reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 47 - LOCATION OF BRANCH OFFICES › Section 12.20.47.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504.
				  Telephone No. (505) 827-7100.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 47 - LOCATION OF BRANCH OFFICES › Section 12.20.47.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Subsection C of Section
				  58-10-17 NMSA
				  1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 47 - LOCATION OF BRANCH OFFICES › Section 12.20.47.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
August 15, 1980, unless a later date is cited at the end of a
				  section or paragraph. Reformatted in NMAC format effective August 30,
				  1997.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in
					 brackets.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 47 - LOCATION OF BRANCH OFFICES › Section 12.20.47.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to amend the
				  requirement described herein for all state savings and loan associations that
				  conform to the provisions of this regulation.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 47 - LOCATION OF BRANCH OFFICES › Section 12.20.47.8 - LOCATION OF BRANCH OFFICES

Current through Register Vol. 35, No. 13, July 16, 2024
The provision contained in Section
				  58-10-17 C NMSA
				  1978 (1979 Supp.), requiring that branch offices be located within a radius of
				  one hundred statute air miles from the principal office of the parent
				  association, shall not apply in the case of applications filed with the
				  supervisor subsequent to July 1, 1980.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 48 - SERVICE CORPORATIONS › Section 12.20.48.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504.
				  Telephone No. (505) 827-7100
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 48 - SERVICE CORPORATIONS › Section 12.20.48.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
November 17, 1980, unless a later date is cited at the end of
				  a section or paragraph. Reformatted in NMAC format effective September 15,
				  1997.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in
					 brackets.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 48 - SERVICE CORPORATIONS › Section 12.20.48.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to bring to
				  state savings and loan associations the authority to invest in service
				  corporations within the provisions of this sub-part [now
				  part].
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 48 - SERVICE CORPORATIONS › Section 12.20.48.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Aggregate
				outstanding investment" means the sum of amounts paid to acquire capital stock
				or securities and amounts invested in obligations of service corporations less
				amounts received from the sale of capital stock or securities of service
				corporations and amounts paid to the association to retire obligations of
				service corporations.
B.
				"Conforming loan" means a loan or portion thereof which an association may make
				under any provision of the Savings and Loan Act or regulations promulgated
				thereunder. A guarantee or take-out commitment of a loan which could have been
				made by an association as a conforming loan may be deemed a conforming loan for
				purposes of this regulation if the association complied with all requirements
				of the act and regulations, as though it were itself making the loan subject to
				its guarantee or take-out commitment.
C. "Consumer loan" means a loan to one or
				more individuals, unsecured or secured by goods used or bought primarily for
				personal, family or household purposes.
D. "Joint venture" means any joint
				undertaking by a service corporation or a wholly owned subsidiary thereof with
				one or more persons or legal entities in any form, including a joint tenancy,
				tenancy in common or partnership, and including investment in a corporation
				other than a wholly-owned subsidiary.
E. "Subsidiary" includes a wholly-owned
				subsidiary and any joint venture in which a service corporation or wholly-owned
				subsidiary thereof:
(1) owns, controls or
				holds with power to vote more than 25 percent of the capital stock;
(2) is a general partner; or
(3) is a limited partner and has contributed
				more than 25 percent of the limited partnership's capital.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 48 - SERVICE CORPORATIONS › Section 12.20.48.8 - GENERAL SERVICE CORPORATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
An association may invest in the capital stock, obligations
				  or other securities of a service corporation organized under the law of the
				  state of New Mexico if:
A. the service
				corporation's entire capital stock is available for purchase by, and only by,
				any and all savings and loan associations with a home office in this state, and
				the capital stock is owned by more than one savings and loan
				association;
B. no savings and loan
				association owns, or may own, more than 10 percent of the service corporation's
				outstanding capital stock;
C. every
				eligible association may own an equal amount of such stock or may, on such
				uniform basis as the supervisor may determine, own an amount of such stock
				equaling a stated percentage of its assets or savings capital at the time it
				purchases any such stock; and
D.
				substantially all of the service corporation's activities, performed directly
				or through one or more wholly owned subsidiaries or joint ventures, consist of
				one or more of the following:
(1) originating,
				purchasing, selling and servicing any of the following:
(a) loans, and participation in loans, on a
				prudent basis and secured by real estate or first liens on mobile homes,
				including brokerage and warehousing of such loans;
(b) loans, with or without security, for
				altering, repairing, improving, equipping or furnishing residential real
				estate;
(c) educational loans;
				and
(d) consumer loans;
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 48 - SERVICE CORPORATIONS › Section 12.20.48.9 - OTHER SERVICE CORPORATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
In addition to investment in service corporations under
				  Section 8 of this Sub-part [now
				  12.20.48.8
				  NMAC], an association may invest in the capital stock or other securities of a
				  service corporation organized under the laws of this state if:
A. the corporation's entire capital stock is
				held by one or more savings and loan associations with a home office in this
				state;
B. the activities of such
				corporation, performed directly or through one or more wholly owned
				subsidiaries or joint ventures, consist solely of one or more of the activities
				specified in paragraphs 8.4.1 through 8.4.13 of this Sub-part [now Paragraphs
				(1) through (13) of Subsection D of Section 12.20.48.8 NMAC] and such other
				activities reasonably related to the activities of an association as the
				supervisor may approve;
C. In the
				case of a corporation in which fewer than five savings and loan associations
				hold capital stock or one association holds more than 40 percent of such stock,
				the following requirements are met:
(1) the
				corporation, including any subsidiary, does not have outstanding at any time
				consolidated debt (to holders of its capital stock and to others) exceeding the
				following limitations:
(a) unsecured debt -
				two times the total of its consolidated net worth plus unsecured debt to
				holders of at least 25 percent of its capital stock;
(b) secured and unsecured debt - ten times
				the total of its consolidated net worth plus unsecured debt to such
				stockholders; or if the corporation, including any subsidiary thereof, is
				engaged solely in activities specified in paragraph 8.4.1.1 of this regulation
				[now Subparagraph (a) of Paragraph (1) of Subsection D of Section 12.20.48.8
				NMAC], 20 times such total;
(c)
				secured debt will be deemed unsecured for purposes of Subsection 9.3.1 [now
				Paragraph (1) of Subsection C of 12.20.48.9 NMAC] to the extent that it exceeds
				the market value of any security therefor at the time the loan is made. The
				term secured debt as used in Subsection 9.3.1 [now Paragraph (1) of Subsection
				C of 12.20.48.9 NMAC] shall include the entire amount of any obligation of the
				service corporation resulting from sale of consumer loans with
				recourse;
(d) the debt of each
				subsidiary of the corporation shall also conform to the debt limitations in the
				subsection;
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 48 - SERVICE CORPORATIONS › Section 12.20.48.10 - AMOUNT OF INVESTMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A. An
				association may invest in the capital stock, obligations or other securities of
				service corporations, provided that its aggregate outstanding investment does
				not exceed three percent of assets, and any investment in excess of two percent
				of assets serves primarily community, inner-city or community development
				purposes. The investment limitations of this subsection shall include all loans
				secured and unsecured, and all guarantees or takeout commitments of such loans,
				to service corporations or any subsidiaries thereof, and to joint ventures of
				such service corporations or subsidiaries, whether or not the association is a
				stockholder therein. An association with an aggregate outstanding investment in
				excess of two percent of assets shall designate investments that serve
				primarily community, inner-city or community development purposes, which shall
				include the following:
(1) investments in
				governmentally insured, guaranteed, subsidized or otherwise sponsored programs
				for housing, small farms or businesses that are local in character;
(2) investments for the preservation or
				revitalization of either urban or rural communities;
(3) investments designed to meet the
				community development needs of, and primarily benefit, low- and moderate-income
				communities; or
(4) other
				community, inner-city or community development related investments approved by
				the supervisor.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 49 - EXPANDED POWERS › Section 12.20.49.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504.
				  Telephone No. (505) 827-7100.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 49 - EXPANDED POWERS › Section 12.20.49.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  58-10-72
				  and
				  58-10-83
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 49 - EXPANDED POWERS › Section 12.20.49.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
October 15, 1982, unless a later date is cited at the end of
				  a section or paragraph. Reformatted in NMAC format effective September 15,
				  1997.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in
					 brackets.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 49 - EXPANDED POWERS › Section 12.20.49.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to expand the
				  powers of savings and loan associations.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 49 - EXPANDED POWERS › Section 12.20.49.8 - EXPANDED POWERS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Demand
				deposits: An association may accept non-interest-bearing demand deposits from:
(a) a commercial, corporate, business or
				agricultural entity for the sole purpose of effectuating payments thereto by a
				non business customer; or
(b) any
				person or organization having a business, corporate, commercial or agricultural
				loan relationship with the association. An association may extend secured or
				unsecured credit in the form of overdraft privileges specifically related to
				demand deposits, but such overdraft loans must be aggregated with other
				commercial loans for purposes of the five percent of assets limitation.
				Overdraft loans made under authority of this regulation must be made pursuant
				to proper underwriting and with due regard for safety and soundness.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 50 - POWER TO BORROW, FINANCE SUBSIDIARIES › Section 12.20.50.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504.
				  Telephone No. (505) 827-7100
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 50 - POWER TO BORROW, FINANCE SUBSIDIARIES › Section 12.20.50.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All savings and loan associations chartered by the state of
				  New Mexico.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 50 - POWER TO BORROW, FINANCE SUBSIDIARIES › Section 12.20.50.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-10-50
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 50 - POWER TO BORROW, FINANCE SUBSIDIARIES › Section 12.20.50.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
April 11, 1985, unless a later date is cited at the end of a
				  section or paragraph. Reformatted in NMAC format effective Sepember 15,
				  1997.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in
					 brackets.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 50 - POWER TO BORROW, FINANCE SUBSIDIARIES › Section 12.20.50.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to permit
				  financial institutions chartered under the provisions of the statutes of this
				  state to have the same powers as a federal institution with regard to a finance
				  subsidiary.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 50 - POWER TO BORROW, FINANCE SUBSIDIARIES › Section 12.20.50.8 - POWER TO BORROW; FINANCE SUBSIDIARIES

Current through Register Vol. 35, No. 13, July 16, 2024
Notwithstanding any provision of the Savings and Loan Act to
				  the contrary, every association or corporation chartered under the provisions
				  of the savings and loan laws of this state may, without limitation as to
				  aggregate amount, borrow, give security and issue notes, bonds, debentures or
				  other obligations or other securities, including capital stock, directly or
				  indirectly through a finance subsidiary; and may invest in, transfer or make
				  available assets to any such finance subsidiary to the same extent it could if
				  it were a federal savings and loan association.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 71 - APPLICABILITY OF HOME LOAN PROTECTION ACT › Section 12.20.71.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 71 - APPLICABILITY OF HOME LOAN PROTECTION ACT › Section 12.20.71.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All state chartered savings and loan associations otherwise
				  subject to the Home Loan Protection Act, Sections
				  58-21A-1
				  to -14 NMSA 1978 (2003) ("Act").
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 71 - APPLICABILITY OF HOME LOAN PROTECTION ACT › Section 12.20.71.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  58-10-50
				  and
				  58-10-72
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 71 - APPLICABILITY OF HOME LOAN PROTECTION ACT › Section 12.20.71.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
March 3, 2004, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 71 - APPLICABILITY OF HOME LOAN PROTECTION ACT › Section 12.20.71.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to grant state chartered
				  savings and loan associations the same powers and authority that federally
				  chartered savings associations are authorized, empowered, permitted or
				  otherwise allowed to exercise.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 71 - APPLICABILITY OF HOME LOAN PROTECTION ACT › Section 12.20.71.8 - FINDINGS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Section
				58-10-50
				NMSA 1978, authorizes the director to grant by regulation the rights, powers,
				privileges, immunities and exceptions possessed by federally chartered savings
				associations.
B. The office of
				thrift supervision, department of the treasury, the "OTS," is authorized by
				federal legislation to regulate and supervise federally chartered savings
				associations throughout the United States.
C. On September 2, 2003 the OTS issued a
				letter ruling (the "OTS preemption") clarifying the fact that the following
				sections and subsections of the act (the "preempted sections of the act") are
				pre-empted by federal law from applying to federally chartered savings
				associations operating in New Mexico:
(1)
				Section
				58-21A-4.A.
				and B. (Prohibited practices and provisions regarding home loans);
(2) Section
				58-21A-5.A.,
				B., C., D., E., G., H., I., J., K., L., M., N., O., and P (Limitations and
				prohibited practices for high-cost home loans);
(3) Section
				58-21A-6.A.,
				B., C., D., and E. (default; notice; right to cure);
(4) Section
				58-21A-9.A., B., and
				C. (civil action);
(5) Section
				58-21A-11.B.
				and C. (actions based on home loans);
(6) Section
				58-21A-12.
				(application of Unfair Practices Act); and
(7) Section
				58-21A-13.
				(attorney general; enforcement of rules).
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 71 - APPLICABILITY OF HOME LOAN PROTECTION ACT › Section 12.20.71.9 - AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
State chartered savings and loan associations are provided
				  the same powers and authority granted to federally chartered savings
				  associations as a result of the OTS preemption.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 2 - PROCEDURES OF THE MAIN STREET REVOLVING LOAN COMMITTEE › Section 12.21.2.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Main Street Revolving Loan Committee. Contact State Historic
				  Preservation Division, Department of Cultural Affairs.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 2 - PROCEDURES OF THE MAIN STREET REVOLVING LOAN COMMITTEE › Section 12.21.2.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to members of the committee, the state
				  historic preservation officer, the historic preservation division, members of
				  the public having business with the committee, the economic development
				  department, the New Mexico main street program and property owners in New
				  Mexico main street communities.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 2 - PROCEDURES OF THE MAIN STREET REVOLVING LOAN COMMITTEE › Section 12.21.2.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  3-60C-4
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 2 - PROCEDURES OF THE MAIN STREET REVOLVING LOAN COMMITTEE › Section 12.21.2.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
July 31, 2008, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 2 - PROCEDURES OF THE MAIN STREET REVOLVING LOAN COMMITTEE › Section 12.21.2.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule of procedure shall serve the public and members of
				  the committee as a guide to the operations and policies of the main street
				  revolving loan committee. The rule shall be used as a reference and guide by
				  all those concerned with observance and enforcement of the Main Street
				  Revolving Loan Act, Sections
				  3-60C-1 to
				  3-60C-6
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 2 - PROCEDURES OF THE MAIN STREET REVOLVING LOAN COMMITTEE › Section 12.21.2.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Committee"
				means the main street revolving loan committee.
B. "Division" means the historic preservation
				division, department of cultural affairs.
C. "Eligible property" means a site,
				structure, building or object that is subject to the Main Street Act
				(3-60B-1
				NMSA 1978) or otherwise found pursuant to the rule of the committee to merit
				preservation pursuant to the main street revolving loan act.
D. "Fund" means the main street revolving
				loan fund.
E. "Property owner"
				means the sole owner, joint owner, owner in partnership or an owner of a
				leasehold interest with a term of five years or longer of an eligible
				property.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 2 - PROCEDURES OF THE MAIN STREET REVOLVING LOAN COMMITTEE › Section 12.21.2.8 - THE COMMITTEE

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				name of this committee shall be the "main street revolving loan committee,"
				hereinafter referred to as the "committee."
B. The powers and duties of the committee
				shall be those enumerated in Section
				3-60C-4
				NMSA 1978.
C. The committee shall
				promulgate and revise as necessary those rules authorized by the act to
				effectuate the act.
D. The fiscal
				year of the committee shall end on June 30.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 2 - PROCEDURES OF THE MAIN STREET REVOLVING LOAN COMMITTEE › Section 12.21.2.9 - MEMBERS OF THE COMMITTEE

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Members of the committee are those appointed pursuant to Section
				3-60C-4
				NMSA 1978.
B. Members of the
				committee shall receive per diem and travel compensation as provided by the Per
				Diem and Mileage Act (Sections
				10-8-1
				through
				10-8-8, NMSA
				1978 Comp.) for official meetings or business of the committee.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 2 - PROCEDURES OF THE MAIN STREET REVOLVING LOAN COMMITTEE › Section 12.21.2.10 - MEETINGS OF THE COMMITTEE

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				committee shall meet at the call of the chair but no less than four times per
				year.
B. Any meeting or hearing of
				the committee may be held at any place within the state of New
				Mexico.
C. At each regular meeting
				of the committee, the committee and the historic preservation division shall
				agree on the place, date, time, and when appropriate, subject matter of the
				next meeting. An agenda and any required supporting documents, consistent with
				this decision, shall be issued by the historic preservation division two weeks
				prior to each scheduled meeting.
D.
				Special meetings may be called at any time for a stated purpose, consistent
				with the current open meetings resolution of the committee, by agreement of the
				chairman of the committee.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 2 - PROCEDURES OF THE MAIN STREET REVOLVING LOAN COMMITTEE › Section 12.21.2.11 - ORGANIZATION OF THE COMMITTEE

Current through Register Vol. 35, No. 13, July 16, 2024
At the first meeting after the beginning of each fiscal year,
				  the committee shall organize by the election and installation of a chairman, a
				  vice-chairman and a secretary from among its members.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 2 - PROCEDURES OF THE MAIN STREET REVOLVING LOAN COMMITTEE › Section 12.21.2.12 - DUTIES OF THE OFFICERS AND PERMANENT MEMBERS OF THE COMMITTEE

Current through Register Vol. 35, No. 13, July 16, 2024
A. The chairman
				shall preside at all meetings and shall appoint all subcommittees. He shall
				otherwise perform all duties pertaining to the office of the
				chairman.
B. The vice-chairman
				shall, in the absence or incapacity of the chairman, exercise the duties and
				shall possess all the powers of the chairman. In the absence of both the
				chairman and the vice-chairman, the secretary shall assume said duties and
				powers.
C. According to the Open
				Meetings Act Section
				10-15-1
				NMSA 1978, there will be minutes for the meeting. The historic preservation
				division may keep the meeting notes on the committee's behalf.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 2 - PROCEDURES OF THE MAIN STREET REVOLVING LOAN COMMITTEE › Section 12.21.2.13 - MEETING PROCEDURE

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				order of business shall be as follows:
(1)
				approval of agenda;
(2) review of
				minutes;
(3) chairman's
				report;
(4) historic preservation
				division report;
(5) loan
				applications;
(6) committee
				matters;
(7) subcommittee
				matters;
(8) old
				business;
(9) new
				business;
(10) date of meetings;
				and
(11) adjournment.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 2 - PROCEDURES OF THE MAIN STREET REVOLVING LOAN COMMITTEE › Section 12.21.2.14 - ORGANIZATION AND DUTIES OF SUBCOMMITTEES

Current through Register Vol. 35, No. 13, July 16, 2024
A. The chairman shall appoint from the
				membership of the committee and the division any necessary subcommittees to
				serve for a period not exceeding the chairman's term of office.
B. The chairman shall specify the duties of
				such subcommittees as he may create.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Main Street Revolving Loan Committee. Contact State Historic
				  Preservation Division, Department of Cultural Affairs.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to the members of the main street revolving
				  loan committee, the state historic preservation officer, the historic
				  preservation division, members of the public having business with the
				  committee, the economic development department, the New Mexico main street
				  program, property owners in main street districts, lending institutions and
				  federal agencies or non-profit organizations with funds available for making
				  loans to owners of main street properties.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  3-60C-4,
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
December 15, 2008, unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule establishes lending procedures for loans and loan
				  subsidies made to New Mexico main street property owners for the repair,
				  rehabilitation, restoration and preservation of eligible main street properties
				  and to promote preservation and economic development in main street
				  communities. The regulations describe the eligibility requirements for property
				  owners and their property for loans or loan subsidies. The regulations describe
				  the procedures that are followed and the documentation required and entered
				  into by the state of New Mexico, the committee, historic preservation division
				  and lending institutions or other entities that participate in the loan, and
				  property owners, including descriptions of the preliminary loan application,
				  the loan participation agreement, and the development agreement and
				  preservation covenants and deed restrictions. The regulations also describe the
				  terms and conditions contained in the required documentation and agreements
				  entered into between the committee, division, lending institution, any other
				  entity, and the borrower. This rule governs projects jointly funded by the
				  state historic preservation division through the main street revolving loan
				  fund and lending institutions. Entities other than lending institutions, e.g.,
				  non-profit organizations, may also contribute funding to the
				  projects.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.9 - ELIGIBILITY OF PROPERTY

Current through Register Vol. 35, No. 13, July 16, 2024
A. An
				eligible property is any property in the designated main street district,
				historic and non-historic.
B.
				Eligible properties may be restored, rehabilitated, repaired, and preserved
				with a loan or loan subsidy using MSRL contributions to the loan
				pool.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.10 - ELIGIBILITY OF PROPERTY OWNERS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				An eligible property owner is a sole owner, joint owner, owner in partnership,
				corporate owner or owner of a leasehold interest of a term not less than five
				years, of any eligible property as described in Subsection A of 12.21.3.9 NMAC
				of these regulations.
B. A loan or
				loan subsidy from the loan pool shall be made only to eligible property owners
				who agree:
(1) to repay the loan and maintain
				the registered cultural property as restored, rehabilitated or repaired for a
				period of not less than five years; and
(2) that the property owner's failure to so
				maintain the property in conformity with Paragraph (1) of Subsection B of
				12.21.3.10 NMAC of these regulations shall constitute a default of the loan or
				loan subsidy promissory note and mortgage agreement and shall be cause for
				acceleration of the unpaid loan or subsidy balance and exercise of foreclosure
				remedies against the collateral by the lending institution; and
(3) to execute a development agreement and
				covenants and deed restrictions with the committee and other loan agreements or
				documentation that may be required by the lending institution; and
(4) to rehabilitate, restore or repair a main
				street property, including rehabilitation of a portion of its front
				façade, in compliance with the standards as determined and agreed upon
				by the division; and
(5) to
				maintain complete and proper financial records regarding the eligible property
				and to make such records available to the division upon request; and
(6) to complete the proposed rehabilitation,
				repair or restoration work on the main street property within two years from
				the date the loan or loan subsidy is approved by the committee and closed by
				the lending institution; and
(7) to
				provide sufficient collateral security interest in the property to the state of
				New Mexico in accordance with 12.21.3.16 NMAC of these regulations;
				and
(8) to meet the committee
				criteria for priority ranking of loans or subsidies made from the MSRL
				contributions to the loan pool; and
(9) to meet the income eligibility criteria
				to satisfy the lending institution; and
(10) to credit the program with a job sign at
				least 36" in height by 24" in width, including the names of lender, other
				participating funding organizations, MSRL fund and the division.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 21.21.3.11 - MSRL CONTRIBUTIONS - ELIGIBLE COSTS

Current through Register Vol. 35, No. 13, July 16, 2024
Costs which can be paid with MSRL funds to the loan pool are
				  architectural, design, graphic design, construction and engineering documents
				  and planning costs, inspection of work in progress, contracted restoration,
				  rehabilitation, and repair and costs necessary to meet code compliance. The
				  division or the lending institution with prior approval of the committee, may
				  use the MSRL funds to the loan pool to pay costs associated with enforcement of
				  the obligations of the borrower under the promissory note, mortgage or loan
				  agreement.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.12 - MSRL CONTRIBUTIONS - INELIGIBLE COSTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. MSRL contributions to the loan pool shall
				not be used to pay costs of land acquisition, legal costs, fiscal agents' fees,
				loan origination fees, points, or other charges incurred by the borrower or
				which may be imposed by the lending institution or other lending entity,
				including fees described in 12.21.3.17 NMAC of these regulations and costs that
				are not expressly permitted in 12.21.3.11 NMAC of these regulations.
B. The borrower shall not apply MSRL funds
				contributions to the loan pool toward the acquisition or purchase of
				property.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.14 - PRIORITY RANKING OF MAIN STREET PROJECTS AND PRELIMINARY LOAN APPLICATION FORM

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				committee in consultation with the division shall annually review and adopt a
				system for priority ranking of criteria applied to loan applications in a
				regular public meeting of the MSRLC. The priority ranking will assist the
				committee and the division in the review of applications and in funding
				decisions.
B. The division shall
				provide annual public notice of the availability of loans or loan subsidies
				from the main street revolving loan fund and the availability of a main street
				preliminary loan application form from the division.
C. A preliminary loan application form shall
				consist of the street address of the property, the names and street addresses
				of the parties, and their tax identification; the status of the property in a
				main street district per Subsection E of 12.21.3.7 NMAC, ownership, existence
				of legal protections, application date, description of proposed work,
				photographs, statement of condition, drawings or plans when required to
				describe work, and cost estimates of rehabilitation, restoration, or repairs,
				project start and completion dates, agreement to provide financial information
				per Paragraph (9) of Subsection B of 12.21.3.10 NMAC, and signature and date
				lines for the applicants. It will also include a certification page with a
				statement that the division has reviewed the project according to the priority
				ranking and the MSRL standards and recommends the project to the committee for
				approval, approval with conditions, denial, or tabling the application pending
				further information, division staff and committee signature and date
				lines.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.15 - LENDING INSTITUTION'S PROCEDURES

Current through Register Vol. 35, No. 13, July 16, 2024
A. After approval by the committee of a
				preliminary loan application form and identification of a lending institution,
				the designated officer of the lending institution will advise the property
				owner of any additional documentation required by the lending
				institution.
B. Applicants will be
				notified in writing by the lending institution regarding its determination to
				approve or disapprove a loan for a project. The designated officer of the
				lending institution will advise the borrower of the amount, terms and
				conditions of the loan.
C. Approval
				of a loan or loan subsidy from the loan pool will be made in accordance with
				the lending institutions customary and prudent lending practices.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.16 - PROPERTY OWNER'S COLLATERAL SECURITY INTEREST

Current through Register Vol. 35, No. 13, July 16, 2024
A. The sufficiency of the collateral security
				interest in a main street property whose repair, rehabilitation or restoration
				is to be funded with funds from the main street revolving loan fund and lending
				institution(s) shall be determined by the participating lending institution(s)
				in accordance with the customary and prudent lending practices.
B. The offer of collateral security in the
				form of an assignment to the state of New Mexico and the committee, of a first
				mortgage, second mortgage, or assignment of lease, shall be commensurate with
				risk and approved by the division in consultation with the lending
				institution.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.17 - LENDING INSTITUTION'S LOAN PROCESSING FEES AND RELATED CHARGES

Current through Register Vol. 35, No. 13, July 16, 2024
Recording, title, credit report fees and costs charged by the
				  lending institution(s) participating in the loan for a project shall not be
				  paid with MSRL contributions to the loan pool.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.18 - MSRL LOAN AMOUNT AND REPAYMENT BY PROPERTY OWNER

Current through Register Vol. 35, No. 13, July 16, 2024
A. The amount of MSRL funds contributed to
				the loan pool shall not exceed $75,000 for any one project except if granted by
				a waiver of the committee at a public meeting.
B. The property owner of an approved project
				will repay the loan or loan subsidy in monthly installments. Payment on the
				interest and principal shall be in accordance with Subparagraph (c) of
				Paragraph (16) of Subsection C of 12.21.3.13 NMAC of these
				regulations.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.20 - COMPLIANCE WITH MSRL STANDARDS, INSPECTION AND REPORTING REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. All
				rehabilitation, restoration, repair and preservation of projects funded by a
				loan or loan subsidy from the main street revolving loan fund shall be governed
				by the MSRL standards as applicable.
B. The committee may require professional
				design, architectural or engineering services for any rehabilitation,
				restoration, repair and preservation projects funded by a loan or loan subsidy
				from the main street revolving loan fund.
C. All plans and specifications, when
				required, shall be approved by the committee and the division prior to
				commencement of rehabilitation, restoration, repair and preservation of a
				project. The committee or its architectural subcommittee may also review
				project plans and specifications.
D. The committee may direct the division to
				review a project in progress at any time upon notice to the property owner and
				may require correction of any work not conforming to the standards or approved
				plans and specifications. The division will review all completed projects to
				ensure conformity with the standards and the approved application, plans and
				specifications.
E. Written progress
				reports on projects undergoing rehabilitation, restoration, repair and
				preservation shall be submitted by the property owner to the division with a
				request for a draw and after a division inspection of work. Reports shall
				include a detailed description of progress to date, a status report for the
				entire project and a financial summary.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT › Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND › Section 12.21.3.21 - AGREEMENT PROVISION VARIANCES

Current through Register Vol. 35, No. 13, July 16, 2024
The requirements described in any section of these
				  regulations may be subject to variance in accordance with the agreement and
				  negotiations of the parties. Changes or divergence from the provisions
				  described therein are within the discretion of the committee and the
				  division.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 24 - COLLECTION AGENCIES › Part 2 - COLLECTION AGENCY REGULATORY ACT › Section 12.24.2.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504.
				  Telephone No. (505) 827-7100.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 24 - COLLECTION AGENCIES › Part 2 - COLLECTION AGENCY REGULATORY ACT › Section 12.24.2.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
June 19, 1987 unless a later date is cited at the end of a
				  section or paragraph. Reformatted in NMAC format effective September 30,
				  1997.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in
					 brackets.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 24 - COLLECTION AGENCIES › Part 2 - COLLECTION AGENCY REGULATORY ACT › Section 12.24.2.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to define licensing
				  requirements for collection agencies in the state of New
				  Mexico.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 24 - COLLECTION AGENCIES › Part 2 - COLLECTION AGENCY REGULATORY ACT › Section 12.24.2.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
The term "liquid assets" as used in Section 9 of the Act is
				  defined to mean cash or its equivalent, United States government obligations
				  (direct or guaranteed), securities listed with a nationally recognized stock
				  exchange and current (not more than 30 days overdue) accounts receivable from
				  clients of the applicant.