reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-16 - Special remedies for nonpayment of rent.

A. 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 of the rental is made within thirty days. If the rental is not paid within thirty days from the mailing of the notice, the box may be opened in the presence of an officer of the lessor and of a notary public who is not a director, officer, employee or stockholder of the lessor. The contents shall be sealed in a package by the notary public who shall write on the outside the 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 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 previously charged for the box.
B. If the contents of the box are not claimed within the time prescribed by the Uniform Disposition of Unclaimed Property Act, they shall be disposed of as provided therein. Upon a sale of such contents by the state treasurer, the lessor shall be reimbursed for the accrued rental and storage charges from the proceeds of the sale.
History:
1953 Comp., § 48-22-16, enacted by Laws 1963, ch. 305, § 16; 1975, ch. 330, § 11.
ANNOTATIONS
Compiler's notes.
— The Uniform Disposition of Unclaimed Property Act, referred to in Subsection B, was compiled as Chapter 7, Article 8 NMSA 1978 before being repealed in 1997. For present law,
see
Uniform Unclaimed Property Act, 7-8A-1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 486 to 492.
93 C.J.S. Warehousemen and Safe Depositaries § 71.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-17 - Qualification and fiduciary powers.

No state bank shall act as fiduciary unless it is authorized by its articles of incorporation and has a permit from the commissioner [director of the financial institutions division of the regulation and licensing department]. The commissioner [director] shall not grant the permit unless he finds:
A. the bank has not less than five hundred thousand dollars ($500,000) capital and surplus;
B. the bank is in a sound financial condition and operated in a prudent and businesslike manner; and
C. qualified personnel are available to handle trust matters.
History:
1953 Comp., § 48-22-17, enacted by Laws 1963, ch. 305, § 17; 1975, ch. 330, § 12.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For director of financial institutions,
see
9-16-4 NMSA 1978
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 303 to 307.
Interest or profits: liability for interest or profits on funds of estate deposited in bank or trust company which is itself executor, administrator, trustee or guardian, or in which executor, etc., is interested, 88 A.L.R. 205.
Dealings between bank or trust company and itself acting as executor, administrator or trustee, 112 A.L.R. 780.
Duty and obligation assumed by trust company or other person to which will is delivered for safekeeping, 141 A.L.R. 1277.
9 C.J.S. Banks and Banking §§ 230, 231.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-18 - Fiduciary bond or oath excused.

No oath or bond shall be required of a bank to qualify upon appointment as a fiduciary, unless the instrument creating a fiduciary position expressly otherwise provides.
History:
1953 Comp., § 48-22-18, enacted by Laws 1963, ch. 305, § 18.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 304.
9 C.J.S. Banks and Banking §§ 8, 9.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-19 - Identification and segregation of fiduciary assets; investment and deposit of cash.

A state bank holding any asset as a fiduciary shall:
A. segregate all such assets from any other assets of the bank and from the assets of other trusts, except as may be permitted by the Uniform Common Trust Fund Act [46-1-13 to 46-1-16 NMSA 1978] or by other provisions of law or by the writing creating the trust; and
B. record such assets in a separate set of books maintained for fiduciary activities.
History:
1953 Comp., § 48-22-19, enacted by Laws 1963, ch. 305, § 19.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 817.
9 C.J.S. Banks and Banking §§ 271, 287, 289.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-20 - Reserves against deposits.

A. A state bank shall maintain such reserves against deposits as may be required by the director or, if the state bank is a member of the federal reserve system, by the Federal Reserve Act or by the board of governors of the federal reserve system.
B. The reserve fund shall consist of legal tender on hand on the premises of the state bank and money due on demand from a federal reserve bank or other bank approved as a reserve depository by the director, in such amount as the director may prescribe, but shall not exceed at any time the reserve requirement ratios promulgated by the board of governors of the federal reserve system for national banks.
C. A state bank may invest up to fifty percent of the required cash reserves in direct obligations of the United States government, provided such are limited to not more than one hundred days maturity free from encumbrance or pledge.
History:
1953 Comp., § 48-22-20, enacted by Laws 1963, ch. 305, § 20; 1975, ch. 330, § 13; 1983, ch. 53, § 1; 1989, ch. 209, § 2.
ANNOTATIONS
Cross references.
— For the Federal Reserve Act referred to in Subsection A,
see
12 U.S.C. § 221 et seq.
Law reviews.
— For student symposium, "Constitutional Revision - State Aid to Private Enterprise in New Mexico," see 9 Nat. Resources J. 457 (1969).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 339, 419 to 427.
9 C.J.S. Banks and Banking §§ 23, 740 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-23 - Acceptances.

A. A bank may accept:
(1) a draft which has not more than one hundred eighty days sight to run, exclusive of days of grace, and is drawn to finance the purchase of goods, with maturity in accordance with the original terms of purchase, or is secured by shipping documents transferring or securing title to goods or by receipt of a licensed or bonded warehouse or elevator transferring or securing title to readily marketable, nonperishable staples; and
(2) a draft which has no more than ninety days sight to run, exclusive of days of grace, and is drawn by a bank outside the continental limits of the United States for the purpose of furnishing dollar exchange for trade.
B. A bank may issue a letter of credit, but unless the authority conferred to draw upon the bank or its correspondents is limited to such drafts as a bank is authorized by this section to accept, the amount of the credit outstanding at any one time shall be deemed to be a loan to the person for whose account the credit was issued.
History:
1953 Comp., § 48-22-23, enacted by Laws 1963, ch. 305, § 23; 1985, ch. 56, § 3.
ANNOTATIONS
Cross references.
— For letters of credit,
see
Chapter 55, Article 5 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 577 to 586.
What amounts to acceptance extrinsic to check, 26 A.L.R. 312.
Duties of collecting bank with respect to presenting draft or bill of exchange for acceptance, 39 A.L.R.2d 1296.
9 C.J.S. Banks and Banking §§ 204, 219, 238 et seq., 405.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-26 - Acquisition of banking premises and equipment.

A. A state bank may acquire real estate and equipment and improve real estate to be used in the transaction of its business and may rent to others any space so acquired in a building in excess of actual need. Unless a larger investment is authorized by the commissioner [director of the financial institutions division of the regulation and licensing department], no bank shall invest:
(1) more than sixty percent of capital and surplus in land, building and equipment (other than safe deposit equipment); nor
(2) more than ten percent of capital and surplus, in addition to the above, in safe deposit equipment.
B. A state bank may become the owner and lessor of personal property acquired upon the specific request and for the use of a customer and may incur such additional obligations as may be incident to becoming an owner and lessor of such property.
History:
1953 Comp., § 48-22-26, enacted by Laws 1963, ch. 305, § 26; 1975, ch. 330, § 18.
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 § 279.
9 C.J.S. Banks and Banking § 237.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-27 - Sale of assets in ordinary course.

A bank may sell any asset in the ordinary course of business, or with the approval of the commissioner [director of the financial institutions division of the regulation and licensing department] in any other circumstance, but the sale of all or substantially all of the assets of a bank or of a department thereof is governed by Section 58-4-9 NMSA 1978.
History:
1953 Comp., § 48-22-27, enacted by Laws 1963, ch. 305, § 27.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For director of financial institutions,
see
9-16-4 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-28 - Borrowing.

A state bank may borrow money and issue evidence of indebtedness for a loan for temporary purposes in an amount not exceeding its capital and surplus or in such larger amount or for such other purposes as the commissioner [director of the financial institutions division of the regulation and licensing department] approves.
History:
1953 Comp., § 48-22-28, enacted by Laws 1963, ch. 305, § 28.
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 §§ 289, 290.
9 C.J.S. Banks and Banking § 243.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-30 - Pledge of assets.

A bank may pledge its assets to:
A. enable it to act as agent for the sale of obligations of the United States;
B. secure borrowed funds; or
C. secure deposits when the depositor is required to obtain such security by the laws of the United States, the terms of any interstate compact or by the laws of any state.
History:
1953 Comp., § 48-22-29, enacted by Laws 1963, ch. 305, § 29.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 419 to 422.
Power of bank to pledge assets to secure general depositors, 65 A.L.R. 1412, 87 A.L.R. 1456, 101 A.L.R. 515, 112 A.L.R. 483.
9 C.J.S. Banks and Banking § 243.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-31 - Endorsement and signature guaranty and unauthorized assumption of liability.

A. A state bank may assume secondary liability as an endorser of a negotiable or nonnegotiable instrument, which it owns or has received for collection. A state bank may assume the liability of the guarantor of the genuineness of a signature.
B. Except as expressly permitted in the Banking Act, a state bank shall not assume liability as an insurer or as a guarantor or indorser [endorser] of any security instrument or obligation.
History:
1953 Comp., § 48-22-30, enacted by Laws 1963, ch. 305, § 30.
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 §§ 614, 634, 635.
Authority of officer or agent to bind corporation as guarantor or surety, 34 A.L.R.2d 290.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-32 - Director of the financial institutions division; appointment and qualifications; salary.

Upon the effective date of the Commerce and Industry Department Act, the title of the commissioner of banking shall be changed to the "director of the financial institutions division". All powers and duties heretofore vested by law or otherwise in the state bank examiner or commissioner of banking are hereby transferred to the director of the financial institutions division and all statutory references to the state bank examiner or commissioner of banking shall be construed to mean the director of the financial institutions division. The director of the financial institutions division shall be appointed by the secretary of the commerce and industry department by and with the governor's approval and by and with the consent of the senate for a term of four years, which term shall expire when his successor is duly appointed and qualified. He shall not be interested as a stockholder in any bank, savings and loan association, small loan licensee in this state or any corporation qualified or qualifying under Section 48-18-19.6 NMSA 1953, and shall be fully qualified to perform the duties of the office. The director of the financial institutions division shall be the head of the financial institutions division and its bureaus. The director of the financial institutions division may appoint an examiner as deputy director to have all his powers and duties in the absence of the director and may delegate such of his authority and duties to other examiners as he sees fit.
History:
1953 Comp., § 48-22-31, enacted by Laws 1963, ch. 305, § 31; 1971, ch. 81, § 1; 1971, ch. 234, § 2; 1977, ch. 245, § 120.
ANNOTATIONS
Cross references.
— For appointment of director,
see
9-16-6B(10), 9-16-7 NMSA 1978.
Compiler's notes.
— Section 48-18-19.6, 1953 Comp., referred to in this section, was repealed by Laws 1965, ch. 312, § 15. See now 58-13B-23 NMSA 1978 as to registration by qualification.
Commerce and industry department.
— Laws 1983, ch. 297, § 33, abolishes the commerce and industry department, referred to in this section. Laws 1983, ch. 297, § 20 creates the regulation and licensing department with a financial institutions division. Laws 1983, ch. 297, § 31, transfers the personnel, etc., of the financial institutions division of the commerce and industry department to the financial institutions division of the regulation and licensing department. See 9-16-4 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 17.
9 C.J.S. Banks and Banking § 10 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-33 - Oath of secrecy; surety bonds.

The director and all officers and employees of the division shall, before entering upon the discharge of their duties, in addition to any oath required by the constitution of New Mexico, take and subscribe an oath to keep secret all information acquired by them in the discharge of their duties under the Banking Act except as may be otherwise required by law. All employees of the division shall be covered under the surety bond provided pursuant to the Surety Bond Act [10-2-13 to 10-2-16 NMSA 1978].
History:
1953 Comp., § 48-22-32, enacted by Laws 1963, ch. 305, § 32; 1995, ch. 190, § 7.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, rewrote this section to the extent that a detailed comparison is impracticable.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 82 to 98.
9 C.J.S. Banks and Banking § 103.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-35 - Employees [Examiners] and clerks; designation of deputy.

The commissioner [director of the financial institutions division of the regulation and licensing department] may appoint and employ such examiners and clerks as the business of his office may require and as may be provided for by law at such salaries, payable out of the salary fund, as may be provided by law. In the event the business of the office shall require, the commissioner [director] may designate one or more of the examiners to act as his deputy with all the powers herein conferred upon the commissioner [director].
History:
1953 Comp., § 48-22-33.1, enacted by Laws 1975, ch. 330, § 19.
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 § 18.
9 C.J.S. Banks and Banking § 10 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-36 - Seal of the director.

The director shall have a seal of office containing the words "Director of the Financial Institutions Division of the Regulation and Licensing Department", in the form of a circle and containing the word "Seal" within the circle.
History:
1953 Comp., § 48-22-33.2, enacted by Laws 1975, ch. 330, § 20; 1977, ch. 245, § 121; 1991, ch. 120, § 1.
ANNOTATIONS
The 1991 amendment,
effective June 14, 1991, deleted "of the financial institutions division" preceding "shall have", substituted "Regulation and Licensing Department" for "Commerce and Industry Department", and inserted "containing".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-37 - Office of the commissioner [director]; delegation of powers.

The commissioner [director of the financial institutions division of the regulation and licensing department] shall maintain an office at the state capitol in Santa Fe. He may delegate to his deputies such of his powers and authorities as he may see fit, and such deputy or deputies shall have and exercise only the powers and authorities so delegated.
History:
1953 Comp., § 48-22-33.3, enacted by Laws 1975, ch. 330, § 21.
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 1 - Banking Generally › Section 58-1-38 - Divulging information prohibited; exchange of information with United States; violation a misdemeanor.

Neither the commissioner [director of the financial institutions division of the regulation and licensing department], nor his deputies or employees, nor the state corporation commission [public regulation commission], nor any member thereof, nor any deputy, clerk or employee in its office shall divulge any information acquired by them in the discharge of their duties, except insofar as the same may be rendered necessary by law. The commissioner [director] may exchange information as to the conditions of banks with the United States comptroller of the currency, federal deposit insurance corporation, federal reserve banks, and banking departments of other states. Anyone who violates the provisions of this section shall be deemed guilty of a misdemeanor.
History:
1953 Comp., § 48-22-33.4, enacted by Laws 1975, ch. 330, § 22.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Laws 1998, ch. 108, § 80 provided that references to the state corporation commission be construed as references to the public regulation commission.
Cross references.
— For director of financial institutions,
see
9-16-4 NMSA 1978.
For penalty for misdemeanor,
see
31-18-13 and 31-19-1 NMSA 1978.
Furnishing information to state treasurer prohibited.
— The financial institutions division is prohibited from furnishing information on the financial condition of New Mexico financial institutions to the state treasurer, absent express statutory authorization for such release. 1979 Op. Att'y Gen. No. 79-22.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 18.
Use or publication of reports of, or information obtained by, bank examiners, as affected by their alleged confidential character, 123 A.L.R. 1278.
Rights and remedies of financial institution customer in relation to subpoena duces tecum exception to general prohibitions of state right to financial privacy statute, 43 A.L.R.4th 1157.
Bank's liability, under state law, for disclosing financial information concerning depositor or customer, 81 A.L.R.4th 377.
9 C.J.S. Banks and Banking §§ 10 et seq., 31.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-41 - Supervision fees.

A. Each state bank shall annually pay to the director a supervision fee. The amount of the supervision fee paid by each state bank is computed as follows, based upon assets as of December 31:
If the bank's
total assets are
The assessment
is
Over
(Thousand)
But not over
(Thousand)
This amount
Plus
Of excess over
(Thousand)
0
30,000
0
.000210
0
30,000
60,000
6,300
.000182
30,000
60,000
100,000
11,745
.000168
60,000
100,000
150,000
18,465
.000158
100,000
150,000
200,000
26,340
.000147
150,000
200,000
33,690
.000143
200,000.
B. The fee shall be paid on or before the March 1 following the asset computation. For failure to pay the supervision fee when due, unless excused for cause by the director, the bank shall pay to the division one hundred dollars ($100) for every day of its delinquency.
C. The director may proscribe lower supervision fees by regulation. In determining the amounts of the lower fees, the director may use criteria other than total assets of banks.
History:
Laws 1985, ch. 30, § 1; 1989, ch. 209, § 5; 1997, ch. 23, § 4.
ANNOTATIONS
The 1997 amendment,
effective July 1, 1997, deleted "financial institutions" preceding "division" in the second sentence of Subsection B, and added Subsection C.
Prior History.
— In 1985, former section 58-1-41 NMSA 1978 was repealed and re-enacted by Laws 1985, Chapter 3, Section 1. For prior history, see 1953 Comp., § 48-22-33.7, enacted by Laws 1975, ch. 330, § 25.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 19.
9 C.J.S. Banks and Banking § 10 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-41.1 - Trust department examination; fees.

At least once in each calendar year, the director of the financial institutions division of the regulation and licensing department shall cause to be examined the condition of the trust department of each state bank exercising trust powers. A report of examination shall be sent to the board of directors of the bank of which the trust department has been examined. There shall be paid to the director for each trust department examination a fee at the rate of one hundred fifty dollars ($150) per day, or fraction thereof, for each authorized representative engaged in the examination.
History:
1978 Comp., § 58-1-41.1, enacted by Laws 1985, ch. 30, § 2.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
9 C.J.S. Banks and Banking § 10 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-41.2 - Additional examinations.

Whenever a bank is examined more than once in any calendar year as provided in Section 58-1-46 NMSA 1978, the bank shall pay to the financial institutions division of the regulation and licensing department an amount determined by the director to be sufficient to reimburse the division for its actual expenses in conducting the examination.
History:
1978 Comp., § 58-1-41.2, enacted by Laws 1985, ch. 30, § 3.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-42 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1999, ch. 213, § 10 repeals 58-1-42 NMSA 1978, as enacted by Laws 1975, ch. 330, § 26, relating to fees for filing reports and certificates, effective June 18, 1999. For provisions of former section,
see
the 1998 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-43 - Fees and penalties; disposition.

The director shall keep a record of all fees and penalties collected by him and all expenses of his office. At the end of each month, unless otherwise provided by law, he shall turn over to the state treasurer all money collected during the month, together with a verified statement showing when and from what source the money was collected. The state treasurer shall deposit and transfer the money as provided in Section 9-16-14 NMSA 1978.
History:
1953 Comp., § 48-22-33.9, enacted by Laws 1975, ch. 330, § 27; 1987, ch. 298, § 2.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-44 - Copies of reports and records; evidence; fees.

Copies of all reports and records concerning banks and banking filed in the office of the commissioner [director of the financial institutions division of the regulation and licensing department] or in the office of the state corporation commission [public regulation commission], certified by them or either of them, under the seal of office, shall be received in evidence in all action [actions] with like effect as the original thereof, and the commissioner [director] shall charge and collect such fees for said copies as are charged for similar papers by the state corporation commission.
History:
1953 Comp., § 48-22-33.10, enacted by Laws 1975, ch. 330, § 28.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Laws 1998, ch. 108, § 80 provided that references to the state corporation commission be construed as references to the public regulation commission.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 216, 266.
9 C.J.S. Banks and Banking § 478.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-45 - Court review.

Any person aggrieved and directly affected by an order of the director may appeal to the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978.
History:
1953 Comp., § 48-22-34, enacted by Laws 1963, ch. 305, § 34; 1998, ch. 55, § 52; 1999, ch. 265, § 55.
ANNOTATIONS
Cross references.
— For procedures governing statutory appeals from administration decisions or orders,
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).
The 1999 amendment,
effective July 1, 1999, substituted "Section 39-3-1.1" for "Section 12-8A-1".
The 1998 amendment,
effective September 1, 1998, rewrote this section.
Rejection of application for permission to file corporate papers appealable.
— Appellee's rejection of appellants' application under Section 48-22-45 NMSA 1978 (now Section 58-1-57 NMSA 1978) was an order within the ambit of this section and appellants were aggrieved and directly affected by it, since the rejection precluded appellants from filing articles of incorporation with the corporation commission (now public regulation commission) and obtaining the certificate of authority under Section 48-22-49 (now Section 58-1-61 A) NMSA 1978 which certificate is required before a proposed state bank may perform any act other than perfect its organization. Therefore, the action of appellee in rejecting appellants' application was appealable.
Holladay v. Upton
, 1968-NMSC-044, 79 N.M. 1, 438 P.2d 885.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-46 - Examinations and reports.

A. The director shall examine the condition of each state bank at least once in each twelve-month period. A report of examination shall be sent to the board of directors of the organization examined.
B. A bank may be examined within each eighteen-month period if:
(1) the bank has total assets of less than two hundred fifty million dollars ($250,000,000);
(2) the bank is well-capitalized;
(3) when the bank was most recently examined, it was found to be well-managed, and its composite condition was found to be outstanding; or for a bank that has total assets of not more than one hundred million dollars ($100,000,000), it was found to be outstanding or good;
(4) the bank is not subject to a formal enforcement proceeding or order; and
(5) no person acquired control of the bank during the twelve-month period in which an examination would be required but for this subsection.
C. Whenever the director deems it necessary, he may examine any corporation, the majority of the stock of which is owned by a state bank or which he finds is controlled by a state bank.
History:
1953 Comp., § 48-22-35, enacted by Laws 1963, ch. 305, § 35; 1995, ch. 190, § 9.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, substituted "director" for "commissioner" and "twelve-month period" for "calendar year" in Subsection A, added Subsection B, redesignated former Subsection B as Subsection C, and substituted "director" for "commissioner" in Subsection C.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 18.
Examination and supervision of banks by public officers as impairment of charter rights, 8 A.L.R. 898.
9 C.J.S. Banks and Banking § 10 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-47 - Commissioner's [Director's] annual report.

A. The commissioner [director of the financial institutions division of the regulation and licensing department] shall report to the governor annually. His report shall include:
(1) the text of all rules of general application the department has adopted or altered since his last annual report;
(2) a statement of the status and remaining assets and liabilities of any organization which the commissioner [director] is managing or is in the process of liquidating;
(3) a summary of all changes occurring since his last annual report by reason of opening new state banks, mergers and conversions, increases and decreases in capital and the like;
(4) a condensed statement of condition of each state bank; and
(5) such other information concerning the conduct and affairs of his office as he shall see fit to report.
B. The report shall be a public document and shall be printed.
History:
1953 Comp., § 48-22-36, enacted by Laws 1963, ch. 305, § 36.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For meaning of director,
see
58-1-3 NMSA 1978.
For commerce and industry department,
see
58-1-32 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-48 - Records of division.

Information from the records of the division shall be revealed only with the consent of the director. The records of the division are not public records. Any examination reports, financial information contained in applications for charters or files on investigations relating to violations of the Banking Act that do not or have not yet culminated in administrative, civil or criminal action are confidential and may be released only by order of a court of competent jurisdiction.
History:
1978 Comp., § 58-1-48, enacted by Laws 1995, ch. 190, § 10.
ANNOTATIONS
Repeals and reenactments.
— Laws 1995, ch. 190 § 10, repeals former section 58-1-48 NMSA 1978, as enacted by Laws 1963, ch. 305, § 37, and enacts the above section, effective June 16, 1995. For provisions of former section,
see
the 1994 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-49 - Banking interests of officers and employees of the department of banking [financial institutions division]

No officer or employee of the department [financial institutions division of the regulation and licensing department] shall be an officer, director, trustee, attorney, owner, shareholder or partner in any bank, nor receive, directly or indirectly, any payment or gratuity from any such organization, or be indebted to any state bank, or engage in the negotiation of loans for others with any state bank. This provision shall not prohibit being a depositor on the same terms as are available to the public generally, or being indebted to a state bank upon an installment debt transferred to a state bank in the regular course of business by a creditor. Any employee violating this section shall be subject to dismissal by the commissioner [director of the financial institutions division].
History:
1953 Comp., § 48-22-38, enacted by Laws 1963, ch. 305, § 38; 1975, ch. 330, § 29.
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 1 - Banking Generally › Section 58-1-50 - Limitation of personal liability.

No officer or employee of the department [financial institutions division of the regulation and licensing department] shall be liable in any civil action for damages for any act done or omitted in good faith in performing the functions of his office.
History:
1953 Comp., § 48-22-39, enacted by Laws 1963, ch. 305, § 39.
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 § 424.
Personal liability of members of governmental banking department or their sureties, 38 A.L.R. 663, 90 A.L.R. 1423.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-51 - Standards in regulations.

The commissioner [director of the financial institutions division of the regulation and licensing department], in the exercise of the power to make rules and issue regulations pursuant to the Banking Act, shall act in the interests of promoting and maintaining a sound banking system, the security of deposits and depositors and other customers, the preservation of the liquid position of banks and in the interest of preventing injurious credit expansions and contractions.
History:
1953 Comp., § 48-22-40, enacted by Laws 1963, ch. 305, § 40.
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 §§ 10 to 19.
9 C.J.S. Banks and Banking §§ 8, 9.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-52 - Incorporators.

A state bank may be organized by five or more individual incorporators or a bank holding company subject to the requirements of the Banking Act. A majority of the incorporators shall be residents of the state. Each incorporator shall subscribe and pay in full in cash for stock having a value of not less than one percent of the authorized capital structure.
History:
1953 Comp., § 48-22-41, enacted by Laws 1963, ch. 305, § 41; 1997, ch. 23, § 5.
ANNOTATIONS
The 1997 amendment,
effective July 1, 1997, inserted "or a bank holding company" in the first sentence.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 20.
9 C.J.S. Banks and Banking § 33.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-53 - General corporate powers.

State banks shall have:
A. all the powers provided and conferred on them in the Banking Act and such general corporate powers as are appropriate to its purpose;
B. the power to act as a fiduciary in any capacity, after proper qualifications under the Banking Act, and if authorized by its articles of incorporation or any amendment thereto;
C. perpetual succession by its corporate name unless a limited period of duration is stated in its articles of incorporation;
D. the power to sue and be sued in any court of law or equity;
E. the power to make and use a common seal, and alter the same at pleasure;
F. the power to appoint such officers and agents as the business of the corporation shall require, and to allow them suitable compensation; and
G. the power to make contributions to the extent authorized, approved or ratified by action of the board of directors of the corporation, except as otherwise specifically provided or limited by its articles of incorporation, or its bylaws, or by resolution duly adopted by its stockholders, or by statute.
History:
1953 Comp., § 48-22-42, enacted by Laws 1963, ch. 305, § 42; 1975, ch. 330, § 30.
ANNOTATIONS
Cross references.
— For fiduciary or custodian depositing securities in clearing corporation,
see
46-1-12 NMSA 1978.
No claim of ultra vires act by pledging assets.
— It was held under former law that the receiver of bank may not be heard to say that the pledging of the assets of the bank to secure a deposit of public funds was an ultra vires act.
Melaven v. Hunker
, 1931-NMSC-023, 35 N.M. 408, 299 P. 1075.
A solvent bank has a right to pledge its securities
to indemnify a surety who signs a bond in its behalf in order that the bank may obtain a deposit of public funds.
Melaven v. Hunker
, 1931-NMSC-023, 35 N.M. 408, 299 P. 1075 (decided under former law).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 270 et seq.
Forfeiture or expiration of corporate charter, powers after, 47 A.L.R. 1297, 97 A.L.R. 477.
Power of a business corporation to donate to a charitable or similar institution, 39 A.L.R.2d 1192.
Banking corporation's power to enter into partnership or joint venture, 60 A.L.R.2d 917.
9 C.J.S. Banks and Banking §§ 230, 231.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-54 - Powers of director and of state banks.

In addition to other powers provided for the director and for state banks in the Banking Act notwithstanding any other provision of laws, the director may grant to state banks any of the powers and authority that national banks or federally chartered or insured depository institutions are or may be authorized, empowered, permitted or otherwise allowed to exercise. As used in this section and in Section 58-1-34 NMSA 1978, "federally chartered or insured depository institution" means a bank, savings bank, savings and loan association or credit union.
History:
1953 Comp., § 48-22-42.1, enacted by Laws 1973, ch. 130, § 1; 1997, ch. 23, § 6; 1999, ch. 213, § 7.
ANNOTATIONS
The 1999 amendment,
effective June 18, 1999, in the first sentence substituted "any other provision of laws" for "anything to the contrary in that act", inserted "or federally chartered or insured depository institutions", and made a minor stylistic change; and added the second sentence.
The 1997 amendment,
effective July 1, 1997, substituted "director" for "commissioner of banking" in the section heading and near the beginning of the section, substituted "director may grant" for "commissioner of banking may adopt such rules and regulations as he deems necessary and proper, granting" near the middle of the section, substituted "may be authorized" for "may hereafter be authorized" and deleted "under federal statutes, rules or regulations" following "allowed to exercise" at the end of the section.
Issuance of preferred stock may be authorized by regulation.
— Since the Banking Act does not expressly prohibit the issuance of preferred stock by state banks, such authority may be conferred by regulation adopted by the director of the financial institutions division, in his discretion, pursuant to his power under this section. 1979 Op. Att'y Gen. No. 79-06.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
9 C.J.S. Banks and Banking § 10 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-55 - Capital structure; impairment of capital.

A. A state bank shall have such capital structure as the commissioner [director of the financial institutions division of the regulation and licensing department] shall deem adequate, except that no bank hereafter organized shall do business unless it shall have a bona fide minimum paid-up capital stock structure of at least, five hundred thousand dollars ($500,000), divided one-half to common capital and the remaining one-half to surplus and undivided profits. No bank shall pay a dividend on its common stock unless its remaining surplus after payment of such dividend equals twenty percent of the minimum common capital requirement. All banks heretofore or hereafter organized shall transfer at least a one-fifth part of their net profits, for the preceding accounting period, to their surplus fund until the same equals fifty percent of their common capital stock. When the surplus fund of a bank equals fifty percent of their common capital stock, there shall be added to the surplus fund each accounting period, ten percent of the net profits of the bank until the surplus fund is equal to the common capital stock, and such surplus shall thereafter be maintained unless impaired by unavoidable losses. This section shall not be construed to apply to trust companies.
B. Whenever the capital of any bank shall be impaired, it shall make no new loans or discounts.
History:
1953 Comp., § 48-22-43, enacted by Laws 1963, ch. 305, § 43; 1975, ch. 330, § 31.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Effect when authorized capital stock fully subscribed.
— When the authorized capital stock of a banking corporation is fully subscribed, it was held under former law that it has no power or authority to solicit additional subscriptions to its capital stock, and a note given for such subscription is without consideration.
Morrill v. Harris
, 1917-NMSC-053, 23 N.M. 146, 167 P. 276, distinguished in
American Hosp. & Life Ins. Co. v. Kunkel
, 1962-NMSC-167, 71 N.M. 164, 376 P.2d 956.
Equity capital.
— Legislature intended that equity capital of banking corporation should be composed of common stock, and the issuance by such a corporation of preferred stock to raise equity capital was not expressly authorized. 1979 Op. Att'y Gen. No. 79-06.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 30.
Reduction of capital stock and distribution of capital assets upon reduction, 44 A.L.R. 11, 35 A.L.R.2d 1149.
Validity, construction and effect of statutory provisions concerning capital requisites of state incorporation of bank, 79 A.L.R.3d 1190.
9 C.J.S. Banks and Banking § 48 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-58 - Determination on application for permission to file with the corporation commission [public regulation commission]

A. When an application for permission to file with the corporation commission [public regulation commission] has been delivered to the commissioner [director of the financial institutions division of the regulation and licensing department], he shall make or cause to be made a careful investigation and examination relative to:
(1) the character, reputation and financial standing of the organizers or incorporators;
(2) the character, financial responsibility of proposed directors and banking or trust experience, and business qualifications of those proposed as officers;
(3) the ability of the community to support the proposed bank, giving consideration to:
(a) the services offered by existing banks and other financial institutions;
(b) the banking history of the community; and
(c) the opportunities for profitable employment of bank funds as indicated by the demand for credit, the number of potential depositors, the volume of bank transactions, and the business and industries of the community, with particular regard to their stability, diversification and size;
(4) whether or not the full amount of the authorized capital structure has been subscribed;
(5) whether or not the proposed capital structure is adequate in the light of current and propspective [prospective] banking conditions;
(6) whether or not the name of the proposed bank resembles so closely, as to be likely to cause confusion, the name of any other banks transacting business in this state; and
(7) such other facts and circumstances bearing on the proposed bank and its relation to the community as in the opinion of the commissioner [director] may be relevant.
B. The commissioner [director] shall complete his investigation within sixty days after the completed application has been filed and may in his discretion approve or reject the application.
C. If the commissioner [director] approves the application to be filed with the corporation commission [public regulation commission], he shall endorse his approval on the articles of incorporation.
D. The corporation commission [public regulation commission] shall not accept the articles of incorporation of a state bank for filing without such endorsement.
History:
1953 Comp., § 48-22-46, enacted by Laws 1963, ch. 305, § 46; 1975, ch. 330, § 33.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Laws 1998, ch. 108, § 80 provided that references to the state corporation commission be construed as references to the public regulation commission.
Cross references.
— For meaning of director,
see
58-1-3 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
9 C.J.S. Banks and Banking § 36.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1 - Banking Generally › Section 58-1-59 - Subscription calls.

A. Immediately after the filing of the articles of incorporation with the corporation commission [public regulation commission], the proposed directors shall call for the payment of the subscriptions in full, within thirty days from the date of the notice. No certificate of authority, or order, shall be issued by the commissioner [director of the financial institutions division of the regulation and licensing department] until the full amount of the authorized capital structure, specified in the articles of incorporation, has been paid in full, in cash, into the designated escrow account.
B. On or before expiration of thirty days after call for payment of the subscription, the incorporators shall deliver a statement to the commissioner [director] signed by an official of the escrowing bank, setting forth the amount paid into the escrow account by the subscribers, and a sworn statement signed by the proposed bank's president, and cashier or secretary, certifying the full amount of the entire authorized capital structure has been paid in cash into the escrow account and that such corporation will be fully prepared to transact the business for which it was organized within one year.
History:
1953 Comp., § 48-22-47, enacted by Laws 1963, ch. 305, § 47; 1975, ch. 330, § 34.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Laws 1998, ch. 108, § 80 provided that references to the state corporation commission be construed as references to the public regulation commission.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 32 to 35.
Construction and effect of constitutional or statutory provisions precluding issuance of corporate stock in consideration of promissory notes, 78 A.L.R.2d 834.
9 C.J.S. Banks and Banking §§ 52, 53.