reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 22 - CAPITAL AND SURPLUS › Section 12.16.22.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, P.O. Box 25101, Santa Fe, New Mexico
				  87504
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 22 - CAPITAL AND SURPLUS › Section 12.16.22.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
June 15, 1998, unless a later date is cited at the end of a
				  section or paragraph.
Compiler's note: The words or paragraph, above, are no
					 longer applicable.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 16 - BANKING › Part 22 - CAPITAL AND SURPLUS › Section 12.16.22.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to establish a
				  uniform and appropriate method of determining statutory limits that are based
				  on the amount of a bank's "capital and surplus".
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 22 - CAPITAL AND SURPLUS › Section 12.16.22.8 - CAPITAL AND SURPLUS

Current through Register Vol. 35, No. 13, July 16, 2024
A. For the
				purpose of determining statutory limits that are based upon the bank's "capital
				and surplus" or equivalent terms the calculations shall be done using the
				bank's tier 1 and tier 2 capital plus the balance of the bank's allowance for
				loan and lease losses not included in the bank's tier 2 capital, as these
				components are prescribed by federal regulations, plus subordinated
				debt.
B. Statutory limits shall be
				calculated as of the most recent of the following dates:
(1) the date of the most recently required
				federal financial institution examination council report of condition and
				income; or
(2) when there is a
				change in the bank's capital category for the purposes of federal prompt
				corrective action regulations. The bank may also choose to calculate a
				statutory limit concurrently with a transaction.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 33 - SALE OF FEDERAL FUNDS › Section 12.16.33.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, P.O. Box 25101, Santa Fe, New Mexico
				  87504.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 33 - SALE OF FEDERAL FUNDS › Section 12.16.33.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
September 20, 1973, unless a later date is cited at the end
				  of a section or paragraph. Reformatted in NMAC format effective March 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 16 - BANKING › Part 33 - SALE OF FEDERAL FUNDS › Section 12.16.33.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to bring state
				  banks powers provided to national banks by 12 C.F.R. Section
				  32.102.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 33 - SALE OF FEDERAL FUNDS › Section 12.16.33.8 - SALE OF FEDERAL FUNDS

Current through Register Vol. 35, No. 13, July 16, 2024
A transaction involving the sale and transfer by a state bank
				  to another bank of a state bank's excess reserve funds for one business day
				  only at a specified rate of interest, commonly referred to as the "sale of
				  federal funds", does not create on the part of the buyer an obligation subject
				  to Section
				  58-1-24
				  NMSA 1978, but is to be considered as a purchase and sale of such
				  funds.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 34 - LOAN IN RELIANCE UPON PRIVATE MORTGAGE INSURANCE OR GUARANTY › Section 12.16.34.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, P.O. Box 25101, Santa Fe, New Mexico
				  87504.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 34 - LOAN IN RELIANCE UPON PRIVATE MORTGAGE INSURANCE OR GUARANTY › Section 12.16.34.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-1-54
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 34 - LOAN IN RELIANCE UPON PRIVATE MORTGAGE INSURANCE OR GUARANTY › Section 12.16.34.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
November 15 1973, unless a later date is cited at the end of
				  a section or paragraph. Reformatted in NMAC format effective March 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 16 - BANKING › Part 34 - LOAN IN RELIANCE UPON PRIVATE MORTGAGE INSURANCE OR GUARANTY › Section 12.16.34.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to bring state
				  banks powers provided to national banks by Section
				  12
				  C.F.R.
				  34.3(a)(2).
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 34 - LOAN IN RELIANCE UPON PRIVATE MORTGAGE INSURANCE OR GUARANTY › Section 12.16.34.8 - LOAN IN RELIANCE UPON PRIVATE MORTGAGE INSURANCE OR GUARANTY

Current through Register Vol. 35, No. 13, July 16, 2024
Where a state bank makes a loan in substantial reliance upon
				  private company mortgage insurance or guaranty, the loan does not constitute a
				  real estate loan within the meaning of Section
				  58-1-21 NMSA
				  1978, to the extent of the insurance or guaranty. Appropriate evidence to
				  demonstrate justification for such reliance should be retained in bank's
				  files.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 35 - LEASING ACTIVITIES › Section 12.16.35.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, P.O. Box 25101, Santa Fe, New Mexico
				  87504.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 35 - LEASING ACTIVITIES › Section 12.16.35.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-1-26
				  B NMSA 1978 and Section
				  58-1-54
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 35 - LEASING ACTIVITIES › Section 12.16.35.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 31, 1974, unless a later date is cited at the end of
				  a section or paragraph.
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 16 - BANKING › Part 35 - LEASING ACTIVITIES › Section 12.16.35.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
This regulation is promulgated for the purpose of granting to
				  state banks powers similar to those granted to national bank by 12 C.F.R.
				  Section 7.3300 and Section 7.3400.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 35 - LEASING ACTIVITIES › Section 12.16.35.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. A "net lease" is
				a lease under which the bank will not, directly or indirectly, provide or be
				obligated to provide for:
(1) the servicing,
				repair or maintenance of the leased property during the lease term;
(2) the purchasing of parts and accessories
				for the leased property; however, improvements and additions to the leased
				property may be leased to the lessee upon its request in accordance with the
				full payment requirements of this ruling;
(3) the loan of replacement or substitute
				property while the leased property is being serviced;
(4) the purchasing of insurance for the
				lessee, except where the lessee has failed in its contractual obligation to
				purchase or maintain the required insurance;
(5) the renewal of any license or
				registration for the property unless such action by the bank is clearly
				necessary to protect its interest as an owner or financier of the
				property.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 35 - LEASING ACTIVITIES › Section 12.16.35.8 - LEASING ACTIVITIES

Current through Register Vol. 35, No. 13, July 16, 2024
A. A state
				bank may purchase or construct a municipal building, such as a school building
				or other similar public facility, and, as holder of legal title, lease the same
				to a municipality or other public authority having resources sufficient to make
				payment of all rentals as they become due. The lease agreement shall provide
				that upon its expiration the lessee will become owner of the building or
				facility.
B. A state bank may:
(1) become the legal or beneficial owner and
				lessor of specific personal property or otherwise acquire such property at the
				request of the lessee who wishes to lease it from the bank; or
(2) become the owner and lessor of personal
				property by purchasing the property from another lessor in connection with its
				purchase of the related lease; and
(3) incur obligations incidental to its
				position as the legal or beneficial owner and lessor of the leased property. If
				the lease is a net, full-payout lease representing a noncancelable obligation
				of the lessee, notwithstanding the possible early termination of that
				lease.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 36 - INDIVIDUAL RETIREMENT ACCOUNTS AND SELF-EMPLOYED RETIREMENT TRUSTS › Section 12.16.36.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, P.O. Box 25101, Santa Fe, New Mexico
				  87504.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 36 - INDIVIDUAL RETIREMENT ACCOUNTS AND SELF-EMPLOYED RETIREMENT TRUSTS › Section 12.16.36.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  58-1-17
				  and
				  58-1-51
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 36 - INDIVIDUAL RETIREMENT ACCOUNTS AND SELF-EMPLOYED RETIREMENT TRUSTS › Section 12.16.36.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
July 10, 1975, unless a later date is cited at the end of a
				  section or paragraph. Reformatted in NMAC format effective March 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 16 - BANKING › Part 36 - INDIVIDUAL RETIREMENT ACCOUNTS AND SELF-EMPLOYED RETIREMENT TRUSTS › Section 12.16.36.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective is to permit any state bank that satisfies the
				  requirements of this regulation to act as fiduciary to accept individual
				  retirement accounts and self-employed retirement trusts.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 36 - INDIVIDUAL RETIREMENT ACCOUNTS AND SELF-EMPLOYED RETIREMENT TRUSTS › Section 12.16.36.8 - INDIVIDUAL RETIREMENT ACCOUNTS AND SELF-EMPLOYED RETIREMENT TRUSTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Any state bank,
				which does not have a permit from the director to act as a fiduciary, but
				satisfies the requirements of Subsections A and B of Section
				58-1-17
				NMSA 1978 may accept individual retirement accounts and self-employed
				retirement trusts established under the Employee Retirement Income Security Act
				of 1974, Public Law 93-406, if, pursuant to the terms, the accounts may be
				funded only in savings accounts or time deposits at the bank. State banks not
				approved by the director to act as fiduciaries may not establish and operate
				collective investment funds for these accounts.
B. State banks having permits from this
				office to act as fiduciaries may administer individual retirement accounts and
				self-employed retirement trusts established in a department of the bank other
				than its trust department, if the governing instrument of such account or trust
				directs all contributions to be invested in savings accounts or time deposits
				of the bank.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 37 - REPURCHASE AGREEMENTS › Section 12.16.37.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, P.O. Box 25101, Santa Fe, New Mexico
				  87504.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 37 - REPURCHASE AGREEMENTS › Section 12.16.37.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
April 1, 1982, unless a later date is cited at the end of a
				  section or paragraph. Reformatted in NMAC format effective March 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 16 - BANKING › Part 37 - REPURCHASE AGREEMENTS › Section 12.16.37.8 - REPURCHASE AGREEMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
The sale of securities by a state chartered bank, under an
				  agreement to repurchase at the end of a stated period, is not a borrowing
				  subject to Section
				  58-1-28 NMSA
				  1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 38 - REAL ESTATE LENDING › Section 12.16.38.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, P.O. Box 25101, Santa Fe, New Mexico
				  87504.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 38 - REAL ESTATE LENDING › Section 12.16.38.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
May 9, 1985, unless a later date is cited at the end of a
				  section or paragraph. Reformatted in NMAC format effective March 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 16 - BANKING › Part 38 - REAL ESTATE LENDING › Section 12.16.38.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this regulation is to bring to state banks
				  authority held by national banks, so state banks can compete with national
				  banks in real estate lending.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 38 - REAL ESTATE LENDING › Section 12.16.38.8 - REGULATION REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
For the purposes of Subsection C of Section
				  58-1-21 NMSA
				  1978, the requirement for amortization shall be the same as required for
				  national banks.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 39 - BANK STOCK TAKEN AS SECURITY FOR DEBT PREVIOUSLY CONTRACTED › Section 12.16.39.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, P.O. Box 25101, Santa Fe, New Mexico
				  87504.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 39 - BANK STOCK TAKEN AS SECURITY FOR DEBT PREVIOUSLY CONTRACTED › Section 12.16.39.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-1-54
				  NMSA 1973.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 39 - BANK STOCK TAKEN AS SECURITY FOR DEBT PREVIOUSLY CONTRACTED › Section 12.16.39.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
November 6, l986, unless a later date is cited at the end of
				  a section or paragraph. Reformatted in NMAC format effective March 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 16 - BANKING › Part 39 - BANK STOCK TAKEN AS SECURITY FOR DEBT PREVIOUSLY CONTRACTED › Section 12.16.39.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to authorize
				  state banks to obtain an assignment of bank stock or proceeds of the
				  stockholders beneficial interest within the provisions stated herein. This
				  power is provided to national banks by 12 C.F.R. Section
				  7.6030.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 39 - BANK STOCK TAKEN AS SECURITY FOR DEBT PREVIOUSLY CONTRACTED › Section 12.16.39.8 - BANK STOCK TAKEN AS SECURITY FOR DEBT PREVIOUSLY CONTRACTED

Current through Register Vol. 35, No. 13, July 16, 2024
Notwithstanding the provisions of Section
				  58-1-21 B NMSA
				  1978, the bank may obtain an assignment of bank stock or the proceeds of the
				  stockholder's beneficial interest upon a debt previously contracted in good
				  faith when necessary to prevent loss.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 40 - OTHER REAL ESTATE OWNED › Section 12.16.40.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, Post Office Box 25101, Santa Fe, New Mexico
				  87504.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 40 - OTHER REAL ESTATE OWNED › Section 12.16.40.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
November 26, 1990, unless a later date is cited at the end of
				  a section or paragraph.
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 16 - BANKING › Part 40 - OTHER REAL ESTATE OWNED › Section 12.16.40.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to clarify the
				  Section
				  58-1-25
				  D NMSA 1978 requirement for appraisals, for property of relatively low value
				  transferred to other real estate owned.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 40 - OTHER REAL ESTATE OWNED › Section 12.16.40.8 - OTHER REAL ESTATE OWNED

Current through Register Vol. 35, No. 13, July 16, 2024
Supplementary to Section
				  58-1-25
				  D NMSA 1978:
A. The requirements a)
				for an appraisal upon transfer to other real estate owned, and b) a subsequent
				annual anniversary appraisal or letter certification are waived, if the entire
				property is recorded at or below the lower of five percent (5%) of the bank's
				equity capital (exclusive of valuation reserves) or $50,000.00. The director
				may require an appraisal on a given property of lesser value at his
				discretion.
B. For other real
				estate owned recorded at or below $250,000.00, the appraisal requirements
				prescribed will be waived, at the option of bank management, if the original
				book value of the property is charged off at a rate of ten percent (10%) for
				the first year, fifteen percent (15%) for the second year, twenty percent (20%)
				for the third year, twenty-five percent (25%) for the fourth year and thirty
				percent (30%) for the fifth year. Once this option is elected, it must be
				completed.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 41 - INVESTMENTS IN COMMUNITY DEVELOPMENT › Section 12.16.41.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
[Regulation and Licensing Department, Financial Institutions
				  Division, 725 St. Michael's Drive, Santa Fe, New Mexico
				  87504.]
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 41 - INVESTMENTS IN COMMUNITY DEVELOPMENT › Section 12.16.41.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This regulation is not applicable to investments in community
				  development corporations established under Chapter 53, Article 7 NMSA 1978. The
				  regulation parallels the Code of Federal Regulations, Title 12, Section
				  7.7480.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 41 - INVESTMENTS IN COMMUNITY DEVELOPMENT › Section 12.16.41.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
Pursuant to the authority provided by Section
				  58-1-54
				  NMSA 1978, this regulation is issued on this 8th day of November, 1993, to be
				  effective upon filing pursuant to the State Rules Act, Section
				  14-4-1 et
				  seq NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 41 - INVESTMENTS IN COMMUNITY DEVELOPMENT › Section 12.16.41.8 - INVESTMENTS IN COMMUNITY DEVELOPMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A. Occasionally banks are asked to contribute
				to community development corporations, business ventures or community
				development projects wherein the bank will receive an equity interest in or
				evidence of debt which may have value in the future, but which is clearly not a
				bankable asset by ordinary standards. Such "investment" may be made and charged
				off as a contribution. If the bank wishes to carry the investment as an asset,
				the examiners will treat it as permissible under this regulation; provided that
				the following conditions are met:
(1) the
				project must be of a predominantly civic, community or public nature and not
				merely private and entrepreneurial;
(2) the bank's investment in any one project
				does not exceed two percent of its capital and surplus, and its aggregate
				investment in all such projects does not exceed five percent of its capital and
				surplus;
(3) such investments are
				accounted for on the bank's books under "other assets";
(4) such investments are clearly identified
				as being made under this regulation.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 42 - ACQUISITION OF PROPERTY TO SATISFY OR PROTECT PREVIOUS LOAN › Section 12.16.42.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, Post Office Box 25101, Santa Fe, New Mexico
				  87504.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 42 - ACQUISITION OF PROPERTY TO SATISFY OR PROTECT PREVIOUS LOAN › Section 12.16.42.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
A. Section
				58-1-51
				NMSA 1978.
B. Section
				58-1-54
				NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 42 - ACQUISITION OF PROPERTY TO SATISFY OR PROTECT PREVIOUS LOAN › Section 12.16.42.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
November 8, 1993, unless a later date is cited at the end of
				  a section or paragraph. Reformatted in NMAC format effective March 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 16 - BANKING › Part 42 - ACQUISITION OF PROPERTY TO SATISFY OR PROTECT PREVIOUS LOAN › Section 12.16.42.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
This objective of this sub-part [now part] is to bring to
				  state banks equivalent powers provided to national banks. This regulation
				  parallels portions of the United States Code, Title 12, Section 29 and the Code
				  of Federal Regulations, Title 12, Section 7.3025 (j).
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 42 - ACQUISITION OF PROPERTY TO SATISFY OR PROTECT PREVIOUS LOAN › Section 12.16.42.8 - ACQUISITION OF PROPERTY TO SATISFY OR PROTECT PREVIOUS LOAN

Current through Register Vol. 35, No. 13, July 16, 2024
Supplementary to Section
				  58-1-25
				  B NMSA 1978: a bank may expend funds for the development and improvement of
				  such real estate to facilitate its sale; subject to approval by the director of
				  the financial institutions division, and conditions and limitations the
				  director may prescribe. Expenditures for such real estate development and
				  improvement may be capitalized in other real estate owned. However, such
				  advances may not be capitalized unless the bank maintains on file evidence that
				  the advances will result in a more saleable property and are recoverable. The
				  book value of the property may not exceed the estimated market value after
				  development and improvement, or the market value established by the next
				  appraisal required by paragraph D of Section
				  58-1-25
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 51 - CLASSIFICATION AND RETENTION SCHEDULE FOR RECORDS › Section 12.16.51.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Department of Banking [Regulation and Licensing Department of
				  the Financial Institutions Division]
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 51 - CLASSIFICATION AND RETENTION SCHEDULE FOR RECORDS › Section 12.16.51.8 - CLASSIFICATION AND RETENTION OF PERMANENT AND NONPERMANENT BANK RECORDS

Current through Register Vol. 35, No. 13, July 16, 2024
WHEREAS, by the provisions of Section 48-22-33.5 of the
				  statutes of the state of New Mexico, the undersigned commissioner of banking of
				  the state of New Mexico is required to issue regulations classifying all
				  records kept by the state banks and prescribing the period for which records of
				  each class shall be retained; NOW THEREFORE, pursuant to the authority so vestd
				  in me and in conformity with such directive, it is ordered that the Schedule of
				  Periods for the Retention of Permanent and Non-Permanent Bank Records issued
				  October 25, 1967 is hereby repealed and the records kept by New Mexico state
				  banks shall be classified and retained as follows:
A. Permanent records:In accordance with the
				provisions of law (Section 48-22-33.5 ) the following are hereby classified as
				permanent records which shall be retained permanently by all such banks, viz.:
				the minute books of meetings of executive committee, stockholders and
				directors, capital stock ledger and capital stock certificate ledger or stubs,
				general ledger, daily statements of condition, general journal, investment
				ledger, copies of bank examination reports, FDIC certificates; and
				charter.
B. Non-permanent
				records:All records of all such banks not classified hereby as permanent
				records are hereby classified as non-permanent records; and such non-permanent
				records shall be retained for the periods specified in the table annexed hereto
				and may thereafter be destroyed.
C.
				Applicability to national banks:The provisions of this order of the regulations
				and classifications hereby adopted shall be applicable to and inure to the
				benefit of national banks doing business in the state of New Mexico to the full
				extent permitted by law.
table
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 51 - CLASSIFICATION AND RETENTION SCHEDULE FOR RECORDS › Section 12.16.51.9 - Order no. 75-1, Adopting regulation 75-1

Current through Register Vol. 35, No. 13, July 16, 2024
A. The foregoing regulation is issued
				pursuant to authority of Section 48-22-33.5 (new section enacted effective June
				20, 1975) of the Banking Act of 1963 under date of the 20th day of June 1975,
				and shall be effective on June 20, 1975. Herbert H. Hughes, Commissioner of
				Banking.
B. Certificate as to
				permanent record of this order:I, Herbert H. Hughes, commissioner of banking
				for the state of New Mexico, hereby certify that the foregoing regulation and
				the order promulgating said regulation have been entered in the office of the
				commissioner of banking in a book which is a public record. Herbert H. Hughes,
				Commissioner of Banking.
C.
				Certificate as to filing:I, Herbert H. Hughes, commissioner of banking for the
				state of New Mexico, hereby certify that seven copies of the foregoing
				regulation and the order promulgating said regulation have been deposited with
				the records and archives commission of the state of New Mexico, in accordance
				with the provisions of Chapter 275, Laws of 1967 of the State Rules Act of
				1967, on this 20th day of June, 1975. Herbert H. Hughes, Commissioner of
				Banking.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 60 - OPERATING SUBSIDIARIES › Section 12.16.60.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, Post Office Box 25101, Santa Fe, New Mexico
				  87504.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 60 - OPERATING SUBSIDIARIES › Section 12.16.60.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  58-1-51
				  and
				  58-1-54
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 60 - OPERATING SUBSIDIARIES › Section 12.16.60.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
October 31, 1996, unless a later date is cited at the end of
				  a section or paragraph.
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 16 - BANKING › Part 60 - OPERATING SUBSIDIARIES › Section 12.16.60.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this regulation is to provide New Mexico
				  state banks with authority to establish operating subsidiary corporations to
				  conduct only business the bank could conduct directly. This authority is
				  provided to national banks by
				  12 C.F.R. Section
				  5.34, Operating
				  Subsidiaries.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 60 - OPERATING SUBSIDIARIES › Section 12.16.60.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Activities that
				are part of the business of banking" means activities authorized by the New
				Mexico Banking Act.
B. "Activities
				that are incidental to the business of banking" means activities permissible
				under paragraphs 1863 and 1864(f) of the Bank Service Corporation Act (
				12 U.S.C. Sections
				1861 -
				1867
				), except as otherwise restricted by applicable state law; and other activities
				approved by the director of the financial institutions division.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 60 - OPERATING SUBSIDIARIES › Section 12.16.60.8 - OPERATING SUBSIDIARIES

Current through Register Vol. 35, No. 13, July 16, 2024
A. New
				Mexico state banks may engage in activities which are part of or incidental to
				the business of banking by means of an operating subsidiary corporation. In
				order to qualify as an operating subsidiary, the parent bank must own at least
				eighty percent of the voting stock of the corporation.
B. A state bank which intends to acquire,
				establish or perform new activities in an operating subsidiary shall apply for
				the prior approval of the director of the financial institutions division. The
				application shall include a strategic business plan for the proposed
				organization or activity, with form and content acceptable to the director. If
				the application is approved the director may impose one or more legal or
				supervisory conditions in connection with the approval.
C. All provisions of banking laws and
				regulations applicable to the operations of the parent bank shall be equally
				applicable to the operations of its operating subsidiaries.
D. Pertinent book figures of the parent bank
				and its operating subsidiaries shall be consolidated for the purpose of
				applying applicable statutory limitations.
E. Each operating subsidiary shall be subject
				to examination and supervision by the director of the financial institutions
				division in the same manner and to the same extent as the parent bank, and
				shall be assessed a fee determined by the director to cover the cost of
				examination. If, upon examination, the director finds that the subsidiary is
				created or operated in violation of law or regulation or that the manner of
				operation is unsafe or unsound, the bank will be directed to take appropriate
				remedial action, which may include disposing of all or part of the
				subsidiary.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 61 - INVESTMENTS IN ENTERPRISES CONDUCTING BUSINESS RELATED TO BANKING › Section 12.16.61.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, Post Office Box 25101, Santa Fe, New Mexico
				  87504.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 61 - INVESTMENTS IN ENTERPRISES CONDUCTING BUSINESS RELATED TO BANKING › Section 12.16.61.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  58-1-51
				  and
				  58-1-54
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 61 - INVESTMENTS IN ENTERPRISES CONDUCTING BUSINESS RELATED TO BANKING › Section 12.16.61.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
October 31, 1996, unless a later date is cited at the end of
				  a section or paragraph.
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 16 - BANKING › Part 61 - INVESTMENTS IN ENTERPRISES CONDUCTING BUSINESS RELATED TO BANKING › Section 12.16.61.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this regulation is to confirm the authority
				  of New Mexico state banks to invest and participate in businesses with various
				  business organizational forms, which only conduct business a state bank could
				  legally conduct directly.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 61 - INVESTMENTS IN ENTERPRISES CONDUCTING BUSINESS RELATED TO BANKING › Section 12.16.61.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
"Activities that are incidental to the business of banking"
				  means activities permissible under paragraphs 1863 and 1864(f) of the Bank
				  Service Corporation Act (
				  12 U.S.C. Sections
				  1861 -
				  1867
				  ), except as otherwise restricted by applicable state law; and other activities
				  approved by the director of the financial institutions
				  division.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 61 - INVESTMENTS IN ENTERPRISES CONDUCTING BUSINESS RELATED TO BANKING › Section 12.16.61.8 - BUSINESSES RELATED TO BANKING

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				A state bank may invest and participate in business enterprises with various
				forms of business organization including, but not limited to, corporations,
				limited liability companies, limited partnerships and joint ventures; provided
				the following conditions are met:
(1) the
				activities of the enterprise in which the investment is made must be limited to
				activities that are part of or are incidental to the business of banking, and
				are legal activities for a state bank to conduct directly;
(2) the bank must be able to prevent the
				enterprise from engaging in activities that do not meet this
				standard;
(3) the bank's loss
				exposure must be limited as a legal and accounting matter, and the bank must
				not have open-ended liability for the obligations of the enterprise;
(4) the investment must be convenient or
				useful in carrying out the bank's business, and not merely a passive or
				speculative investment unrelated to that bank's business;
(5) the investment in an enterprise must not
				be more than five percent of the bank's tier one capital.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 62 - RESERVE REQUIREMENTS › Section 12.16.62.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, Post Office Box 25101, Santa Fe, New Mexico
				  87504.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 62 - RESERVE REQUIREMENTS › Section 12.16.62.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
December 8, 1983, unless a different date is cited at the end
				  of a section or paragraph. Reformatted in NMAC format effective March 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 16 - BANKING › Part 62 - RESERVE REQUIREMENTS › Section 12.16.62.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this regulation is to require that
				  state-chartered banks comply with the Federal Reserve System Regulation D,
				  "Reserve Requirements of Depository Institutions".
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 62 - RESERVE REQUIREMENTS › Section 12.16.62.8 - RESERVE REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. For
				state chartered banks which are not members of the federal reserve system,
				reserves against deposits required under Section
				58-1-20
				NMSA 1978 shall be those reserves required of state chartered banks by
				Regulation D of the board of governors of the federal reserve system.
B. Compliance with the requirements under
				Regulation D, as same may be amended from time to time, shall be considered as
				compliance with all state requirements for reserves against deposits.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 64 - INVESTMENT IN SMALL BUSINESS INVESTMENT COMPANIES › Section 12.16.64.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, Post Office Box 25101, Santa Fe, New Mexico
				  87504.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 64 - INVESTMENT IN SMALL BUSINESS INVESTMENT COMPANIES › Section 12.16.64.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
October 14,1986, unless a later date is cited at the end of a
				  section or paragraph. Reformatted in NMAC format effective March 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 16 - BANKING › Part 64 - INVESTMENT IN SMALL BUSINESS INVESTMENT COMPANIES › Section 12.16.64.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this regulation is to bring to state banks
				  powers provided to national banks by
				  15 U.S.C. Section
				  682(b).
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 64 - INVESTMENT IN SMALL BUSINESS INVESTMENT COMPANIES › Section 12.16.64.8 - INVESTMENT IN SMALL BUSINESS INVESTMENT COMPANIES

Current through Register Vol. 35, No. 13, July 16, 2024
Shares of stock in SBICs shall be eligible for purchase by
				  state-chartered banks; except that in no event may any such bank acquire shares
				  in any SBIC if, upon the making of that acquisition, the aggregate amount of
				  shares in SBICs then held by the bank would exceed five percent (5%) of its
				  capital and surplus.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 66 - INTERPRETIVE REGULATION - EXTENSION AGREEMENTS WITH RESPECT TO PRECOMPUTED LOAN TRANSACTIONS › Section 12.16.66.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Regulation and Licensing Department, Financial Institutions
				  Division.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 66 - INTERPRETIVE REGULATION - EXTENSION AGREEMENTS WITH RESPECT TO PRECOMPUTED LOAN TRANSACTIONS › Section 12.16.66.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The regulation is applicable to Section
				  58-7-3.2 NMSA
				  1978 and is proposed to read as follows:
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 66 - INTERPRETIVE REGULATION - EXTENSION AGREEMENTS WITH RESPECT TO PRECOMPUTED LOAN TRANSACTIONS › Section 12.16.66.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
The director of the financial institutions division hereby
				  issues an interpretive regulation pursuant to the authority granted by Section
				  58-7-9 E
				  NMSA 1978, after receiving and considering comments from interested parties to
				  whom this regulation is being submitted.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 66 - INTERPRETIVE REGULATION - EXTENSION AGREEMENTS WITH RESPECT TO PRECOMPUTED LOAN TRANSACTIONS › Section 12.16.66.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
This regulation becomes effective March 16, 1987 [filed March
				  18, 1987].
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 66 - INTERPRETIVE REGULATION - EXTENSION AGREEMENTS WITH RESPECT TO PRECOMPUTED LOAN TRANSACTIONS › Section 12.16.66.8 - INTERPRETIVE REGULATION

Current through Register Vol. 35, No. 13, July 16, 2024
A. All
				extension agreements with respect to precomputed loan transactions subject to
				the Bank Installment Loan Act shall be governed by this regulation.
B. In computing the charge for extending
				(deferring) monthly installments:
(1) a
				rebate shall be computed as if the entire loan were being prepaid pursuant to
				Section
				58-7-5
				NMSA 1978 and deducted from the existing loan balance;
(2) the remainder shall be multiplied by
				one-twelfth of not more than the original annual percentage rate of the
				loan;
(3) the product shall be
				multiplied by the number of months or portion thereof by which payments will
				not be made;
(4) the result of
				these calculations is the amount to be charged to the borrower as a deferral
				fee; then
(5) the amount of the
				rebate computed in (1) shall be added back to the loan. James W. Stretz,
				Director.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 69 - BANK SERVICE CORPORATIONS › Section 12.16.69.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department, Post Office Box 25101, Santa Fe, New Mexico
				  87504.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 69 - BANK SERVICE CORPORATIONS › Section 12.16.69.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  58-1-51
				  and
				  58-1-54
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 69 - BANK SERVICE CORPORATIONS › Section 12.16.69.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
October 31, 1996, unless a later date is cited at the end of
				  a section or paragraph.
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 16 - BANKING › Part 69 - BANK SERVICE CORPORATIONS › Section 12.16.69.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this regulation is to provide administrative
				  procedures for state banks to establish bank service corporations under the
				  Bank Service Corporation Act (
				  12 U.S.C. Sections
				  1861 through
				  1867
				  ).