reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-12 - Networks.

A. Two or more financial institutions, separately or in combination with any other person, may establish one or more networks through which the financial institutions are interconnected for on-line data interchange.
B. Membership or participation by any financial institution in one network or other proprietary or shared EFT system shall not preclude membership or participation by the financial institution in any other network or other proprietary or shared EFT system.
C. A network may establish a shared on-line EFT system enabling financial institutions to participate in a data interchange connecting two or more financial institutions, acquirers, agent acquirers, card acceptors, intercept processors, issuers, ATMs and POS terminals. A network may enable any participant in said network to engage in any and all transactions. A network may establish, for its own account and as agent for its participants, clearing accounts as may be necessary to provide for the settlement of transactions.
D. Membership or participation in a network by a financial institution, merchant and intercept processor shall be evidenced by a written agreement setting forth the duties and obligations of the participants and the network. The written agreement may establish such performance standards, marketing standards, fee structure and cost recovery mechanisms as shall be agreed upon by and between the network and its participants, unless otherwise restricted by applicable state or federal law.
E. A network, through the network manager, may directly provide the services of a switch, or may contract with any other person for the services of the switch.
F. No network or other proprietary or shared system shall be required to obtain approval of the director to operate in New Mexico.
History:
1978 Comp., § 58-16-12, enacted by Laws 1990, ch. 123, § 12.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-13 - Confidentiality.

A. Every merchant having a POS terminal on its premises and every financial institution contracting for use of or operating a remote financial service unit shall adopt and maintain safeguards to insure the safety of funds of any third party in situations where deposits are accepted or cash advances or withdrawals are made and to insure the safety of items and other information, which safeguards shall include security precautions consistent with the appropriate minimum security requirements specified by applicable federal or state law or by federal or state regulatory agencies having jurisdiction over the POS terminal or remote financial service unit.
B. A social security number shall not be used as a PIN or code to activate any remote financial service unit.
C. To protect the privacy of persons using remote financial service units, information concerning a cardholder's account that is received by or processed through such units shall be treated and used only in accordance with applicable law relating to the dissemination and disclosure of such information. Any person operating a POS terminal shall take such steps as are reasonably necessary to protect the confidentiality of any information received or obtained about a cardholder's account by any individual manning a POS terminal.
D. No person shall use or attempt to use a remote financial service unit for the purpose of obtaining any information concerning the account of a cardholder of a financial institution without prior approval of the cardholder, except where such information is reasonably necessary to complete or prevent the completion of or to reconstruct a transaction initiated through the remote financial service unit. No person shall obtain through the use of a remote financial service unit any information concerning the account of a cardholder other than that reasonably necessary to effect or prevent the transaction that the cardholder seeks to accomplish through its use or to reconstruct a transaction initiated through the remote financial service unit.
E. Any transaction shall include the issuance of a receipt to the cardholder. No receipt shall be required, however, in any transaction involving a negotiable instrument that shall itself become a receipt.
History:
1978 Comp., § 58-16-13, enacted by Laws 1990, ch. 123, § 13.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-14 - Issuance of card; liability of cardholder; limits of liability.

A. No card that will actuate a remote financial service unit shall be issued except in response to a request or application therefor. The prohibition does not apply to the issuance of a card in renewal of or in substitution for a card or as an adjunct to an established account.
B. A cardholder shall be liable for the unauthorized use of his card due to loss, theft or other action only if the card has been accepted by the cardholder and the unauthorized use occurs before the cardholder has notified the issuer that an unauthorized use has occurred or may occur as a result of the loss, theft or other action. If the cardholder fails to notify the issuer within two business days after learning of the loss, theft or unauthorized use of the card, the cardholder's liability shall not exceed the lesser of five hundred dollars ($500) or the sum of:
(1) fifty dollars ($50.00) or the amount of unauthorized EFT that occurs before the close of the two business days, whichever is less; and
(2) the amount of unauthorized EFT that the issuer establishes would not have occurred but for the failure of the cardholder to notify the issuer within two business days after the cardholder learns of the loss or theft of the card and that occur after the close of two business days and before notice to the issuer.
C. For the purposes of Subsection B of this section, a cardholder shall notify the issuer by taking such steps as may be reasonably required in the ordinary course of business to provide the issuer with the pertinent information whether or not any particular officer, employee or agent of the issuer does in fact receive such information.
D. Except for losses due to the unauthorized use of the cardholder's card that are governed by the provisions of Subsection B of this section, no aggrieved cardholder shall be liable for the amount of any unauthorized withdrawal from the cardholder's account or any interest lost on the unauthorized amount withdrawn, if the financial institution is notified by the cardholder of the unauthorized withdrawal within the time period specified in Section 55-4-406 NMSA 1978 of the receipt by the cardholder of a statement from the financial institution listing such withdrawal, unless the cardholder by his negligence contributed to the unauthorized withdrawal.
History:
1978 Comp., § 58-16-14, enacted by Laws 1990, ch. 123, § 14.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-14.1 - Transaction fee.

A. A financial institution may charge a reasonable foreign transaction fee for use of an automated teller machine if the fee is disclosed:
(1) on a sign posted on the automated teller machine or in clear view of the customer while viewing the machine; or
(2) electronically during the course of the transaction in a manner that permits a customer to cancel the transaction without incurring the foreign transaction fee.
B. For the purpose of this section, "foreign transaction fee" means a fee charged for the use of an automated teller machine to a noncustomer of the financial institution that owns the machine.
History:
1978 Comp., § 58-16-14.1, enacted by Laws 1995, ch. 190, § 18.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-15 - Civil liability.

A. A cardholder who is authorized to engage in transactions through or by means of remote financial service units may bring a civil action against a person violating the Remote Financial Service Unit Act for an amount equal to the sum of any actual damages sustained by the cardholder. Upon adverse adjudication, the defendant shall be liable for actual damages or fifty dollars ($50.00), whichever is greater, together with court costs and reasonable attorneys' fees incurred by the plaintiff. The court may provide such equitable relief as it deems necessary or proper, including enjoining the defendant from further such violations of the Remote Financial Service Unit Act. If it appears to the court that the suit by the plaintiff was ill founded or brought for purposes of harassment, the plaintiff shall be liable for court costs and reasonable attorneys' fees incurred by the defendant.
B. In the case of a class action, no minimum recovery for each member of the class shall be applicable and the total recovery in any such action is limited to the actual damages sustained by the members of the class but shall not exceed the lesser of one hundred thousand dollars ($100,000) or one percent of the net worth of the defendant.
History:
1978 Comp., § 58-16-15, enacted by Laws 1990, ch. 123, § 15.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Bank's liability, under state law, for disclosing financial information concerning depositor or customer, 81 A.L.R.4th 377.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-16 - Criminal penalty.

A. Any person who knowingly and willfully violates any of the provisions of Section 14 [58-16-14 NMSA 1978] of the Remote Financial Service Unit Act may be found guilty of a petty misdemeanor.
B. Any person who makes an unauthorized withdrawal from the account of another person with a financial institution, or who steals the card of another, or who makes an unauthorized use of the card of another is guilty of a fourth degree felony and shall be sentenced pursuant to the provisions of Section 31-18-15 NMSA 1978.
History:
1978 Comp., § 58-16-16, enacted by Laws 1990, ch. 123, § 16.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repealed the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
Debit card theft.
— Unlike Section 30-16-33 NMSA 1978, this section contemplates prosecution specifically for the unauthorized use of a debit card. Unlike the fraudulent use of a credit card, the fraudulent use of a debit card has immediate consequences for the victim as it causes the victim's checking account to be debited immediately. The separate penalty provisions of these statutes establishes that the legislature intended to punish violations of RFSUA differently than violations of Section 30-16-33 NMSA 1978.
State v. Castillo
, 2011-NMCA-046, 149 N.M. 536, 252 P.3d 760, cert. denied, 2011-NMCERT-004.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-17 - Single subscriber terminals; exemption.

Single subscriber terminals shall be exempted from:
A. ownership limitations otherwise imposed on off-premises ATMs;
B. restricted geographic location;
C. consideration as a financial institution branch office; and
D. requirements for notice to the director.
History:
1978 Comp., § 58-16-17, enacted by Laws 1990, ch. 123, § 17.
ANNOTATIONS
Repeals and reenactments.
— Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 16 - Remote Financial Service Units › Section 58-16-18 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1990, ch. 123, § 18 repealed 58-16-18 NMSA 1978, as enacted by Laws 1983, ch. 33, § 7, relating to exemption of single subscriber terminals, effective May 16, 1990. For provisions of former section,
see
the 1989 NMSA 1978 on
NMOneSource.com.
For present comparable provisions,
see
58-16-17 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-1 - Declaration of policy.

It is declared to be necessary in the public interest that cemeteries advertising or selling "endowed care or perpetual care" in connection with the sale of cemetery lots or burial spaces be subject to sufficient regulation by the state to ensure the establishment of sound business practices necessary to furnish the endowed care or perpetual care guaranteed. The provisions of the Endowed Care Cemetery Act [Chapter 58, Article 17 NMSA 1978] shall be liberally construed to carry out its purposes.
History:
1953 Comp., § 67-29-1, enacted by Laws 1961, ch. 156, § 1; 2001, ch. 149, § 1.
ANNOTATIONS
Cross references.
— For regulation of municipal cemeteries,
see
3-40-1 to 3-40-9 NMSA 1978.
The 2001 amendment,
effective July 1, 2001, substituted "endowed" for "endowment" at the end of the first sentence, deleted "of 1961" following "the Endowed Care Cemetery Act" and made stylistic changes throughout the section.
Permission to invest trust funds in securities.
— The state bank examiner (now the director of the financial institutions division of the regulation and licensing department) has the authority to require trustees of perpetual care cemetery trust funds to obtain his permission before investing the trust funds in certain securities. 1960 Op. Att'y Gen. No. 60-128.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
14 Am. Jur. 2d Cemeteries §§ 6, 20.
Duty to use proceeds of sale of cemetery lots for care, maintenance or improvement of cemetery as affected by statute, 124 A.L.R. 279.
Liability of cemetery in connection with conducting or supervising burial services, 42 A.L.R.4th 1059.
Dead bodies: liability for improper manner of reinterment, 53 A.L.R.4th 394.
Validity, construction, and application of statutes or ordinances regulating perpetual-care trust funds of cemeteries and mausoleums, 54 A.L.R.5th 681.
14 C.J.S. Cemeteries §§ 3, 26, 27.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-2 - Short title.

Chapter 58, Article 17 NMSA 1978 may be cited as the "Endowed Care Cemetery Act".
History:
1953 Comp., § 67-29-2, enacted by Laws 1961, ch. 156, § 2; 2001, ch. 149, § 2.
ANNOTATIONS
The 2001 amendment,
effective July 1, 2001, substituted "Chapter 58, Article 17 NMSA 1978" for "This act" and deleted "of 1961" following "the Endowed Care Cemetery Act".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-5 - Loans by cemeteries.

Except upon written approval of the director, no loan or investment of care funds accepted by a cemetery authority shall be made:
A. to any officer, director or trustee of the cemetery authority or to any person in which any officer, director or trustee of the cemetery authority has a controlling interest;
B. on or in real estate or in a note, bond, mortgage or deed of trust in which any officer, director or trustee of the cemetery authority has any financial interest; or
C. on or in any unproductive real estate or real estate outside this state or permanent improvements of the cemetery or any of its facilities unless specifically authorized by the instrument by which the principal fund was created. No commission or brokerage fee for the purchase or sale of property shall be paid in excess of that usual and customary at the time and in the locality where the purchase or sale is made, and all commissions and brokerage fees shall be fully reported in the next annual statement of the cemetery authority or trustee.
History:
1953 Comp., § 67-29-5, enacted by Laws 1961, ch. 156, § 5; 2001, ch. 149, § 5.
ANNOTATIONS
The 2001 amendment,
effective July 1, 2001, in the introductory language, substituted "director" for "state bank examiner", substituted "no loan or investment of care funds accepted by a cemetery authority shall be made" for "no loan or investment of any care funds by any cemetery authority owning, operating, controlling or managing a cemetery or by any trustee shall be made"; and substituted "person" for "firm, corporation, association or partnership" in Subsection A.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
14 C.J.S. Cemeteries § 10.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-7 - Representations regarding care and maintenance to be furnished.

A cemetery authority, agent, servant or employee of it or another person shall not advertise, represent, guarantee, promise or contract that perpetual care, permanent care, perpetual or permanent maintenance, care forever, continuous care, eternal care, everlasting care, endowed care or any similar or equivalent care or care for any number of years of any cemetery or of any lot, grave, crypt or niche or of any family mausoleum, memorial, marker or monument will be furnished until he has complied with the provisions of the Endowed Care Cemetery Act.
History:
1953 Comp., § 67-29-7, enacted by Laws 1961, ch. 156, § 7; 2001, ch. 149, § 7.
ANNOTATIONS
The 2001 amendment,
effective July 1, 2001, deleted "of 1961" following "Endowed Care Cemetery Act" and made stylistic changes throughout the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-8 - Care funds not subject to tax.

The care funds authorized in the Endowed Care Cemetery Act and all sums paid into those funds or contributed to those funds are expressly permitted and are for charitable and eleemosynary purposes. Care funds are provided for the discharge of the duty due from the person contributing to those funds to the persons interred and to be interred in the cemetery and likewise are a provision for the benefit and protection of the public by preserving and keeping cemeteries from becoming places of disorder, reproach and desolation in the communities in which they are situated. The care funds authorized in the Endowed Care Cemetery Act and the income from those funds and funds received under a contract to furnish care of burial space shall be exempt from taxation. No payment, gift, grant, bequest or other contribution for general endowed care is invalid by reason of any indefiniteness or uncertainty of the persons designated as beneficiaries in the instruments creating the trust nor shall care funds or a contribution to them be deemed to be invalid as violating any law against perpetuities or the suspension of the power of alienation of title to property.
History:
1953 Comp., § 67-29-8, enacted by Laws 1961, ch. 156, § 8; 2001, ch. 149, § 8.
ANNOTATIONS
The 2001 amendment,
effective July 1, 2001, substituted "in the Endowed Care Cemetery Act" for "herein" in two places; deleted "endowed" preceding "care funds" in two places; and made stylistic changes throughout the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-9 - Compliance with law required.

A. It is unlawful for a cemetery to hold out to the public or sell endowed care in connection with the sale of burial space until it has complied with the requirements of the Endowed Care Cemetery Act. Endowed care cemeteries shall establish and maintain with a state or federally chartered depository institution or trust company doing business in the state an irrevocable trust fund, the income only of that fund to be available to the cemetery in the furnishing of endowed care. Provided, however, that when the cemetery authority certifies to the director that the services of a state or federally chartered depository institution or trust company are not available, the cemetery may appoint as trustee one or more individuals, none of whom shall be an officer, director, representative, employee or relative of an officer, director or employee of the cemetery authority, which trustee shall have all powers of investment as provided in this section. Endowed care cemeteries may pool their care funds pursuant to Subsection D of Section 58-17-4 NMSA 1978 as approved by the director upon request by the cemeteries. The net income from the investment of care funds shall never be used for the improvement or embellishment of unsold property to be offered for sale.
B. In establishing its care funds, the cemetery authority may from time to time adopt plans for the general care, maintenance and embellishment of its cemetery, and if the cemetery originally sold cemetery lots without provision for endowed care, it shall have the right to accept deposits from those lot owners for the purpose of establishing endowed care on those lots, provided that the deposits are disposed of in the same manner as regular care funds.
History:
1953 Comp., § 67-29-9, enacted by Laws 1961, ch. 156, § 9; 2001, ch. 149, § 9.
ANNOTATIONS
The 2001 amendment,
effective July 1, 2001, inserted Subsection designations A and B; in Subsection A, substituted "federally chartered depository institution" for "national bank" in the second and third sentences, substituted "director" for "state bank examiner" in the third sentence, and inserted the fourth sentence.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
14 Am. Jur. 2d Cemeteries § 24.
Duty to use proceeds of sale of cemetery lots for care, maintenance or improvement of cemetery as affected by statute, 124 A.L.R. 279.
14 C.J.S. Cemeteries § 10.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-11 - Deposit or bond of endowed care cemeteries.

If a cemetery authority is duly organized and desires to accept care funds authorized by the Endowed Care Cemetery Act, it shall make an initial deposit to the care fund of twenty-five thousand dollars ($25,000). In lieu of the initial deposit, the cemetery authority may furnish a surety bond issued by a bonding company or insurance company authorized to do business in this state in the face amount of thirty-five thousand dollars ($35,000), and the bond shall run to the trustee for the benefit of the care funds held by the trustee. This bond shall be for the purpose of guaranteeing an accumulation of twenty-five thousand dollars ($25,000) in the care fund and also for the purpose of assuring that the cemetery authority shall provide annual endowed care in an amount equal to the annual reasonable return on a secured cash investment of twenty-five thousand dollars ($25,000) until that amount is accumulated in the care funds, and these shall be the conditions of the surety bond; provided, however, the liability of the principal and surety on the bond shall in no event exceed thirty-five thousand dollars ($35,000). Provided further that whenever a cemetery authority which has made an initial deposit to the care fund demonstrates to the satisfaction of the director that more than twenty-five thousand dollars ($25,000) has been accumulated in the care fund, the cemetery authority may petition the director for an order allowing the cemetery authority to begin to withdraw its deposit from the care fund, so long as at least twenty-five thousand dollars ($25,000) always remains in the care fund.
History:
1953 Comp., § 67-29-11, enacted by Laws 1961, ch. 156, § 11; 1981, ch. 192, § 3; 2001, ch. 149, § 11.
ANNOTATIONS
The 2001 amendment,
effective July 1, 2001, increased all dollar amounts in the section by five thousand; and in the third sentence, substituted "annual endowed care" for "annual perpetual or endowment care".
Am. Jur. 2d, A.L.R. and C.J.S. references. —
14 Am. Jur. 2d Cemeteries § 6.
14 C.J.S. Cemeteries § 10.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-12 - Display of signs.

A cemetery authority authorized to accept care funds shall post in a conspicuous place at or near each entrance of the cemetery a clearly legible sign containing letters not less than six inches in height stating "Endowed Care Cemetery". Those cemeteries that furnish endowed care to some portions and no endowed care to other portions shall display appropriate signs of the same size letters designating which part is subject to endowed care and which part is not. Cemeteries that do not furnish endowed care shall display a sign containing letters not less than six inches in height stating "No Endowed Care".
History:
1953 Comp., § 67-29-12, enacted by Laws 1961, ch. 156, § 12; 2001, ch. 149, § 12.
ANNOTATIONS
The 2001 amendment,
effective July 1, 2001, made stylistic changes throughout the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-13 - Enforcement of provisions of act by director.

A. The duty of administering and enforcing the provisions of the Endowed Care Cemetery Act is imposed on the director, who shall approve all forms of contract for endowed care and shall have authority to subpoena witnesses, conduct hearings and investigations and issue orders reasonably necessary to regulate endowed care cemeteries in the public interest.
B. At the same time the registration statement is due, the director shall require the cemetery authority to submit an audit prepared by a certified public accountant. The audit shall cover in detail the information required in the annual registration statement required by law. In addition, the director may examine each endowed care cemetery to ensure that endowed care is being furnished in the manner required by law.
C. The cost of examining any cemetery authority and any endowed care cemetery shall be paid by the responsible authority, and it shall not exceed the actual cost of conducting such an examination.
D. If the director deems it necessary to hold a hearing pursuant to the power vested in him by the Endowed Care Cemetery Act, the hearing may be held in Santa Fe, New Mexico or at any other location within New Mexico designated by the director.
E. In the conduct of any examination, investigation or hearing, the director may:
(1) compel the attendance of any person or obtain any documents by subpoena;
(2) administer oaths; and
(3) examine any person under oath concerning the business of any person subject to the provisions of the Endowed Care Cemetery Act and in connection therewith require the production of any books, records or papers relevant to the inquiry.
F. In case of refusal to obey a subpoena issued to any person, the district court of the first judicial district for Santa Fe county, upon application by the director, may issue to the person an order requiring him to appear before the director or the staff member designated by the director, there to produce documentary evidence if so ordered or to give evidence relating to the matter under investigation or in question. Failure to obey the order of the court may be punished by the court as a contempt of court.
History:
1953 Comp., § 67-29-13, enacted by Laws 1961, ch. 156, § 13; 1973, ch. 113, § 2; 1981, ch. 192, § 4; 2001, ch. 149, § 13.
ANNOTATIONS
The 2001 amendment,
effective July 1, 2001, deleted "of financial institutions division" from the end of the section heading; inserted the Subsection A designation and deleted "of the financial institutions division" following "director" in that subsection; deleted former Subsection A, requiring the director to examine the books of each endowed care cemetery, or have an audit made in lieu thereof; and added present Subsections B, E and F and redesignated the remaining subsections accordingly.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-14 - Proceedings in case of law violations.

If a cemetery authority refuses or neglects to make a required report or to file an annual registration statement or willfully disobeys a valid order of the director or violates any provisions of the Endowed Care Cemetery Act or rule of the director, or if it appears to the director from any report or examination that a cemetery authority has committed a violation of law, that the care funds have not been administered properly or that it is unsafe or inexpedient for the cemetery authority or the trustee of the care funds of the cemetery authority to continue to administer those funds or that any officer of the cemetery authority or of the trustee of the care fund of the cemetery authority has abused his trust or has been guilty of misconduct in his official position injurious to the cemetery authority or that the cemetery authority has suffered as to its care funds a serious loss by larceny, embezzlement, burglary, repudiation or otherwise, the director may:
A. conduct an investigation or hold a hearing to investigate any allegations pertaining to violations of the provisions of the Endowed Care Cemetery Act;
B. issue any order in furtherance of the duty imposed on him by the Endowed Care Cemetery Act;
C. institute a lawsuit in the district court of the first judicial district for Santa Fe county to recover any amounts due to the care funds; or
D. apply to the district court of the first judicial district for Santa Fe county for other relief consistent with the duty imposed on him by the Endowed Care Cemetery Act.
History:
1953 Comp., § 67-29-14, enacted by Laws 1961, ch. 156, § 14; 1973, ch. 113, § 3; 1981, ch. 192, § 5; 2001, ch. 149, § 14.
ANNOTATIONS
The 2001 amendment,
effective July 1, 2001, deleted "of the financial institutions division" following "director" in the first sentence of the undesignated paragraph; in Subsections C and D, substituted "the first judicial district for Santa Fe county" for "the county where the responsible cemetery authority or cemetery is located", and in Subsection C, deleted "endowed" preceding "care funds".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-15 - Disposition of care funds upon dissolution.

Where any cemetery authority owning, operating, controlling or managing a cemetery or any trustee for the cemetery authority has accepted care funds pursuant to the Endowed Care Cemetery Act and dissolution is sought by the cemetery authority in any manner, by resolution of the cemetery authority or the trustees of the cemetery authority, notice shall be given to the director of the intentions to dissolve. It is the director's duty to see that proper disposition is made of the care funds held by or for the benefit of the cemetery authority, as provided by law or in accordance with the trust provisions of any gift, grant, contribution, payment, devise or bequest or pursuant to any contracts whereby the funds were created. The director may apply to the district court for the appointment of any receiver, trustee or successor in trust or for direction of the court as to the proper disposition to be made of the care funds, to the end that the uses and purposes for which the trust or care funds were created may be accomplished.
History:
1953 Comp., § 67-29-15, enacted by Laws 1961, ch. 156, § 15; 2001, ch. 149, § 15.
ANNOTATIONS
The 2001 amendment,
effective July 1, 2001, substituted "director" for "state bank examiner" in two places, and substituted "district court" for "court of competent jurisdiction".
Am. Jur. 2d, A.L.R. and C.J.S. references. —
14 Am. Jur. 2d Cemeteries § 27.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-16 - Violations; punishment.

Whoever violates any provision of the Endowed Care Cemetery Act, fails to establish an irrevocable trust fund, encroaches upon the principal of an irrevocable trust, refuses to cooperate in an examination or investigation or violates the provisions of a trust instrument by willfully failing to deposit to a cemetery's trust fund the amounts provided within the time provided by Section 58-17-6 NMSA 1978, or any greater amounts if the trust instrument provides for greater amounts to be deposited, is guilty of a fourth degree felony and shall be sentenced in accordance with the provisions of Section 31-18-15 NMSA 1978.
History:
1953 Comp., § 67-29-16, enacted by Laws 1961, ch. 156, § 16; 1981, ch. 192, § 6; 1993, ch. 210, § 8; 2001, ch. 149, § 16.
ANNOTATIONS
The 2001 amendment,
effective July 1, 2001, deleted the Subsection A and B designations and "of 1961, except as provided in Subsection B of this section, is guilty of a petty misdemeanor. Whoever" following "the Endowed Care Cemetery Act"; and substituted "provisions of Section 31-18-15 NMSA 1978" for "Criminal Sentencing Act" at the end of the subsection.
The 1993 amendment,
effective June 18, 1993, made stylistic changes in Subsection A and inserted "fails to establish an irrevocable trust fund, encroaches upon the principal of an irrevocable trust, refuses to cooperate in an examination or investigation or" in Subsection B.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-17 - Exemption.

The provisions of the Endowed Care Cemetery Act do not apply to municipal cemeteries, fraternal cemeteries, religious cemeteries or family burial grounds that provide burial only for members.
History:
1953 Comp., § 67-29-17, enacted by Laws 1961, ch. 156, § 17; 2001, ch. 149, § 17.
ANNOTATIONS
The 2001 amendment,
effective July 1, 2001, substituted "family burial grounds that provide burial only for members" for "family burying grounds".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-18 - Establishing a cemetery authority.

A. A person establishing or acquiring a cemetery subject to the Endowed Care Cemetery Act shall file an initial registration with the director that contains the following information:
(1) a detailed financial statement of the proposed owners;
(2) a current credit report of the person establishing or acquiring the cemetery and a resume for each principal;
(3) the full name and address of the registrant, if an individual; of every member, if the registrant is a partnership or an association; of every officer, if the registrant is a corporation; and of any person owning ten percent or more of the cemetery;
(4) a plot plan that identifies the endowed care sections of the cemetery and all plans for future expansion of the cemetery;
(5) a copy of the form of contracts or instruments to be used in the sales of endowed care lots, graves, crypts or niches;
(6) proof of ability to make the initial deposit or secure a surety bond as required by Section 58-17-11 NMSA 1978;
(7) a registration fee in the amount of fifty dollars ($50.00); and
(8) any other information requested by the director.
B. Failure to submit the information specified in Subsection A of this section shall result in the denial of the registration to sell endowed care. Until a registration to operate a cemetery is approved by the director, a person establishing or acquiring a cemetery authority shall not advertise, represent, guarantee, promise or contract that perpetual care, endowed care or any similar care will be furnished.
History:
Laws 2001, ch. 149, § 18.
ANNOTATIONS
Effective dates.
— Laws 2001, ch. 149, § 22 makes the act effective July 1, 2001.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-19 - Transfer of ownership.

A. An endowed care cemetery's registration is not transferable. When any cemetery authority subject to the provisions of the Endowed Care Cemetery Act is transferred, the person acquiring the cemetery shall register with the director as required by Section 58-17-18 NMSA 1978.
B. A transfer of ownership cannot take place and no endowed care can be sold until the director has approved the registration required by Subsection A of this section.
History:
Laws 2001, ch. 149, § 19.
ANNOTATIONS
Effective dates.
— Laws 2001, ch. 149, § 22 makes the act effective July 1, 2001.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-20 - Denial, suspension or revocation of registration.

A. The director may deny, suspend or revoke any registration if the registrant, or any director, officer, employee or affiliate of the registrant:
(1) lacks a good business reputation;
(2) has violated any provision of the Endowed Care Cemetery Act;
(3) has committed fraud in connection with any transaction subject to the Endowed Care Cemetery Act;
(4) has made any misrepresentations or false statements to or concealed any essential or material fact from any person in the course of the cemetery business;
(5) has knowingly made or caused to be made any false representation of material fact or has suppressed or withheld from the director any information that the applicant or registrant possesses and that if submitted by him would have rendered the applicant or registrant ineligible to be registered under the Endowed Care Cemetery Act;
(6) has refused to permit an examination by the director of his books and records or has refused or failed, within a reasonable time, to furnish any information, make any report or attend a hearing that may be required by the director under the provisions of the Endowed Care Cemetery Act;
(7) has not completed the annual registration requirements or paid the registration fee; or
(8) has been convicted of a felony or any misdemeanor involving moral turpitude, subject, however, to the provisions of the Criminal Offender Employment Act [28-2-1 to 28-2-6 NMSA 1978].
B. If the director decides that action resulting in the denial, suspension or revocation of a registration is warranted, the director shall notify the registrant or cemetery authority in writing of the reasons for the refusal and shall advise the registrant or cemetery authority of the right to a hearing before a final decision on the registration is made.
History:
Laws 2001, ch. 149, § 20.
ANNOTATIONS
Effective dates.
— Laws 2001, ch. 149, § 22 makes the act effective July 1, 2001.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 17 - Endowed Care of Cemeteries › Section 58-17-21 - Judicial review.

A person aggrieved by the decision of the director in the enforcement of the Endowed Care Cemetery Act may obtain judicial review pursuant to Section 39-3-1.1 NMSA 1978.
History:
Laws 2001, ch. 149, § 21.
ANNOTATIONS
Effective dates.
— Laws 2001, ch. 149, § 22 makes the act effective July 1, 2001.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-1 - Short title.

Chapter 58, Article 18 NMSA 1978 shall be known and may be cited as the "Mortgage Finance Authority Act".
History:
1953 Comp., § 13-9-1, enacted by Laws 1975, ch. 303, § 1; 1982, ch. 86, § 1.
ANNOTATIONS
Cross references.
— For municipal housing,
see
Chapter 3, Article 45 NMSA 1978.
For urban development,
see
Chapter 3, Article 46 NMSA 1978.
For community development,
see
Chapter 3, Article 60 NMSA 1978.
For metropolitan redevelopment,
see
Chapter 3, Article 60A NMSA 1978.
For regional housing authorities,
see
Chapter 11, Article 3A NMSA 1978.
For the state housing authority,
see
Chapter 11 Article 4 NMSA 1978.
For utility supplements and assistance,
see
Chapter 27 Article 6 NMSA 1978.
Authority not state agency.
— The New Mexico mortgage finance authority created pursuant to this article is not a state agency. 1975 Op. Att'y Gen. No. 75-48.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
40 Am. Jur. 2d Housing Laws and Urban Redevelopment § 1 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-2.1 - Multiple-family, transitional and congregate dwellings; supplemental legislative findings and purpose.

The legislature finds and declares that there is a critical shortage of multiple-family, transitional and congregate dwellings that provide decent, safe and sanitary residential housing at rentals that persons and families of low or moderate income can afford. It is further found and declared that private individuals, organizations and entities willing to undertake the construction of multiple-family, transitional and congregate dwellings are unable to obtain loans at sufficiently low interest rates to finance multiple-family, transitional and congregate dwelling projects for persons and families of low or moderate income. Providing mortgage loans at below-market interest rates for multiple-family, transitional and congregate dwellings would increase substantially the availability of multiple-family, transitional and congregate dwellings for occupancy by persons and families of low or moderate income and is expressly declared to be a valid public purpose and a corporate purpose that may be exercised by the authority.
History:
1978 Comp., § 58-18-2.1, enacted by Laws 1982, ch. 86, § 2; 1995, ch. 9, § 2.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, inserted "transitional and congregate" preceding "dwellings" and "or moderate" preceding "income" and made minor stylistic changes throughout the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-3.1 - Additional definitions; multiple-family dwellings, transitional and congregate housing facilities.

As used in the Mortgage Finance Authority Act:
A. "multiple-family dwelling project" means residential housing that is designed for occupancy by more than four persons or families living independently of each other or living in a congregate housing facility, at least sixty percent of whom are persons and families of low or moderate income, including without limitation persons of low or moderate income who are elderly and who have a disability as determined by the authority, provided that the percentage of low-income persons and families shall be at least the minimum required by federal tax law;
B. "transitional housing facility" means residential housing that is designed for temporary or transitional occupancy by persons or families of low or moderate income or special needs;
C. "congregate housing facility" means residential housing designed for occupancy by more than four persons or families of low or moderate income living independently of each other. The facility may contain group dining, recreational, health care or other communal facilities and each unit in a congregate housing facility shall contain at least its own living, sleeping and bathing facilities;
D. "project mortgage loan" means a mortgage loan made to a sponsor to finance project costs of a multiple-family dwelling or transitional or congregate housing facility; and
E. "sponsor" means an individual, association, corporation, joint venture, partnership, limited partnership, trust or any combination thereof that has been approved by the authority as qualified to own and maintain a multiple-family dwelling or transitional or congregate housing facility in New Mexico, maintains its principal office or a branch office in New Mexico and has agreed to subject itself to the regulatory powers of the authority and the jurisdiction of the courts of the state.
History:
1978 Comp., § 58-18-3.1, enacted by Laws 1982, ch. 86, § 3; 1983, ch. 310, § 1; 1995, ch. 9, § 4; 2007, ch. 46, § 47.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, amends the section to make non-substantive language changes.
The 1995 amendment,
effective June 16, 1995, added "transitional and congregate housing facilities" in the section heading; deleted former Subsection A defining "FHA" and redesignated former Subsection B as Subsection A; added Subsections B and C and redesignated former Subsections C and D as Subsections D and E; in Subsection A, substituted "sixty percent" for "twenty-five percent", inserted "or moderate" in two places, and deleted "provided that the percentage of low income persons and families shall be at least the minimum required by federal tax law" at the end; deleted "during construction and on a permanent basis the" following "sponsor to finance" in Subsection D; inserted "transitional or congregate housing" in Subsections D and E; and made minor stylistic changes throughout the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-3.2 - Secondary mortgage funds; additional definitions.

As used in the Mortgage Finance Authority Act:
A. "pass-through securities" means securities representing undivided ownership interests in a pool of mortgage loans; and
B. "secondary market facility" means a corporation, trust or other form of legal entity established by the authority for the purpose of the purchase, with private or public funds legally available therefor, of mortgage loans, mortgage-backed obligations, pass-through securities or interests therein.
History:
1978 Comp., § 58-18-3.2, enacted by Laws 1983, ch. 285, § 1; 1995, ch. 9, § 5.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, deleted "facility or mortgage pooling" preceding "corporation" and inserted "trust or other form of legal entity" in Subsection B.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 18 - Mortgage Finance Authority › Section 58-18-5.2 - Authority duties.

The authority shall make available to the Mortgage Finance Authority Act oversight committee all of its records and facilities upon written request.
History:
1978 Comp., § 58-18-5.2, enacted by Laws 1981, ch. 173, § 2; 1995, ch. 9, § 8.
ANNOTATIONS
Cross references.
— For the Mortgage Finance Act oversight committee,
see
2-12-5 NMSA 1978.
The 1995 amendment,
effective June 16, 1995, substituted "The authority" for "The mortgage finance authority" at the beginning of the section.