reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-27 - Direction of affairs.

A. A credit union shall be directed by a board of directors, consisting of an odd number of members, as provided in the bylaws, but not less than five in number, to be elected annually by and from the members. The election shall be held at the annual meeting or in such other manner as the bylaws provide. All members of the board shall hold office for such terms as the bylaws provide.
B. A supervisory committee shall consist of an odd number of members, as provided in the bylaws, but not less than three or more than seven in number. The bylaws shall specify the length of the terms of the committee members and whether membership of the supervisory committee shall be by annual election or appointment by the board of directors.
C. The board of directors may delegate any or all of its authority to extend credit, including the determination of interest rates, to one or more committees or an executive officer, provided such person is not a member of the board. A committee may consist of one or more members.
History:
Laws 1987, ch. 311, § 27; 1997, ch. 195, § 19; 2003, ch. 28, § 6.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-27 NMSA 1978, as amended by Laws 1977, ch. 245, § 114, relating to change in price of business, effective June 19, 1987, and enacted a new section.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 2003 amendment,
effective June 20, 2003, rewrote Subsection B to such an extent that a detailed comparison is impacticable.
The 1997 amendment,
effective July 1, 1997, rewrote Subsections B and C.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-28 - Record of officials.

Within thirty days after election or appointment, a record of the names, addresses and titles of the members of the board, committees and all executive officers of the credit union shall be filed with the division on forms provided by the director.
History:
Laws 1987, ch. 311, § 28; 1991, ch. 51, § 6.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed former 58-11-28 NMSA 1978, as amended by Laws 1981, ch. 37, § 55, relating to taxation, effective June 19, 1987, and enacted a new 58-11-28 NMSA 1978.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1991 amendment,
effective July 1, 1991, substituted "30 days" for "20 days" and "addresses and titles" for "and addresses" and inserted "executive".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-29 - Vacancies.

The board of directors of a credit union shall fill any vacancies occurring in the board until successors elected at the next annual election have qualified. If more than fifty percent of the board positions become vacant at any one time, a special meeting of the members shall be called to fill all vacancies. The supervisory committee shall fill all vacancies in its own membership as they occur. If all of the supervisory committee positions become vacant at any one time, the board of directors shall fill all vacancies, and those appointed members may serve until the next election. The board shall fill vacancies occurring on all other committees.
History:
Laws 1987, ch. 311, § 29; 1997, ch. 195, § 20.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-29 NMSA 1978, as amended by Laws 1969, ch. 268, § 9, relating to payment from account where no executor or administrator has qualified, effective June 19, 1987, and enacted a new section.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment,
effective July 1, 1997, deleted a former third sentence which read: "The board shall also fill vacancies in the credit committee, if any."; in the fourth sentence, inserted "supervisory" preceding "committee" and added "and those appointed members may serve until the next election" at the end; and added the fifth sentence.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-30 - Compensation of officials.

No board or committee member may be compensated for services performed in the regular course of duties pertaining to that board or committee position. Notwithstanding any provision of the Credit Union Act to the contrary, board or committee members may be compensated for those services provided to the credit union while temporarily serving in an additional capacity other than as a board or committee member. Reasonable life, accident and similar insurance protection shall not be considered compensation to a board or committee member. Board and committee members may be reimbursed for reasonable and necessary expenses incidental to the performance of official business of the credit union, provided such expenses are documented.
History:
Laws 1987, ch. 311, § 30; 1991, ch. 51, § 7; 1997, ch. 195, § 21; 2003, ch. 28, § 7.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed former 58-11-30 NMSA 1978, as enacted by Laws 1967, ch. 210, § 2, relating to proof of debt, effective June 19, 1987, and enacted a new 58-11-30 NMSA 1978.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 2003 amendment,
effective June 20, 2003, deleted "health" following "Reasonable life," near the middle of the section; and deleted "that" following "provided" near the end of the section.
The 1997 amendment,
effective July 1, 1997, added "performed in the regular course of duties pertaining to that board or committee position" at the end of the first sentence, added the second sentence, added "to a board or committee member" at the end of the third sentence, and made a minor stylistic change in the first sentence.
The 1991 amendment,
effective July 1, 1991, rewrote the first sentence which formerly read "No officer, board member or committee member other than an employee may be compensated for his services except that a board member in attendance at regular board meetings may be compensated up to a maximum of twenty dollars ($20.00) per month for such attendance" and in the last sentence inserted "reasonable and".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-31 - Conflicts of interest.

No board member, committee member, executive officer, agent or employee of a credit union shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting his pecuniary interest, the pecuniary interest of his parents, children or siblings or spouses of any of those individuals or the pecuniary interest of any organization, other than the credit union, in which he is directly or indirectly interested.
History:
Laws 1987, ch. 311, § 31; 1991, ch. 51, § 8; 1997, ch. 195, § 22.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed former 58-11-31 NMSA 1978, as amended by Laws 1975, ch. 344, § 25, relating to penalty for false affidavit, effective June 19, 1987, and enacted a new 58-11-31 NMSA 1978.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment,
effective July 1, 1997, inserted "the pecuniary interest of his parents, children or siblings or spouses of any of those individuals" near the middle of the section.
The 1991 amendment,
effective July 1, 1991, inserted "executive" near the beginning and "the" preceding "pecuniary".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-32 - Officers.

A. At an organizational meeting held within thirty days following each annual election, the board of directors shall elect from its own number a chairman, a vice chairman and a secretary. It shall also elect any other board officers that are specified in the bylaws.
B. The terms of the board officers shall be one year or until their successors are chosen and have been duly qualified.
C. The duties of the board officers shall be prescribed in the bylaws.
D. The board of directors shall employ, elect or appoint an executive officer of the credit union who shall be responsible for credit union operations. The executive officer may be a member of the board of directors if not receiving paid compensation as executive officer, but may not be an officer of the board of directors. The executive officer will serve at the pleasure of the board of directors.
E. The board of directors may provide for other executive officers and prescribe their duties and authority in the bylaws.
F. Notwithstanding any other provisions of the Credit Union Act, a credit union may use any titles it chooses for the officials holding the positions described in this section, provided those titles are not misleading.
History:
Laws 1987, ch. 311, § 32; 1991, ch. 51, § 9; 1997, ch. 195, § 23.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed former 58-11-32 NMSA 1978, as amended by Laws 1985, ch. 20, § 1, relating to insurance of share and deposit balances, effective June 19, 1987, and enacted a new 58-11-32 NMSA 1978.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment,
effective July 1, 1997, made a minor stylistic change in Subsection A, rewrote Subsection D, and substituted "Credit Union Act" for "Credit Union Regulatory Act" in Subsection F.
The 1991 amendment,
effective July 1, 1991, inserted "board" in Subsections A through C, added Subsection E, redesignated former Subsection E as Subsection F, and made minor stylistic changes.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-32.2 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1987, Chapter 311, § 67 repeals 58-11-32.1 and 58-11-32.2 NMSA 1978, as enacted by Laws 1985, ch. 20, §§ 2, 3, relating to share insurance corporations, effective June 19, 1987.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-33 - Authority and responsibility of board members.

The board of directors shall have the authority and responsibility for providing the general direction of the business affairs, funds and records of the credit union. In addition to all other powers authorized in the Credit Union Act, the board of directors may:
A. limit the dollar amount of share and deposit accounts which may be owned by a member, provided such limitations shall equally apply to all members; and
B. authorize the credit union to contribute funds to any nonprofit civic, charitable, educational, research or service organization.
History:
Laws 1987, ch. 311, § 33; 1997, ch. 195, § 24.
ANNOTATIONS
Repeals and reenactments.
— Laws 1987, Chapter 311 repealed 58-11-33 NMSA 1978, as amended by Laws 1985, ch. 20, § 3, relating to nonrequirement of notice of payment, effective June 19, 1987, and enacted a new section.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment,
effective July 1, 1997, added the last sentence in the introductory language and added Subsections A and B.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-34 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 41 repealed 58-11-34 NMSA 1978, as enacted by Laws 1987, ch. 311, § 34, relating to the appointment of credit union executive committees by the board of directors, effective July 1, 1997. For provisions of former section,
see
the 1996 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-35 - Meetings of board members.

Each month either the board of directors or the executive committee shall meet. These bodies shall meet on other occasions as necessary.
History:
Laws 1987, ch. 311, § 35.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-37 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 41 repealed 58-11-37 NMSA 1978, as amended by Laws 1991, ch. 51, § 11, relating to the duties and responsibilities of credit union credit committees, effective July 1, 1997. For provisions of former section,
see
the 1996 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-39 - Members' accounts.

A. The bylaws of a credit union may require the members to subscribe to and make payments on membership shares.
B. Share accounts, membership shares and deposit accounts shall be subscribed to and paid for in such manner as the bylaws prescribe.
C. The par value of shares and membership shares shall be as prescribed in the bylaws.
D. Membership shares may not be pledged as security on any extension of credit.
History:
Laws 1987, ch. 311, § 39; 1997, ch. 195, § 27.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment,
effective July 1, 1997, substituted "may" for "shall" in Subsection A and substituted "any extension of credit" for "any loan" at the end of Subsection D.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-40 - Dividends and interest.

A. Periodically, and after provision for the required reserves, the board of directors may declare, dividends to be paid on share accounts and membership shares. Dividends may be paid from the credit union's undivided earnings; provided, no such payment shall result in or increase a debit balance in the undivided earnings account.
B. Dividends may be paid at various rates with due regard to the conditions that pertain to each type of account, such as minimum balance, notice and time requirements.
C. Dividends need not be paid on membership shares, but if such a dividend is paid, it shall be added to the membership share held by each member.
D. A credit union may receive payments on deposit accounts from its members and other credit unions subject to such terms, rates and conditions as the board of directors establishes.
E. Interest may be paid on deposit accounts at various rates with due regard to the conditions that pertain to each type of account, such as minimum balance, notice and time requirements.
History:
Laws 1987, ch. 311, § 40; 1997, ch. 195, § 28.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment,
effective July 1, 1997, substituted "Periodically" for "At intervals and for periods, the board of directors may authorize" at the beginning of Subsection A.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-41 - Withdrawals.

A. Funds in share accounts and deposit accounts may be withdrawn for payment to the account holder or to third parties, in a manner and in accordance with procedures established by the board of directors subject to any regulations or orders the director prescribes.
B. Share accounts and deposit accounts shall be subject to any withdrawal notice requirement which is imposed pursuant to the bylaws; however, in the case of shares, not more than sixty days, and in the case of deposits, not more than thirty days notice may be required.
C. A membership share may not be redeemed or withdrawn except upon termination of membership in the credit union.
History:
Laws 1987, ch. 311, § 41.
ANNOTATIONS
Laws 1997, ch. 195, § 42
repeals Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-42 - Accounts of minors.

Payments on share accounts and deposit accounts may be received from a minor who may withdraw funds from those accounts, including the dividends and interest thereon. Payments on share accounts and deposit accounts by a minor and withdrawal by the minor shall be valid in all respects. For such purposes a minor is deemed of full age.
History:
Laws 1987, ch. 311, § 42.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-43 - Joint accounts.

A. A member may designate any person to own a share account or deposit account in joint tenancy with the right of survivorship, as a tenant in common or under any other form of joint ownership permitted by law, but no co-owner, unless also a member in his own right, shall be permitted to vote, obtain loans, hold office or be required to pay a membership fee.
B. Payment of part or all of those accounts to any of the co-owners shall, to the extent of such payment, discharge the liability to all unless the account agreement contains a prohibition.
History:
Laws 1987, ch. 311, § 43; 1997, ch. 195, § 29.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment,
effective July 1, 1997, in Subsection A, deleted "with him" following "deposit account" and inserted "also" preceding "a member in his".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-44 - Trust accounts.

A. Share accounts and deposit accounts may be owned by a member in trust for a beneficiary or owned by a non-member in trust for a beneficiary who is a member.
B. Beneficiaries may be minors, but no beneficiary, unless a credit union member, shall be permitted to vote, obtain loans, hold office or be required to pay a membership fee.
C. Payment of part or all of a trust account to the party in whose name the account is held shall, to the extent of that payment, discharge the liability of the credit union to that party and to the beneficiary, and the credit union shall be under no obligation to see to the application of that payment.
D. In the event of the death of the party who owns a trust account, if the credit union has been given no other written notice of the existence or terms of any trust and has not received a court order as to disposition of the account, account funds and any dividends or interest thereon shall be paid to the beneficiary.
History:
Laws 1987, ch. 311, § 44; 1991, ch. 51, § 13; 1997, ch. 195, § 30.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment,
effective July 1, 1997, substituted "credit union member" for "in his own right" in Subsection B.
The 1991 amendment,
effective July 1, 1991, substituted "or all" for "of all" in Subsection C.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-45 - Payable-on-death accounts.

Notwithstanding any other provision of law, a credit union may establish share accounts and deposit accounts payable to one or more persons during their lifetimes and on the death of all of them to one or more payable-on-death payees. Any transfer to a payable-on-death payee is effective by reason of the account contract and shall not be considered to be a testamentary transfer.
History:
Laws 1987, ch. 311, § 45.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-46 - Liens.

A credit union shall have a lien on the membership shares, share accounts and deposit accounts and accumulated dividends and interest of a member's individual, joint or trust account for any sum owed the credit union from that member or for any extension of credit endorsed or guaranteed by him. A credit union may refuse to allow withdrawals and shall have a right of immediate set-off with respect to every such account. The board of directors or any person or committee to which it has delegated the authority to extend credit may waive the credit union's rights to a lien, to immediate set-off, to restrict withdrawals or to any combination of those rights with respect to any share or deposit account or groups of those accounts.
History:
Laws 1987, ch. 311, § 46; 1997, ch. 195, § 31.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment,
effective July 1, 1997, in the first sentence, substituted "member's" for "member in his" preceding "individual" and substituted "any extension of credit" for "any loan" preceding "endorsed", and, in the third sentence, substituted "The board of directors or any person or committee to which it has delegated the authority to extend credit" for "The credit committee, credit manager or loan officer".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-47 - Dormant accounts.

A. If there has been no activity in a share or deposit account for one year, except for the posting of dividends or interest, the credit union may impose a reasonable maintenance fee as provided in the bylaws.
B. Any account presumed abandoned shall be disposed of in accordance with the Uniform Disposition of Unclaimed Property Act [Uniform Unclaimed Property Act (1995), 7-8A-30 NMSA 1978].
History:
Laws 1987, ch. 311, § 47.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not a part of the law.
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-48 - Share and deposit insurance.

A. Before the organizers of a credit union submit the organizational documents to the director under Section 58-11-10 NMSA 1978, they shall apply for insurance of share accounts and deposit accounts by the national credit union administration's share insurance fund or, alternatively, for insurance from an insuring organization approved by the director. Any membership share issued by a credit union shall be excluded from the requirement for insurance.
B. A credit union that has been denied or has lost its commitment for that insurance or that has been notified of cancellation of that insurance shall within thirty days commence steps to either liquidate or merge with an insured credit union.
C. No credit union shall commence business unless such credit union has obtained insurance of its share accounts and deposit accounts.
D. The director shall make available reports of condition and examination findings to the national credit union administration or to the appropriate insuring organization and may accept any report of examination made on behalf of such organization.
History:
Laws 1987, ch. 311, § 48; 1997, ch. 195, § 32.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment,
effective July 1, 1997, substituted "Section 58-11-10 NMSA 1978" for "Section 10 of the Credit Union Regulatory Act" in the first sentence of Subsection A and made minor stylistic changes in Subsections A and B.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-50 - Insurance for members.

A credit union may purchase or make available insurance for its members either on an individual or group basis, subject to the insurance laws of this state and the rules and regulations established by the superintendent of insurance.
History:
Laws 1987, ch. 311, § 50.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-51 - Liability and fidelity insurance for officials and employees.

A credit union shall, unless otherwise specified by the director, purchase and maintain liability and fidelity insurance coverage on behalf of a person who is or was a board member, committee member, executive officer, employee or agent of the credit union or who is or was serving at the request of the credit union as a director, committee member, executive officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against that person and incurred by that person in any such capacity or arising out of that person's status whether or not the credit union would have the power to indemnify that person against such liability; provided, a credit union shall not provide for the indemnification of personnel who are adjudged guilty of or liable for willful misconduct, gross neglect of duty or criminal acts.
History:
Laws 1987, ch. 311, § 51; 1991, ch. 51, § 15; 2003, ch. 28, § 10.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 2003 amendment,
effective June 20, 2003, in the section heading, inserted "and fidelity" following "Liability" and inserted "and employees" at the end; in the first sentence in the section text, substituted "shall, unless otherwise specified by the director" for "may" near the beginning, inserted "liability and fidelity" following "purchase and maintain" near the beginning and inserted "coverage" following "insurance" near the middle.
The 1991 amendment,
effective July 1, 1991, inserted "committee member, executive" twice near the beginning of the section.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Who is an "Executive Officer" of insured within meaning of liability insurance policy, 1 A.L.R.5th 132.
Validity, construction, and effect of "regulatory exclusion" in directors' and officers' liability insurance policy, 21 A.L.R.5th 292.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-52 - Group purchasing.

A credit union may enter into arrangements and joint ventures with other credit unions, organizations or financial institutions to facilitate its members' voluntary purchase of goods, insurance and other services from third parties consistent with the purposes of the credit union, and in accordance with any applicable laws. A credit union may be compensated for services so provided.
History:
Laws 1987, ch. 311, § 52.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-53 - Money-type instruments.

A credit union may collect, receive and disburse money in connection with the providing of negotiable checks, money orders, travelers checks and other money-type instruments for its members and other persons within the credit union's field of membership and in connection with the providing of services through service facilities, including automated terminal machines, and for such other purposes as may provide benefit or convenience to its members. A credit union may charge reasonable fees for those services.
History:
Laws 1987, ch. 311, § 53; 1991, ch. 51, § 16; 1997, ch. 195, § 34; 2003, ch. 28, § 11.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 2003 amendment,
effective June 20, 2003, inserted "other persons within the credit union's field of membership and in connection with" following "for its members and" near the middle of the section.
The 1997 amendment,
effective July 1, 1997, inserted "service facilities, including" preceding "automated terminal" in the first sentence.
The 1991 amendment,
effective July 1, 1991, in the first sentence inserted "for its members".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-54 - Retirement accounts.

A credit union may act as custodian of any form of self-directed retirement, pension, profit-sharing or deferred income accounts authorized under federal law or the laws of this state, including but not limited to individual retirement accounts, pension funds of self-employed individuals and pension funds of a company or organization whose employees or members are eligible for membership in the credit union.
History:
Laws 1987, ch. 311, § 54.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-55 - Trust authority.

A credit union may accept, administer and execute trusts pursuant to prior approval by the director.
History:
Laws 1987, ch. 311, § 55.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-57 - Repealed.

ANNOTATIONS
Repeals.
— Laws 2003, ch. 28, § 15 repeals 58-11-57 NMSA 1978, being Laws 1987, ch. 311, § 57, as amended, relating to reserve requirements, effective June 20, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com.
For present similar provisions,
see
58-11-57.1 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-57.1 - Capitalization and reserves.

A. A credit union shall maintain a well-capitalized status as determined by the director.
B. A credit union shall set aside and maintain such reserves as may be required by the insurer of its share accounts and deposit accounts.
History:
Laws 2003, ch. 28, § 14.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 28, contains no effective date provision, but, pursuant to N.M. Const., art IV, § 23, is effective on June 20, 2003, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-60 - Conversion.

A. A credit union organized under the laws of this state may be converted to a credit union organized under the laws of any other state or under the laws of the United States, subject to regulations issued by the director.
B. A credit union organized under the laws of the United States or of any other state may convert to a credit union organized under the laws of this state. To effect such a conversion, a credit union shall comply with all of the requirements of the jurisdiction under which it was originally organized, the requirements provided for in the Credit Union Act and other requirements determined by the director, and file proof of such compliance with the director.
C. A bank, savings and loan company or other financial institution that is not a credit union may be converted to a credit union organized pursuant to the Credit Union Act. To effect such a conversion, the converting financial institution shall file proof of compliance with all of the requirements of the jurisdiction under which it was originally organized, the provisions of the Credit Union Act and other requirements determined by the director.
D. A credit union organized pursuant to the Credit Union Act may be converted to a bank, savings and loan company or other financial institution. To effect such a conversion, the converting credit union shall comply with all the requirements of the jurisdiction in which it will be organized, including any rules issued by the appropriate regulating agency and other requirements determined by the director.
History:
Laws 1987, ch. 311, § 60; 2003, ch. 28, § 13.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 2003 amendment,
effective June 20, 2003, added "the requirements provided for in the Credit Union Act and other requirements determined by the director," following "was originally organized," near the end of Subsection B; and added Subsections C and D.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-61 - Taxation.

A. A credit union organized under or subject to the Credit Union Act is exempt from taxation to the extent that a credit union chartered under federal law is exempt.
B. The shares of a credit union shall not be subject to stock transfer taxes, either when issued or when transferred from one member to another.
C. The participation by a credit union in any government program providing unemployment, social security, old age pension or other benefits shall not be deemed a waiver of the tax exemptions granted by this section.
History:
Laws 1987, ch. 311, § 61; 1997, ch. 195, § 39.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment,
effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act" near the beginning of Subsection A and substituted "granted by this section" for "hereby granted" at the end of Subsection C.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-62 - Criminal liability.

Any credit union executive officer, director, committee member, employee or agent who willfully does any of the following is guilty of a fourth degree felony:
A. with intent to deceive, falsifies any books of account, report, statement, record or other document of a credit union whether by alteration, false entry, omission or otherwise;
B. signs, issues, publishes or transmits to a government agency any book of account, report, statement, record or other document which he knows to be false;
C. by means of deceit, obtains a signature to a writing which is a subject of forgery;
D. with intent to deceive, destroys any credit union book of account, statement, record or other document; or
E. divulges any information not lawfully required or specifically permitted concerning the affairs of the credit union or any member thereof which he has obtained solely by virtue of his position with the credit union and which information causes harm to the credit union or member.
History:
Laws 1987, ch. 311, § 62; 1991, ch. 51, § 20.
ANNOTATIONS
Repeals.
— 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 introductory paragraph substituted "executive officer, director, committee member" for "officer, director" and corrected a misspelling in Subsection D.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-63 - Slander; libel.

Whoever maliciously and knowingly spreads false reports or utters false statements about the management or finances of any credit union is guilty of a third degree felony.
History:
Laws 1987, ch. 311, § 63.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-64 - Repealed.

ANNOTATIONS
Repeals.
— Laws 2003, ch. 28, § 15 repeals 58-11-64 NMSA 1978, being Laws 1987, ch. 311, § 64, as amended, relating to payment from the account of a deceased member, effective June 20, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11 - Credit Unions › Section 58-11-65 - False affidavit; penalty.

Any person who makes a false statement in writing for the purpose of obtaining credit union funds is guilty of a third degree felony.
History:
Laws 1987, ch. 311, § 65.
ANNOTATIONS
Repeals.
— Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
Severability clauses.
— Laws 1987, ch. 311, § 66 provides for the severability of the Credit Union Regulatory Act if any part or application thereof is held invalid.
Convictions under this section and for fraud improper.
— Conviction under this section and under Section 30-16-6 NMSA 1978 for fraud over $2,500 violated defendant's double jeopardy rights.
State v. Montoya
, 1993-NMCA-097, 116 N.M. 297, 861 P.2d 978, cert. denied, 116 N.M. 364, 862 P.2d 1223.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11A - Leasing of Safe Deposit Facilities › Section 58-11A-1 - Authority to engage in leasing safe deposit facilities; subsidiary company.

A. Subject to such regulations as the director may prescribe, a credit union 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 for them.
B. A credit union may own stock in safe deposit box companies not exceeding in aggregate cost fifteen percent of its regular reserve and undivided earnings, but at least ninety percent of the stock in each safe deposit box company must be owned by credit unions, banks or trust companies.
History:
Laws 1991, ch. 51, § 21.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11A - Leasing of Safe Deposit Facilities › Section 58-11A-2 - Effect of lessee's death or incapacity.

Unless otherwise provided in a written agreement, where a lessor, without knowledge of the death of or an adjudication of incapacity of the lessee, deals with his agent pursuant to a written power of attorney signed by the lessee, the transaction binds the lessee's estate and the lessee.
History:
Laws 1991, ch. 51, § 22.
ANNOTATIONS
Cross references.
— For proof of valid power of attorney,
see
45-5-502 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11A - Leasing of Safe Deposit Facilities › Section 58-11A-3 - Lease to minor.

A lessor may lease a safe deposit box 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:
Laws 1991, ch. 51, § 23.
ANNOTATIONS
Cross references.
— For the age of majority,
see
28-6-1 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11A - Leasing of Safe Deposit Facilities › Section 58-11A-4 - Search procedure upon death of lessee.

A. A lessor shall permit the person named in a court order, or if no order has been served upon the lessor, the spouse, parent, an adult descendant or a person named as a personal representative in a copy of a purported will produced by him, to open and examine the contents of a safe deposit box leased by a decedent or any documents delivered by a decedent for safekeeping, in the presence of an officer of the lessor. The lessor, if so requested by that person, may deliver upon execution of a receipt:
(1) any writing purported to be a will of the decedent;
(2) any writing purported to be a deed to a burial plot or burial instructions to the person making the request for a search; or
(3) any document purported to be an insurance policy on the life of the decedent to the person named as a beneficiary in the policy.
B. No other contents of a safe deposit box shall be removed pursuant to this section, except as provided in the Probate Code [Uniform Probate Code, 45-1-101 NMSA 1978].
History:
Laws 1991, ch. 51, § 24.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11A - Leasing of Safe Deposit Facilities › Section 58-11A-5 - Adverse claims to contents of a 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 the lessor is directed to do so by court order.
B. An adverse claim includes, but is not limited to, the following:
(1) one of several lessees claims, contrary to the terms of the lease, an exclusive right of access;
(2) a person claims a right of access as an officer or agent of a lessee to the exclusion of others as agents or officers; or
(3) it is claimed that a lessee is the same person as one using another name.
History:
Laws 1991, ch. 51, § 25.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11A - Leasing of Safe Deposit Facilities › Section 58-11A-6 - Special remedies for nonpayment of rent.

A. Unless otherwise provided in a written agreement, if the rental due on a safe deposit box has not been paid for six months, the lessor may send a notice by certified or registered mail to the last known address of the lessee stating that the safe deposit box will be opened and its contents stored at the expense of the lessee unless payment is made within thirty days. If the rental is not paid within thirty days from the mailing of the notice, the safe deposit box may be opened in the presence of an executive officer of the lessor and of a notary public. The contents of the box shall be sealed in a package by the notary public who shall write on the outside the name of the lessee and the date of the opening. The notary public shall execute a certificate reciting the name of the lessee, the date of the opening of the safe deposit box and a list of its contents. The certificate shall be included in the package and a copy of the certificate shall be sent by registered mail to the last known address of the lessee. The package shall then be placed in the general vaults of the lessor at a rental not exceeding the rental charged for the safe deposit box.
B. If the contents of the safe deposit box are not claimed within the time prescribed by the Uniform Unclaimed Property Act [Uniform Unclaimed Property Act (1995), 7-8A-30 NMSA 1978], they shall be disposed of as provided in that act.
History:
Laws 1991, ch. 51, § 26.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 11A - Leasing of Safe Deposit Facilities › Section 58-11A-7 - Disposition of contents of safe deposit box when a credit union is liquidated; duty of conservator.

A. In the event a credit union is liquidated or placed under conservatorship by the director, as authorized by Subsection I of Section 58-11-3 NMSA 1978 of the Credit Union Regulatory Act [Credit Union Act], the conservator or receiver shall send a notice by certified or registered mail to the last known address of the lessee stating that the safe deposit box will be opened and its contents stored at the expense of the lessee unless claimed within thirty days. If the contents are not claimed within thirty days from the mailing of the notice, the safe deposit box may be opened in the presence of an agent of the conservator or receiver and of a notary public. The contents shall be sealed in a package by the notary public who shall write on the outside the name of the lessee and the date of the opening. The notary public shall execute a certificate reciting the name of the lessee, the date of the opening of the safe deposit box and a list of its contents. The certificate shall be included in the package, and a copy of the certificate shall be sent by registered mail to the last known address of the lessee. The conservator or receiver shall then provide for storage of the package at a rental not exceeding the rental previously charged for the safe deposit box.
B. If the package is not claimed, it will be disposed of as provided in the Uniform Unclaimed Property Act [Uniform Unclaimed Property Act (1995), 7-8A-30 NMSA 1978].
History:
Laws 1991, ch. 51, § 27.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-1 - Short title.

This act [58-12-1 to 58-12-3, 58-12-4 to 58-12-15 NMSA 1978] may be cited as the "Credit Union Share Insurance Corporation Act".
History:
1953 Comp., § 48-19A-1, enacted by Laws 1973, ch. 114, § 1.
ANNOTATIONS
Cross references.
— For credit unions,
see
Chapter 58, Article 11 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 12 - Credit Union Share Insurance Corporations › Section 58-12-2 - Definitions.

As used in the Credit Union Share Insurance Corporation Act:
A. "corporation" means the credit union share insurance corporation of this state;
B. "board" means the board of directors of the corporation;
C. "commissioner" means the director of the financial institutions division;
D. "directors" means the directors of the corporation;
E. "member" means a credit union which has become a member of the corporation;
F. "delegate" means a person designated by a member's board of directors to represent the member in the organization and the operation of the corporation;
G. "fund" means the share insurance fund; and
H. "supervisory agency" means any state governmental agency statutorily responsible for the supervision and regulation of any member not chartered in the state of New Mexico.
History:
1953 Comp., § 48-19A-2, enacted by Laws 1973, ch. 114, § 2; 1977, ch. 245, § 17; 1979, ch. 95, § 1.
ANNOTATIONS
Compiler's notes.
— The department of banking headed by a commissioner, was abolished by Laws 1977, ch. 245, § 4. Section 3 of that act established the commerce and industry department, which included a financial institutions division headed by a director. Section 120 of the act transferred to the director of the financial institutions division all powers and duties heretofore vested in the commissioner of banking. 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 transferred 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.