reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 33 - SAFEKEEPING RECEIPT › Section 12.20.33.8 - SAFEKEEPING RECEIPTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. In the
				interest of promoting and maintaining a sound savings and loan association
				system, the security of the savings account holders and other customers, the
				preservation of the liquid position of associations and in the interest of
				preventing injurious credit expansions and contractions, this regulation is
				hereby promulgated and is effective immediately.
B. Every association and its affiliated
				corporations which invest in, or obligate themselves to purchase any security
				of which they do not have physical possession, must have in their possession a
				safekeeping receipt evidencing ownership of that security. Such safekeeping
				receipt must be non-negotiable and be issued by a commercial bank, the deposits
				of which are insured by the federal deposit insurance corporation or by a state
				or federal officer acting in his official capacity.
C. The supervisor finds that an emergency
				exists, in that some associations and their affiliates have purchased or
				obligated themselves to purchase securities and are unable to establish
				ownership of the securities or that the securities even exist; therefore this
				regulation is issued pursuant to 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 34 - CONSUMER LOANS, CORPOPATE INVESTMENTS, AND NOW ACCOUNTS › Section 12.20.34.1 - 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 34 - CONSUMER LOANS, CORPOPATE INVESTMENTS, AND NOW ACCOUNTS › Section 12.20.34.2 - 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 34 - CONSUMER LOANS, CORPOPATE INVESTMENTS, AND NOW ACCOUNTS › Section 12.20.34.3 - 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 34 - CONSUMER LOANS, CORPOPATE INVESTMENTS, AND NOW ACCOUNTS › Section 12.20.34.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
December 31, 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 34 - CONSUMER LOANS, CORPOPATE INVESTMENTS, AND NOW ACCOUNTS › Section 12.20.34.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to define and
				  set limits and requirements for selected assets for state-chartered savings and
				  loans associations.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 34 - CONSUMER LOANS, CORPOPATE INVESTMENTS, AND NOW ACCOUNTS › Section 12.20.34.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Consumer loan":
				A secured or unsecured loan to a natural person for personal, family or
				household purposes; including loans secured by liens on real estate and by
				chattel liens on personal property; provided the association relies
				substantially upon other factors such as the general credit standing of the
				borrower. Included within this definition are educational loans; loans in the
				nature of overdraft protection; and credit extended in connection with credit
				cards.
B. "Loans": Obligations and
				extensions or advances of credit, including an interest in such a
				loan.
C. "Commercial paper": Any
				note, draft or bill of exchange which arises out of a current transaction or
				the proceeds of which have been or are to be used for current transactions, and
				which has a maturity at the time of issuance not exceeding nine months,
				exclusive of days of grace, or any renewal thereof the maturity of which is
				likewise limited.
D. "Corporate
				debt security": A marketable obligation, evidencing the indebtedness of any
				corporation in the form of a bond, and/or debenture which is commonly regarded
				as a debt security and is not speculative in nature. A security is marketable
				if it may be sold with reasonable promptness at a price which corresponds
				reasonably to its value as shown on the books of the association.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 34 - CONSUMER LOANS, CORPOPATE INVESTMENTS, AND NOW ACCOUNTS › Section 12.20.34.8 - OPERATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Consumer loans:
(1) General: An association may make direct
				or indirect consumer loans; provided that (1) at any one time the total
				investment made under this sub-part [now part] and Subsection 8.2 now
				Subsection B of 12.20.34.8 NMAC of this regulation, in the aggregate, shall not
				exceed 20 percent of the association's assets; and (2) that before indirect
				loans are made through a dealer, the dealer is approved by the association's
				board of directors. The authority to make a consumer loan includes the
				authority to originate, purchase, sell, service and participate in such loans;
				provided, that such loans conform to the provisions of this regulation and the
				association's written underwriting standards.
Compiler's note: Section 2.1 (a) of Regulation 80-5 S&LB,
				  now Paragraph (1) of Subsection A of 12.20.34.8 NMAC was rescinded by
				  Subsection 8.4 of 12 NMAC 20.4.9, now Subsection D of 12.20.49.8 NMAC.
(2) Relationship to other
				provisions: If a loan that may be made under this regulation is also authorized
				to be made under another regulation or statutory provision, which may have
				different percentage-of-assets and other limitations or requirements, an
				association shall have the option of choosing under which applicable provision
				the loan shall be made.
(3)
				Limitation of unsecured loans to one borrower: The total balances of all
				outstanding unsecured loans to one borrower, or on which any one person may
				become obligated directly or indirectly, is limited to the lesser of .25
				percent of an association's assets, or 5 percent of its net worth.
(4) Treatment of delinquent items: Consumer
				credit extended under this regulation which becomes "delinquent" as that term
				is used in OTS Regulations, Section 561.13 shall be accorded the same
				accounting treatment, including charge-off, as prescribed by said OTS
				Regulations.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 35 - REAL ESTATE AND OTHER LOANS › Section 12.20.35.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
State of New Mexico Commerce and Industry Department,
				  Financial Institutions Division, Savings and Loan Bureau, Lew Wallace Building,
				  Santa Fe, New Mexico 87503.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 35 - REAL ESTATE AND OTHER LOANS › Section 12.20.35.8 - REAL ESTATE LOANS

Current through Register Vol. 35, No. 13, July 16, 2024
A. General: A
				real estate loan is any loan secured by real estate where the association
				relies substantially upon that real estate as the primary security for the
				loan. An association may invest in, sell, purchase, participate or otherwise
				deal in real estate loans or interests therein, as provided in this regulation,
				notwithstanding provisions to the contrary contained in the Savings and Loan
				Act.
B. Determination of
				loan-to-value ratios:
(1) In determining
				compliance with maximum loan-to-value limitations in this regulation, at the
				time of making a loan an association shall add together the unpaid amount of,
				all recorded loans secured by prior mortgages, liens or other encumbrances on
				the security property that would take precedence over the association's loan,
				and shall not make such a loan unless the total armunt of such loans (including
				the one to be made but excluding loans that will be paid off out of the
				proceeds of the new loan) does not exceed applicable maximum loanw-to value
				limitations prescribed in this regulation, as indicated by documentation
				retained in the loan file.
(2) In
				valuing the real estate security, an association shall use the current
				appraised value of the security property, which may include any expected value
				of improx-rements to be financed. "Value" for a real estate loan means market
				value.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 35 - REAL ESTATE AND OTHER LOANS › Section 12.20.35.9 - INSURED AND GUARANTEED RESIDENTIAL REAL ESTATE LOANS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Loans that are insured or guaranteed by a
				public mortgage insur or may be made in amounts and with terms and conditions
				of repayment acceptable to the insuring or guaranteeing agency.
B. A loan is insured or guaranteed by a
				public mortgage insurer if:
(1) it comes
				within the definitions of Sections 541.10 or 541.13 of the regulations for the
				federal savings and loan system, or within the provisions of Title X of the
				National Housing Act; or
(2) it is
				insured or guaranteed by an agency or instrumentality of a state (a) whose full
				faith and credit is pledged to support the insurance or guarantee, or (b) whose
				insurance or guarantee program is approved by the federal home loan mortgage
				corporation or the federal national mortgage association.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 35 - REAL ESTATE AND OTHER LOANS › Section 12.20.35.11 - HOME IMPROVEMENT LOANS

Current through Register Vol. 35, No. 13, July 16, 2024
An association may invest in loans, with or without security,
				  for residential real property alteration, repair or improvement, or for
				  equipping or furnishing residential real property, with installments payable at
				  least quarterly, the first installment due no later than 120 days from the date
				  the loan is made and the final installment due no later than 20 years and 32
				  days from such date. Installments shall be substantially equal except to the
				  extent that the loan complies with mortgage provisions authorized under
				  paragraph III (a) [now Subsection A of
				  12.20.35.10
				  NMAC] of this regulation.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 35 - REAL ESTATE AND OTHER LOANS › Section 12.20.35.12 - LEEWAY AUTHORITY FOR LOANS RELATING TO RESIDENTIAL REAL ESTATE AND FARMS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Loans
				without requirement of security for construction purposes: In addition to loans
				in which it may invest under other provisions of this regulation, an
				association may invest an amount not exceeding the greater of its surplus,
				undivided profits, and reserves or 5 percent of its assets in loans the
				principal purpose of which is to provide financing with respect to what is or
				is expected to become primarily residential real estate where the association
				relies substantially for repayment on:
(1) the
				borrower's general credit standing and forecast of income with or without other
				security, or
(2) other assurances
				of repayment, including but not limited to a third-party guaranty or similar
				obligation.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 35 - REAL ESTATE AND OTHER LOANS › Section 12.20.35.13 - COMMERCIAL REAL ESTATE LOANS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Loans (including construction loans) secured by first liens on other improved
				real estate, as defined in Section 541.17 (a) and (c) of the regulation for the
				federal savings and loan system, shall-not exceed 90 percent of the value of
				the security property and shall be repayable within 30 years, except that
				construction loans and nonamortized loans shall be repayable within five
				years.* Interest shall be payable at least semiannually except to the extent
				that the loan contract provides for deferral and capitalization of interest:
				provided, that the ratio of the loan balance to the current appraised value of
				the security property may not at any time during the loan term exceed 90
				percent as a result of deferral and capitalization of interest.
B. An association's aggregate investment
				under this section shall not exceed 20 percent of assets.
C. A loan is considered to be secured by a
				first lien if it is (a) secured by an interest in real estate in fee or in a
				leasehold or sublease hold extending or renewable automatically or at the
				option of the holder or the association for 5 years after maturity of the loan,
				if, in the event of default, the real estate could be used to satisfy the
				obligation with the same priority as a first mortgage or first deed of trust in
				the jurisdiction where the real estate is located; or (b) secured by an
				assignment of such loan(s).
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 35 - REAL ESTATE AND OTHER LOANS › Section 12.20.35.14 - LOANS ON LOW-RENT HOUSING

Current through Register Vol. 35, No. 13, July 16, 2024
Limitations in this regulation or the Savings and Loan Act
				  relating to maximum loan terms and loan-to-value ratios shall not apply to any
				  loan secured by a first lien on real estate which is, or is being constructed,
				  remodeled, rehabilitated, or renovated to be, the subject of (1) an annual
				  contributions contract for low-rent housing under former Sections 23 or 5 of
				  the United States Housing Act of 1937, as amended, or (2) a housing assistance
				  payment (HAP) contract for low-income housing under Section 8 of the United
				  States Housing Act of 1937, as amended, which the mortgagor has agreed in
				  writing to enter into for the maximum term available for the particular project
				  type and financing: provided, no such loan by an association shall exceed 90
				  percent of the appraised value of the security property or, in lieu of such
				  appraisal, 90 percent of the purchase price if the security property is to be
				  purchased by a local public housing authority, and in no event shall loan
				  proceeds in excess of 80 percent of such appraised value be disbursed to the
				  borrower until the department of housing and urban development has issued its
				  final approval of the project under the subsidy program. Loans insured under
				  the National Housing Act may be made on terms and conditions permitted by the
				  insuring agency.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 35 - REAL ESTATE AND OTHER LOANS › Section 12.20.35.15 - FARMERS HOME ADMINISTRATION RURAL HOUSING PROGRAM GUARANTEED LOANS

Current through Register Vol. 35, No. 13, July 16, 2024
A. General: An
				association may invest in loans on residential real estate guaranteed under the
				farmers home administration (FmHA) rural housing program, without regard to
				other provisions in this regulation or the Savings and Loan Act.
B. Limitations:
(1) FmM shall guarantee at least 80 percent
				of the principal amount and accrued interest of each loan made under the
				program.
(2) The loan terms must be
				acceptable to FmHA.
(3) An
				association may invest up to the greater of 2.5 percent of its assets or
				one-half of its net worth in the aggregate outstanding balance of the
				non-guaranteed portions of all loans made under the program and held by the
				association.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 35 - REAL ESTATE AND OTHER LOANS › Section 12.20.35.16 - LOANS GUARANTEED UNDER COMMERCIAL AND INDUSTRIAL DEVELOPMENT PROGRAMS

Current through Register Vol. 35, No. 13, July 16, 2024
Without regard to other limitations, an association may
				  invest in loans on the security of first liens on other improved real estate,
				  provided the loans are guaranteed by one of the following agencies under
				  authority specified herein, and the loan terms are acceptable to the
				  guaranteeing agency:
A. Economic
				development administration (under the Public Works and Economic Development Act
				of 1965, as amended, or the successor to that Act; or the Trade Act of 1974, as
				amended);
B. Farmers home
				administration (under the Consolidated Farm and Rural Development Act of 1974,
				as anended);
C. Small business
				administration (under the Small Business Investment Act of 1958, as amended; or
				the Small Business Act of 1953, as amended).
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 35 - REAL ESTATE AND OTHER LOANS › Section 12.20.35.17 - MANUFACTURED HOME FINANCING

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Definitions used in this section:
(1)
				"Manufactured home" shall have the same definition as that contained the
				National Manufactured Home Construction and Safety Standards Act,
				42
				U.S.C. 5402(6).
(2) "Manufactured home chattel paper" - a
				document evidencing an installment sales contract or a loan or interest in a
				loan secured by a lien on one or more manufactured homes and equipment
				installed or to be installed therein.
(3) "Manufacturer's invoice price" - a
				manufacturer's itemized charges, shown on its invoice, for a specifically
				identified mobile home, furnishings, equipment, and accessories installed by
				the manufacturer, and freight.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 35 - REAL ESTATE AND OTHER LOANS › Section 12.20.35.18 - DONE THIS 14TH DAY OF DECEMBER, 1982. SNIDER CAMPBELL, SAVINGS AND LOAN SUPERVISOR

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 36 - REAL ESTATE LOANS › Section 12.20.36.1 - 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 36 - REAL ESTATE LOANS › Section 12.20.36.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-10-33
				  through
				  58-10-49
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 36 - REAL ESTATE LOANS › Section 12.20.36.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
September 27, 1983, 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 36 - REAL ESTATE LOANS › Section 12.20.36.6 - 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 originate, invest in,
				  sell, purchase, service, participate or otherwise deal in (including brokerage
				  or warehousing) loans made on the security of residential or nonresidential
				  real estate, or interests in such loans, subject to the limitations of this
				  sub-part [now part].
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 36 - REAL ESTATE LOANS › Section 12.20.36.8 - GENERAL

Current through Register Vol. 35, No. 13, July 16, 2024
A. An association
				may make a real estate loan only after a qualified person designated by its
				board has submitted a signed appraisal of the security property, except that an
				insured or guaranteed loan may be made on the basis of a valuation of the
				security property furnished to the association by the insuring or guaranteeing
				agency. The association shall pay the cost of any appraisal of the security
				property obtained by the association after loan closing but prior to maturity
				of a loan, unless the borrower specifically requests the appraisal or the
				appraisal is made pursuant to the borrower's request to modify or refinance the
				loan.
B. Except as expressly
				authorized by this sub-part [now part], repayments on real estate loans shall
				begin not later than 60 days after the loan is disbursed, provided that if such
				loans are for construction, substantial alteration, repair or improvement,
				repayments may begin not later than 36 months (24 months for loans secured by
				real estate consisting solely of a home or combination of home and business
				property) after the date of the first disbursement, and interest shall be
				payable at least semiannually until regular periodic payments begin.
C. Subject to the limitations of OTS
				Regulations Section 545.33(c), an association may adjust the interest rate,
				payment, balance or term to maturity on any real estate loan as authorized by
				the loan contract, and may receive a portion of the consideration for making a
				real estate loan in the form of a percentage of the amount by which the current
				market value of the property, during the loan term or at maturity, exceeds the
				original appraised value.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 36 - REAL ESTATE LOANS › Section 12.20.36.9 - SECURITY PROPERTY

Current through Register Vol. 35, No. 13, July 16, 2024
A loan is made on the security of real estate if:
A. the security property is real estate
				pursuant to the law of the state in which the property is located;
B. the security interest of the association
				may be enforced as a real estate mortgage or its equivalent pursuant to the law
				of the state in which the property is located;
C. the security property is capable of
				separate appraisal;
D. the
				association relies substantially upon the real estate as the primary security
				for the loan.
E. with regard to a
				security property that is a leasehold or other interest for a period of years,
				the term of the interest extends or is subject to extension or renewal at the
				option of the association for a term of at least five years following maturity
				of the loan.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 36 - REAL ESTATE LOANS › Section 12.20.36.10 - LOAN-TO-VALUE RATIOS

Current through Register Vol. 35, No. 13, July 16, 2024
A. At the time
				of origination, a real estate loan may not exceed one hundred percent of the
				market value of the security property. An association shall, by a vote of its
				board of directors, establish maximum loan-to-value ratios for loans made on
				the security of real estate, and the resolution adopting such ratios shall be
				included in the minutes of the directors' meeting. Home loans made on the
				combined security of real estate and savings accounts may be made in excess of
				the maximum loan-to-value ratios adopted pursuant to this Section 10 [now
				12.20.36.10 NMAC] with such excess secured by the savings account, if the
				account consists only of funds belonging to the borrower, members of his family
				or his employer.
B. With respect to
				home loans originated or refinanced in excess of 90 percent of the appraised
				value of the security property, that part of the unpaid balance that exceeds 80
				percent of the property's value shall be insured or guaranteed by a mortgage
				insurance company that the federal home loan mortgage corporation has
				determined to be a "qualified private insurer".
C. With respect to all other loans on the
				security of real estate originated in excess of 90 percent of the appraised
				value of the security property, an association's board of directors shall
				approve each such loan prior to its origination, and such approval shall be
				recorded in the minutes of its meeting.
D. In determining compliance with maximum
				loan-to-value ratio limitations for real estate loans, at the time of making a
				loan an association shall add together the unpaid amount, or in the case of a
				line-of-credit loan the approved credit limit, of all recorded loans secured by
				prior mortgages, liens or other encumbrances on the security property that
				would have priority over the association's lien, and shall not make such a loan
				unless the total amount of such loans (including the one to be made but
				excluding loans that will be paid off out of the proceeds of the new loan) does
				not exceed the applicable maximum loan-to-value ratio limitations prescribed in
				this Section 10 [now 12.20.36.10 NMAC]. In valuing the real estate security, an
				association shall use the current appraised value of the security property,
				which may include any expected value of improvements to be financed.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 37 - LOANS TO ACQUIRE OR IMPROVE REAL ESTATE › Section 12.20.37.1 - 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 37 - LOANS TO ACQUIRE OR IMPROVE REAL ESTATE › Section 12.20.37.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section 50-10-44 NMSA 1983.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 37 - LOANS TO ACQUIRE OR IMPROVE REAL ESTATE › Section 12.20.37.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
September 27, 1983, 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 37 - LOANS TO ACQUIRE OR IMPROVE REAL ESTATE › Section 12.20.37.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to place on
				  state savings and loan associations limitations pertaining to loans made for
				  the purpose of acquiring or improving real estate within the provisions of this
				  regulation.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 37 - LOANS TO ACQUIRE OR IMPROVE REAL ESTATE › Section 12.20.37.8 - LOANS TO ACQUIRE OR TO IMPROVE REAL ESTATE

Current through Register Vol. 35, No. 13, July 16, 2024
In addition to any other limitations pertaining to real
				  estate loans, loans for the purpose of acquiring unimproved real estate, for
				  financing the development of real estate on the security of building lots and
				  sites (including a lot on which a manufactured home will be located), for
				  construction of structures on real estate or for the rehabilitation of real
				  estate shall be subject to the provisions of this regulation.
A. Such loans shall not exceed the
				loan-to-value ratios adopted under Section 10 of 12 NMAC 20.3.6 [now
				12.20.36.10 NMAC].
B. Such loans
				shall be repayable within the following terms:
(1) two years: loans for the construction or
				rehabilitation of an individual single-family dwelling;
(2) three years: loans for the acquisition of
				land;
(3) six years: loans for the
				construction or rehabilitation of multi-family dwellings, of nonresidential
				real estate or of more than one single-family dwelling, and loans on the
				security of building lots and sites (other than for a borrower's principal
				residence);
(4) eight years: loans
				to finance the development of real estate;
(5) 15 years: loans on the security of
				building lots and sites for single-family dwelling to be used as the borrower's
				principal place of residence (as evidenced by a borrower's certification of
				intention that the property will be so used).
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 38 - TIME-SHARE LOANS › Section 12.20.38.1 - 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 38 - TIME-SHARE LOANS › Section 12.20.38.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  58-10-72,
				  58-10-73,
				  58-10-83
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 38 - TIME-SHARE LOANS › Section 12.20.38.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
October 13, 1983, 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 38 - TIME-SHARE LOANS › Section 12.20.38.6 - 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 originate, purchase, sell,
				  service and participate in time-share loans that conform to the provisions of
				  this part and the association's written underwriting
				  standards.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 38 - TIME-SHARE LOANS › Section 12.20.38.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Consumer loan"
				means a consumer loan as defined in 12 NMAC 20.3.8 [now 12.20.38
				NMAC].
B. "Dealer" means any person
				or group of persons acting in concert who is in the business of selling active
				time-share notes or contracts.
C.
				"Developer" means any person or group of persons acting in concert who:
(1) as part of a common promotional plan,
				offers to dispose of its interest in a unit not previously disposed of;
				or
(2) reserves or succeeds to any
				special developer rights in a time-share project.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 38 - TIME-SHARE LOANS › Section 12.20.38.8 - TIME-SHARE LOANS

Current through Register Vol. 35, No. 13, July 16, 2024
A. An
				association may make direct or indirect time-share loans provided that:
(1) at any one time the total investment made
				under this sub-part [now part] and in any consumer loans in aggregate shall not
				exceed 30 percent of any association's assets; and
(2) the requirements of this section are met.
				The authority to make a time-share loan includes the authority to originate,
				purchase, sell, service and participate in such loans provided that such loans
				conform to the provisions of this sub-part [now part] and the association's
				written underwriting standards.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 39 - LOANS TO ONE BORROWER › Section 12.20.39.1 - 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 39 - LOANS TO ONE BORROWER › Section 12.20.39.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  58-10-50,
				  58-10-72
				  and
				  58-10-73
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 39 - LOANS TO ONE BORROWER › Section 12.20.39.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
June 28, 1991, unless a later date is cited at the end of a
				  section or paragraph. Reformatted in NMAC format effective June 14,
				  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 39 - LOANS TO ONE BORROWER › Section 12.20.39.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to place on
				  state savings and loan associations limitations on loans to one borrower within
				  the provisions of this regulation.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 39 - LOANS TO ONE BORROWER › Section 12.20.39.8 - LOANS TO ONE BORROWER

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				limitations on loans to one borrower that apply to federal and federally
				insured state savings associations under OTS Regulations Section 563.93 shall
				apply in the same manner and to the same extent to all state-chartered savings
				and loan associations. Compliance with the federal requirements, as amended
				from time to time, shall constitute compliance with all state requirements for
				limits on loans to one borrower by state-chartered savings and loan
				associations.
B. This regulation
				supersedes and repeals existing Regulation 78-3 S&LB and any other previous
				regulations governing lending limits to one borrower by state-chartered savings
				and loan associations.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 41 - SIGNATURE GUARANTEEING › Section 12.20.41.1 - 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 41 - SIGNATURE GUARANTEEING › Section 12.20.41.3 - 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 41 - SIGNATURE GUARANTEEING › Section 12.20.41.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
November 25, 1981, 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 41 - SIGNATURE GUARANTEEING › Section 12.20.41.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to notify
				  associations licensed under the statute that they have the authority to
				  guarantee customer signatures.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 41 - SIGNATURE GUARANTEEING › Section 12.20.41.8 - SIGNATURE GUARANTEEING

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				supervisor finds that associations licensed under the provisions of the state
				statutes have the authority to guarantee customer signatures for documentary
				transactions in which an association has an interest as part of its deposit
				taking, lending or (in the case of an association which is also a trust
				company) trust business, as well as guarantees executed as a separate customer
				service with respect to stock transfers and similar transactions in which the
				association has no direct interest.
B. Nothing in this sub-part [now part] is to
				be construed as an intent to limit any powers possessed by an association under
				other statutory or regulatory provisions.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 42 - NAME CHANGE › Section 12.20.42.1 - 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 42 - NAME CHANGE › Section 12.20.42.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-10-50
				  NMSA 1978 in accordance with Sections
				  58-10-72
				  and
				  58-10-73
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 42 - NAME CHANGE › Section 12.20.42.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 18, 1983, 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 42 - NAME CHANGE › Section 12.20.42.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to afford a
				  state chartered association parity with federal associations by permitting it
				  to change its name to indicate it is a savings bank.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 42 - NAME CHANGE › Section 12.20.42.8 - NAME CHANGE

Current through Register Vol. 35, No. 13, July 16, 2024
An association chartered under the provisions of the Savings
				  and Loan Act, being Section
				  58-10-1
				  NMSA 1978 et seq., may, by an amendment to its articles of incorporation,
				  change its name to indicate that it is a savings bank.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 44 - ACCOUNTING PROCEDURES › Section 12.20.44.1 - 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 44 - ACCOUNTING PROCEDURES › Section 12.20.44.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All savings and loan associations chartered by the state of
				  New Mexico that are not members of the federal home loan bank
				  system.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 44 - ACCOUNTING PROCEDURES › Section 12.20.44.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  58-10-50,
				  58-10-72
				  and
				  58-10-73
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 44 - ACCOUNTING PROCEDURES › Section 12.20.44.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
March 31, 1978, 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 44 - ACCOUNTING PROCEDURES › Section 12.20.44.6 - 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 accounting procedures that conform to
				  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 44 - ACCOUNTING PROCEDURES › Section 12.20.44.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Acquisition
				charges" includes finder's fee, buying commission, attorney's fee and brokerage
				fee paid by an association in connection with the making or acquisition of a
				mortgage loan or commitment, but does not include a premium paid by such
				association in connection with the purchase of a mortgage loan.
B. "Acquisition credits" means that portion
				of any consideration other than the average interest provided by the loan
				contract, charged or received by an institution for or in connection with the
				making or acquisition of a mortgage loan or commitment that is made or
				acquired, that is in excess of the greater of a) $50.00 or b) two percent of
				the amount of the loan if the loan is for the purpose of construction, or one
				percent of the amount of the loan if the loan is for any other purpose, plus
				for either type of loan $50.00 for those associations utilizing employees of
				the association to perform appraisal, attorney or loan closing functions;
				provided that the term "acquisition credits" does not include specifically
				itemized charges collected by an association from the borrower and paid out to
				third parties for necessary initial charges in connection with the mortgage
				loan.
C. "Amount of loan" means the
				face amount of the obligation executed by the primary obligor on a mortgage
				loan, except that with respect to a mortgage loan acquired by an association
				such term means the principal balance of such loan at the time of its
				acquisition by such association.
D.
				"Mortgage loan" means any loan or contract (or interest therein) on the
				security of real estate.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 45 - REPORTS › Section 12.20.45.1 - 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 45 - REPORTS › Section 12.20.45.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  58-10-72
				  and
				  58-10-73
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS › Part 45 - REPORTS › Section 12.20.45.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
March 31, 1978, 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 45 - REPORTS › Section 12.20.45.6 - 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 reporting requirements 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 45 - REPORTS › Section 12.20.45.8 - REPORTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The officers of
				each savings and loan association shall make a monthly report to the
				association's board of directors on forms prescribed by the savings and loan
				supervisor, and shall forward one copy of such report to the savings and loan
				supervisor. (The savings and loan supervisor has approved a form of monthly
				report, copies of which any association may obtain from the financial
				institutions division. All insured associations may submit copies of the
				monthly reports furnished the federal home loan bank board in lieu of the
				report approved by the supervisor.)
B. Every association shall make such other
				reports as the savings and loan supervisor may, from time to time, require
				which will be in such form and filed on such date as may be prescribed by the
				supervisor.