks and Banking § 27.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-32 - Power to borrow.

No association shall borrow more money than an aggregate amount equal to fifty percent of its withdrawable savings on the date of borrowing, except that the supervisor may grant immediate authority to exceed this limit for the sole purpose of meeting withdrawals.
History:
1953 Comp., § 48-15-76, enacted by Laws 1967, ch. 61, § 32.
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 §§ 289, 290.
9 C.J.S. Banks and Banking § 604; 12 C.J.S. Building and Loan Associations § 52.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-33 - General corporate powers.

Every association incorporated pursuant to, or operating under, the provisions of the Savings and Loan Act has all powers authorized by the corporation laws of this state, is a body corporate and politic, may sue and be sued, may have a common seal which it may alter at pleasure and has all other powers incident to, or necessary for, the purpose of properly carrying on its business.
History:
1953 Comp., § 48-15-77, enacted by Laws 1967, ch. 61, § 33.
ANNOTATIONS
Cross references.
— For the New Mexico general corporation laws,
see
Chapter 53 NMSA 1978.
Purchase of one association's assets by another permitted.
— A New Mexico state chartered savings and loan association may purchase the assets, which include branch offices located more than 100 miles from the purchasing association's principal office, and assume the liabilities, of another state chartered savings and loan association. 1982 Op. Att'y Gen. No. 82-13.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 270 to 335.
9 C.J.S. Banks and Banking §§ 230, 231; 12 C.J.S. Building and Loan Associations § 6.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-34 - Fiscal agent.

Any association may act as fiscal agent of the United States and, when so designated by the secretary of the treasury, shall perform under regulations he may require, and may act as agent for any instrumentality of the United States.
History:
1953 Comp., § 48-15-78, enacted by Laws 1967, ch. 61, § 34.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
9 C.J.S. Banks and Banking §§ 665, 749 et seq.; 12 C.J.S. Building and Loan Associations § 9.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-35 - Powers under federal law.

A. Any association insured by the federal savings and loan insurance corporation, or any federal association, insofar as its charter and applicable state and federal laws, rules and regulations permit, may, upon application to and approval by the supervisor, act as trustee or custodian of any trust created or organized in the United States and forming part of a stock bonus, pension or profit-sharing plan which qualifies or qualified for specific tax treatment under Section 401(d) or Section 408(a) of the Internal Revenue Code of 1954, as amended.
B. Any association in relation to any funds held in a fiduciary capacity pursuant to this section:
(1) shall segregate such funds from its general assets;
(2) shall keep a separate set of books and records detailing all transactions involving such funds;
(3) may commingle such funds for appropriate investment purposes but individual records shall be kept by the fiduciary for each participant and shall show in proper detail all transactions; and
(4) shall invest such funds only in its savings accounts or deposits in the association. No association shall use in the conduct of its business any funds held in a fiduciary capacity pursuant to this section.
C. In considering any application made pursuant to this section, the supervisor shall examine the investment policies, amount, type and adequacy of reserves, fidelity bonds and any legally required deposits of the applicant, and other pertinent facts and circumstances, and may grant or refuse the application accordingly.
History:
1953 Comp., § 48-15-79, enacted by Laws 1967, ch. 61, § 35; 1971, ch. 242, § 1; 1975, ch. 236, § 1.
ANNOTATIONS
Cross references.
— For Section 401(d) and 408(a) of the Internal Revenue Code of 1954,
see
26 U.S.C. §§ 401(d) and 408(a).
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 §§ 220 to 231.
9 C.J.S. Banks and Banking § 671; 12 C.J.S. Building and Loan Associations § 49.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-36 - Original real estate loans.

Every association may make real estate loans to members, secured by a mortgage, deed of trust or other instrument creating or constituting a first and prior lien on the real estate, and may make additional real estate loans secured by liens subsequent to its own first lien upon the same property. Additional security may also be taken by the association in connection with any such loan.
History:
1953 Comp., § 48-15-80, enacted by Laws 1967, ch. 61, § 36.
ANNOTATIONS
Cross references.
— For provisions relating to money, interest and usury,
see
56-8-1 to 56-8-30 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 282 to 284.
Recoverability of compensatory damages for mental anguish or emotional distress for breach of contract to lend money, 52 A.L.R.4th 826.
9 C.J.S. Banks and Banking § 606.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-37 - Dealing in real estate loans.

Every association may purchase real estate loans upon security of the same character against which the association may make an original loan and also may lend money on the security of such real estate loans.
History:
1953 Comp., § 48-15-81, enacted by Laws 1967, ch. 61, § 37.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 282 to 284.
9 C.J.S. Banks and Banking § 606; 12 C.J.S. Building and Loan Associations § 65.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-38 - Participation with others in real estate loans.

A. Subject to the requirements of any regulations of the supervisor, every association may:
(1) participate with other lenders in real estate loans of any type that the association could originate;
(2) sell, but only without recourse, any real estate loan it holds or any participating interest therein; and
(3) service any real estate loans sold by it.
B. No association shall participate in the making of a loan pursuant to the approval granted in this section or purchase a participation in a loan beyond the association's regular lending area pursuant to this approval if the resulting aggregate amount of the institution's investments made pursuant to this approval would exceed forty percent of the association's assets. As used in this subsection, "loan" and "investments" do not include or apply to any loan as to which the institution has, with respect to such loan or its participation therein, the benefit of any insurance or guaranty or commitment for insurance or guaranty under any law of the United States.
History:
1953 Comp., § 48-15-82, enacted by Laws 1967, ch. 61, § 38.
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 §§ 282 to 284.
9 C.J.S. Banks and Banking § 606.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-40 - Advances to protect security.

Any association may pay taxes, assessments, supplemental abstract or title search charges, insurance premiums and other similar charges for the protection of its interests in properties securing its real estate loans, which advances may be carried on its books as an asset of the association and for which it may charge and collect interest, or the advances may be added to the unpaid balance of the loan as of the first day of the month in which the advances are made. All such advances constitute a valid lien against the real estate securing the loan for which they were made. An association may require borrowers to pay monthly, in advance, in addition to interest or interest and principal, the equivalent of one-twelfth of the estimated annual taxes, assessments, insurance premiums and other charges upon the real estate securing any loan, or any of these charges, so as to enable the association to pay them as they become due from the funds so received. The amount of the monthly charges may be increased or decreased as necessary for their payment. An association may carry such funds in trust in an account or may credit them to the indebtedness and advance the money for taxes, insurance and other charges as they come due. Every association shall keep a record of the payment by the association of taxes, assessments and insurance premiums on all real estate securing its loans and on all real and personal property owned by it.
History:
1953 Comp., § 48-15-84, enacted by Laws 1967, ch. 61, § 40.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 693.
Power of bank officer respecting security or collateral held by bank, 11 A.L.R.2d 1305.
Rights in funds representing "escrow" payments made by mortgagor in advance to cover taxes or insurance, 50 A.L.R.3d 697.
9 C.J.S. Banks and Banking §§ 470, 611, 613; 12 C.J.S. Building and Loan Associations § 65.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-41 - Charges for real estate loans.

Every association may require borrowing members to pay all reasonable expenses incurred in connection with the making, maintenance, closing, disbursing, extending, readjusting or renewing of real estate loans, which charges may be collected by the association from the borrower and retained by it or paid to any persons, including any director, officer or employee of the association rendering services in connection therewith, or paid directly by the borrower. In addition, any association may charge premiums for making such loans as well as penalties for prepayments or late payments. No director, officer or employee of an association shall receive any fee or other compensation of any kind in connection with procuring any loan for an association except for services actually rendered as provided in this section. A loan settlement statement shall be furnished by or on behalf of the association to each borrower upon the closing of every real estate loan, indicating in detail the expenses, fees and charges the borrower has paid or obligated himself to pay to the association or to any other person in connection with the loan. A copy of the statement shall be retained in the records of the association.
History:
1953 Comp., § 48-15-85, enacted by Laws 1967, ch. 61, § 41.
ANNOTATIONS
Cross references.
— For the limits on commissions for securing loans,
see
56-8-7, 56-8-8 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 110 to 120.
Construction and application of 18 U.S.C.S. § 213 punishing acceptance of loan or gratuity by bank examiner, 19 A.L.R. Fed. 340.
9 C.J.S. Banks and Banking §§ 461, 462.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-42 - Insured and guaranteed loans.

Any association may make, without regard to any loan limitations or restrictions otherwise imposed by the Savings and Loan Act, any loan, secured or unsecured, which is insured or guaranteed in any manner and in any amount by the United States or any instrumentality thereof.
History:
1953 Comp., § 48-15-86, enacted by Laws 1967, ch. 61, § 42.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 420.
9 C.J.S. Banks and Banking § 605.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-43 - Loans on security of savings accounts.

Any association may make loans on the sole security value of the accounts owned or otherwise pledged for or by the borrower. No such loan shall be made when an association has applications for withdrawal filed which have not been reached for payment.
History:
1953 Comp., § 48-15-87, enacted by Laws 1967, ch. 61, § 43.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 684, 686.
9 C.J.S. Banks and Banking § 466.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-45 - Investment in securities.

A. Every association may invest in:
(1) obligations of, or guaranteed as to principal and interest by, the United States or this state;
(2) stock of a federal home loan bank of which it is eligible to be a member, and in any obligations or consolidated obligations of any federal home loan bank or banks;
(3) stock or obligations of the federal savings and loan insurance corporation;
(4) stock or obligations of a federal national mortgage association or any successor or successors thereto;
(5) demand, time or savings deposits with any bank or trust company, the deposits of which are insured by the federal deposit insurance corporation;
(6) stock or obligations of any corporation or agency of the United States or this state, or in deposits therewith to the extent that the corporation or agency assists in furthering or facilitating the association's purposes or power;
(7) insured savings accounts of any association;
(8) bonds, notes or other evidences of indebtedness which are a general obligation of any municipality, county, school district or other political subdivision of this state; and
(9) capital stock obligations or other securities of any service corporation organized under the laws of this state, if the entire capital stock of the corporation is available for purchase only by financial institutions of this state, federal savings and loan associations and national banks having their home offices in this state. No association may make any such investment in this state if its aggregate outstanding investment, determined as prescribed by the supervisor, would thereupon exceed one percent of its assets.
B. Securities owned by an association shall be carried on its books at no more than the actual cost thereof.
C. Nothing in the Savings and Loan Act denies to an association the right to invest its funds, operate a business, manage or deal in property or take any other action over whatever period of time may be reasonably necessary to avoid loss on a loan or investment made, or an obligation created, in good faith.
History:
1953 Comp., § 48-15-89, enacted by Laws 1967, ch. 61, § 45.
ANNOTATIONS
Cross references.
— For definition of "service corporation",
see
58-10-2I NMSA 1978.
For municipal housing bonds being legal investments,
see
3-45-24 NMSA 1978.
For meaning of "supervisor",
see
58-10-2J NMSA 1978.
State chartered banks and savings and loan associations are permitted to invest in mutual funds.
1987 Op. Att'y Gen. No. 87-04.
Mutual funds may not be pledged as collateral for deposits of public funds.
1987 Op. Att'y Gen. No. 87-04.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 296.
9 C.J.S. Banks and Banking § 606.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-46 - Acquisition of real property.

A. An association may own real property upon which any facility used in connection with the operation of the association is or will be located. The supervisor may order that any property be sold which cannot reasonably be expected to be used as a future location.
B. An association may acquire or hold real property for the purpose of investment, development or improvement up to an aggregate value not to exceed five percent of its total assets.
History:
1953 Comp., § 48-15-90, enacted by Laws 1967, ch. 61, § 46.
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 §§ 279 to 284.
9 C.J.S. Banks and Banking § 237; 12 C.J.S. Building and Loan Associations § 50.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-47 - Investment in office buildings.

An association shall not invest more in office buildings, sites and parking, than an amount equal to the net worth of the association.
History:
1953 Comp., § 48-15-91, enacted by Laws 1967, ch. 61, § 47.
ANNOTATIONS
Outstanding capital debentures not used to satisfy net worth requirements.
— Outstanding capital debentures or notes may not be used to satisfy the net worth requirements of Section 58-10-47 NMSA 1978, or any other section of the Savings and Loan Act except for Section 58-10-68 NMSA 1978, which is for the purpose of computing an association's reserve requirements. In that event, they are to be treated as capital. 1975 Op. Att'y Gen. No. 75-53.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 71, 205.
9 C.J.S. Banks and Banking § 237; 12 C.J.S. Building and Loan Associations § 50.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-48 - Valuation of real property of an association.

No association shall carry any real estate on its books at a sum in excess of the total amount invested by the association on account of the real estate, including advances, costs and improvements. Any association selling real estate under a contract of sale may carry the amount due the association under terms of the contract as an asset upon its books, but at no time shall the contract be considered as having an asset value greater in amount than the remaining principal balance of the contract, or greater in amount than the value at which the property so sold was permitted to be carried upon the books of the association.
History:
1953 Comp., § 48-15-92, enacted by Laws 1967, ch. 61, § 48.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 102.
9 C.J.S. Banks and Banking § 740 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-49 - Appraisals of real estate owned.

Every association shall appraise every parcel of real estate at the time of acquisition and upon completion of any permanent improvements. The report of the appraisal shall be in writing and kept in the records of the association.
History:
1953 Comp., § 48-15-93, enacted by Laws 1967, ch. 61, § 49.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 102.
9 C.J.S. Banks and Banking § 740 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-50 - Powers and privileges of association.

Notwithstanding any other provision of the Savings and Loan Act, every company, association or corporation licensed under the provisions of the savings and loan laws of this state whose accounts are insured by the federal savings and loan insurance corporation or its successor, and which is a member of a federal home loan bank or its successor, shall possess in addition to the rights, powers, privileges, immunities and exceptions provided by the Savings and Loan Act, such additional rights, powers, privileges, immunities and exceptions which the supervisor may grant, extend and provide for by regulations promulgated pursuant to the provisions of Sections 58-10-72 and 58-10-73 NMSA 1978; provided, however, that every such additional right, power, privilege, immunity and exception so granted, extended and provided for by the supervisor are [is] also possessed by federally chartered associations at the time such regulation is promulgated. Provided, further, that the supervisor shall also adopt regulations controlling the aforesaid state associations to the same extent that federally chartered associations are controlled in those instances where state regulations are less restrictive than federal regulations.
History:
1953 Comp., § 48-15-94, enacted by Laws 1967, ch. 61, § 50; 1973, ch. 220, § 1.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not a part of the law.
Cross references.
— For meaning of "supervisor",
see
58-10-2J NMSA 1978.
State and federal regulations need not be identical.
— A state emergency regulation was not invalid, even though it sought to restrict state chartered savings and loan associations from making loans on timeshares at a time when similar loans were authorized by institutions chartered by the federal government. The regulatory provisions of the state and federal government need not be identical or in agreement with each other.
State v. Grissom
, 1987-NMCA-123, 106 N.M. 555, 746 P.2d 661, cert. denied, 106 N.M. 439, 744 P.2d 912.
State chartered banks and savings and loan associations are permitted to invest in mutual funds.
1987 Op. Att'y Gen. No. 87-04.
Mutual funds may not be pledged as collateral for deposits of public funds.
1987 Op. Att'y Gen. No. 87-04.
Section controls limitations in Section 58-10-17 NMSA 1978.
— The prefatory clause of this section "notwithstanding any other provision of the Savings and Loan Act" resolves any possible conflict between this section and Section 58-10-17 NMSA 1978 and accords primacy to this section. Thus, notwithstanding the limitations expressed by Section 58-10-17 NMSA 1978, the provisions of this section are controlling. 1971 Op. Att'y Gen. No. 71-77.
See also
1972 Op. Att'y Gen. No. 72-68.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 275, 282.
9 C.J.S. Banks and Banking §§ 669, 670; 12 C.J.S. Building and Loan Associations § 49.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-51 - Limitation on savings accounts.

There is no limit on the number and value of savings accounts an association may accept unless limits are fixed by its board of directors or by Section 67 [58-10-68 NMSA 1978] of the Savings and Loan Act. Any association may refuse to accept deposits as it deems advisable.
History:
1953 Comp., § 48-15-95, enacted by Laws 1967, ch. 61, § 51.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 4.
9 C.J.S. Banks and Banking § 7.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-52 - Uninsured accounts; notice.

Within thirty days following the effective date of this section, each savings and loan association subject to the provisions of the Savings and Loan Act, including specifically those associations established or approved prior to the effective date of the Savings and Loan Act, whose accounts are not insured with the federal savings and loan insurance corporation, an agency of this state or another federal agency established for the purpose of insuring savings accounts in associations, or with any other insurer approved by the savings and loan supervisor and meeting the qualifications prescribed in Section 58-10-12 NMSA 1978, shall give a written notice to each new member opening a savings account prior to accepting the first deposit from said new member, that its accounts are not insured and shall continually maintain at each place of business at which deposits are received a sign in a conspicuous place giving notice that its accounts are not insured. The sign shall be in such form and of such size as the supervisor shall prescribe by regulation.
History:
1953 Comp., § 48-15-95.1, enacted by Laws 1972, ch. 62, § 1.
ANNOTATIONS
Effective dates.
— Laws 1967, ch. 61, § 101 made the Savings and Loan Act effective July 1, 1967.
Cross references.
— For meaning of "supervisor",
see
58-10-2J NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-53 - Insurance of accounts; failure to obtain or maintain.

A. Any association subject to the provisions of the Savings and Loan Act, including specifically those associations established or approved prior to the effective date of the Savings and Loan Act, which on January 1, 1979, has not obtained insurance of its accounts with the federal savings and loan insurance corporation, an agency of this state or another federal agency established for the purpose of insuring accounts in associations, shall furnish proof to the supervisor prior to June 30, 1979, that it has:
(1) obtained insurance of its accounts in one of the manners specified above;
(2) become a federal savings and loan association;
(3) merged with an existing insured savings and loan association, state or federal; or
(4) entered into voluntary liquidation.
B. If it appears to the supervisor that any association, so uninsured as of January 1, 1979, has failed to accomplish one of the prescribed four steps in Subsection A of this section prior to June 30, 1979, the supervisor shall, after hearing, proceed to take possession of the association pursuant to the provisions of Section 58-10-85 NMSA 1978 and may liquidate the association pursuant to the provisions of Section 58-10-85 NMSA 1978. Likewise, if it appears at any time that any association, the accounts of which are insured, has failed to maintain its insurance, the supervisor shall, after hearing, proceed to take possesssion [possession] of the association pursuant to the provisions of Section 58-10-85 NMSA 1978 and may liquidate the association pursuant to the provisions of Section 58-10-85 NMSA 1978.
History:
1953 Comp., § 48-15-95.2, enacted by Laws 1976, ch. 57, § 2.
ANNOTATIONS
Effective dates.
— Laws 1967, ch. 61, § 101 made the Savings and Loan Act effective July 1, 1967.
Cross references.
— For meaning of "supervisor",
see
58-10-2J NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 230.
9 C.J.S. Banks and Banking §§ 671, 749 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-54 - Who may open a savings account.

Investments in savings accounts may be made only in cash and may be made by any person in his own right or in a trust or other fiduciary capacity and by any partnership, association, corporation [or] federal entities which are authorized to open such savings accounts, subject to any limitation fixed by the board of directors or the association's refusal to accept deposits.
History:
1953 Comp., § 48-15-96, enacted by Laws 1967, ch. 61, § 52.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not a part of the law.
Cross references.
— For procedures governing administrative appeals to the district court,
see
Rule 1-074 NMRA.
Compiler's notes.
— For scope of review of the district court, see Zamora v. Village of Ruidoso Downs, 120 N.M. 778, 907 P.2d 182 (1995).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 4.
9 C.J.S. Banks and Banking § 609.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-55 - Savings contracts.

Each holder of a savings account shall execute a savings contract, the form of which is subject to approval of the supervisor, setting forth any special terms and provisions applicable to the account and the conditions upon which withdrawals may be made not inconsistent with the provisions of the Savings and Loan Act. The savings contract shall be held by the association as part of its records pertaining to the account.
History:
1953 Comp., § 48-15-97, enacted by Laws 1967, ch. 61, § 53.
ANNOTATIONS
Cross references.
— For withdrawals from savings accounts,
see
58-10-63 NMSA 1978.
Cross references.
— For meaning of "supervisor",
see
58-10-2J NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 416.
Effect, on bank depositor's rights and those of bank, of printed rules in passbook not expressly accepted, 60 A.L.R.2d 708.
9 C.J.S. Banks and Banking § 605.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-56 - Evidence of account ownership.

As evidence of each savings account, the association shall issue to the holder of the account either an account book or a certificate.
History:
1953 Comp., § 48-15-98, enacted by Laws 1967, ch. 61, § 54.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 347 to 350.
Certificate of deposit as "security" under federal securities laws, 82 A.L.R. Fed. 553.
9 C.J.S. Banks and Banking § 740 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-57 - Transfer of savings accounts.

Savings accounts are transferrable [transferable] only on the books of the association upon presentation of evidence of transfer satisfactory to the association, accompanied by application for transfer by which the transferee agrees to accept the account subject to the terms and conditions of the savings contract, the bylaws of the association and the provisions of its charter. The association may treat the holder of record of a savings account as the owner for all purposes without being affected by any notice to the contrary unless the association has acknowledged in writing that a pledge of the savings account has been made.
History:
1953 Comp., § 48-15-99, enacted by Laws 1967, ch. 61, § 55.
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 § 531.
9 C.J.S. Banks and Banking § 279.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-58 - Lost or destroyed evidence of ownership.

A new account book or certificate may be issued in the name of the holder of record at any time when requested by the holder or his legal representative upon proof satisfactory to the association that the original book or certificate has been lost or destroyed. The new account book or certificate shall expressly state that it is issued in lieu of the one lost or destroyed, and the association shall in no way be liable thereafter on account of the original account book or certificate. The association may require indemnification against any loss that might result from the issuance of the new account book or certificate.
History:
1953 Comp., § 48-15-100, enacted by Laws 1967, ch. 61, § 56.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 350, 497, 531, 532.
Liability of savings bank for payment to person presenting lost or stolen passbook or savings account card, 68 A.L.R.3d 1080.
9 C.J.S. Banks and Banking §§ 417, 418, 424, 434, 435, 437, 438.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-59 - Savings accounts of minors.

Any association operating under the Savings and Loan Act, and any federal savings and loan association doing business in this state, may accept savings accounts in the name of a minor or in the name of two or more persons, one or more of whom are minors, and pay the account to the order of the minor or minors as if they were of full age.
History:
1953 Comp., § 48-15-101, enacted by Laws 1967, ch. 61, § 57.
ANNOTATIONS
Cross references.
— For the age of majority and exceptions thereto,
see
28-6-1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 359.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-60 - Power of attorney on savings accounts.

Any association or federal association may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals, in whole or in part, from the savings account of a member, whether minor or adult, until it receives written notice or is on actual notice of the revocation of his authority. For the purposes of this section, written notice of the death or adjudication of incapacity of the member constitutes written notice of revocation of the authority of his attorney-in-fact. No association or federal association is liable for damages, penalty or tax by reason of any payment made pursuant to this section.
History:
1953 Comp., § 48-15-102, enacted by Laws 1967, ch. 61, § 58; 1975, ch. 257, § 8-120.
ANNOTATIONS
Cross references.
— For the Uniform Statutory Power of Attorney Act,
see
45-5-601 NMSA 1978.
For proof of valid power of attorney,
see
45-5-502 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-61 - Pledge of savings account in joint tenancy.

The pledge or hypothecation to any association or federal association of all or part of a savings account in joint tenancy signed by any tenant or tenants, whether minor or adult, upon whose signature or signatures withdrawals may be made from the account, unless the terms of the savings account provide specifically to the contrary, is a valid pledge and transfer to the association of that part of the account pledged or hypothecated, and shall not operate to sever or terminate the joint and survivorship ownership of all or any part of the account.
History:
1953 Comp., § 48-15-103, enacted by Laws 1967, ch. 61, § 59.
ANNOTATIONS
Cross references.
— For joint savings accounts generally,
see
58-10-63B NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 369 to 389.
Liability of bank to joint depositor for removal of name from account at request of other joint depositor, 39 A.L.R.4th 1112.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-62 - Accounts of fiduciaries.

Any association or federal association may accept savings accounts in the name of any administrator, executor, custodian, conservator, guardian, trustee or other fiduciary for a named beneficiary or beneficiaries. The fiduciary may vote as a member as if the membership were held absolutely, and he may open, make additions to and withdraw any such account in whole or in part. The withdrawal value of the account and earnings thereon or other rights relating thereto may be paid or delivered in whole or in part to the fiduciary without regard to any notice to the contrary as long as the fiduciary is living. Payment or delivery to the fiduciary, or a receipt or acquittance signed by the fiduciary to whom the payment or delivery of rights is made, is a valid release and discharge of the association for the payment or delivery made. Whenever a person holding an account in a fiduciary capacity dies and no written notice of the revocation or termination of the fiduciary relationship has been given to the association, and the association has no written notice of any other disposition of the beneficial estate, the withdrawal value of the account and earnings thereon or other rights relating thereto may, at the option of the association, be paid and delivered in whole or in part to the beneficiary, beneficiaries or to a legally authorized successor fiduciary. Whenever an account is opened by any person describing himself in opening the account as trustee for another and no other notice of the existence and terms of a legal and valid trust than this description has been given in writing to the association, in the event of the death of the person described as trustee, the withdrawal value of the account or any part thereof, together with the earnings thereon, may be paid to the person for whom the account was thus described to have been opened or to a legally authorized successor trustee. Payment and delivery to any beneficiary, beneficiaries or designated person, or a receipt or acquittance signed by any beneficiary, beneficiaries or designated person for any payment or delivery, is a valid release and discharge of the association for the payment or delivery made. No association paying any fiduciary, beneficiary or designated person in accordance with the provisions of this section is liable for any estate, inheritance or succession taxes which may be due to this state.
History:
1953 Comp., § 48-15-104, enacted by Laws 1967, ch. 61, § 60; 1971, ch. 242, § 3.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 275, 303 to 307.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-64 - Redemption of savings accounts.

At any time funds are on hand for the purpose, an association may redeem, by lot or otherwise as determined by the board of directors, all or any part of any of its savings accounts on a dividend date by giving thirty days' notice by mail addressed to each affected account holder at his last address of record on the books of the association. No association shall redeem any of its savings accounts when the association is subject to receivership action or when it has applications for withdrawal which have been on file for more than thirty days and have not been reached for payment. The redemption price of savings accounts redeemed shall be the withdrawal value thereof. If the notice of redemption has been given, and if, on or before the redemption date, the funds necessary for the redemption have been set aside and continue to be available, dividends upon the accounts called for redemption shall cease to accrue from the dividend date specified as the redemption date, and all rights with respect to such accounts shall terminate after the redemption date except the right of the account holder of record to receive the redemption price.
History:
1953 Comp., § 48-15-107, enacted by Laws 1967, ch. 61, § 63.
ANNOTATIONS
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-65 - Lien on savings accounts.

Every association operating under the Savings and Loan Act, or any federal association doing business in this state, has a lien, without further agreement or pledge, upon all savings accounts owned by any member to whom, or on whose behalf, the association has made an advance of money by loan or otherwise and, the lien is a complete and perfected lien for the amount or amounts so advanced; upon the default in repayment or satisfaction thereof, the association may, without notice to, or consent of, the member, cancel on its books all or any part of the savings accounts owned by the member and apply the value of the accounts in payment on account of the obligation. An association may, by written instrument, waive its lien in whole or in part on any savings accounts. Any association may take the pledge of savings accounts of the association owned by a member other than the borrower as additional security for any loan secured by an account or by an account and real estate, or as additional security for any real estate loan.
History:
1953 Comp., § 48-15-108, enacted by Laws 1967, ch. 61, § 64.
ANNOTATIONS