reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 2 - APPROVAL OF FORMS FOR DISCLOSURE OF INFORMATION BY LENDERS AND CREDITORS › Section 12.15.2.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
A. This
				approval of forms is issued pursuant to the authority granted to the financial
				institutions division by New Mexico Laws 1981, Chapter 263.
B. This part is issued pursuant to the
				authority granted by the banking laws of the state of New Mexico Sections
				58-1-1
				through
				58-9-13
				NMSA 1978, the savings and loan laws of the state of New Mexico Sections
				58-10-1
				through
				58-10-111
				NMSA 1978, the small loan company (consumer finance company) laws of the state
				of New Mexico Sections
				58-15-1
				to
				58-15-31
				NMSA 1978, the credit union laws of the state of New Mexico Sections
				58-11-1 to
				58-11-33,
				and pursuant to the New Mexico Bank Installment Loan Act Section
				58-7-9
				NMSA 1978, the Residential Home Loan Act, Sections 56-8-27 NMSA 1978, and the
				specific authority granted by Sections
				58-1-5,
				58-1-32,
				58-1-54,
				58-7-9
				and
				58-11-6 NMSA
				1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 2 - APPROVAL OF FORMS FOR DISCLOSURE OF INFORMATION BY LENDERS AND CREDITORS › Section 12.15.2.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
July 1, 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Compiler's note: The words or paragraph, above, are no
					 longer applicable.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 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 2 - APPROVAL OF FORMS FOR DISCLOSURE OF INFORMATION BY LENDERS AND CREDITORS › Section 12.15.2.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to establish uniform
				  disclosures, for all lenders supervised by the financial institutions division
				  which represent the major portion of the credit granting industry in this
				  state, in order to reduce the administrative burden upon the financial
				  institutions division insofar as possible in reviewing forms for approval and,
				  more importantly, to standardize disclosures to better protect the public
				  through a greater understanding of the disclosure
				  requirements.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 2 - APPROVAL OF FORMS FOR DISCLOSURE OF INFORMATION BY LENDERS AND CREDITORS › Section 12.15.2.8 - RESERVE REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. In
				reviewing the disclosures required by New Mexico Laws 1981, Chapter 263,
				Section 2A, and in reviewing the requirements for disclosure under the federal
				Truth in Lending Act, Title
				15 U.S.C. Section
				1601 et seq. and Regulation Z issued pursuant
				thereto, the financial institutions division finds that there are some
				inconsistencies in disclosure requirements between state and federal law. In
				order to standardize and make the disclosures as uniform as possible, the
				financial institutions division, pursuant to New Mexico Laws 1981, Chapter 263,
				Section 2D, which states in pertinent part: "...any form which is in compliance
				with federal law regarding disclosure of information by creditors to borrowers,
				such as the federal Truth in Lending Act, shall be deemed to be in compliance
				with Subsection A of this section." hereby approves any and all disclosure
				forms currently in use or subsequently adopted by lenders or credit sellers
				regulated by the financial institutions division provided the forms meet the
				standards for disclosure set forth in the federal Truth in Lending Act and
				Regulation Z, as amended from time to time. If a credit sale or a loan is
				exempt from the federal Truth in Lending Act and Regulation Z, the disclosure
				of information by a creditor which would otherwise comply with the federal
				Truth in Lending Act and Regulation Z shall be deemed to comply with the
				disclosures required by Section 2A of New Mexico Laws 1981, Chapter
				263.
B. The financial institutions
				division finds that it is in the public health, peace, safety and welfare for
				the public and borrowers in the state to have uniform disclosures in order to
				promote a better understanding and knowledge of the cost of borrowing.
				Therefore, to avoid inconsistency and to promote uniformity in disclosures the
				financial institutions division hereby adopts the standards for disclosure of
				the federal Truth in Lending Act and Regulation Z, as amended from time to
				time, in accordance with New Mexico Laws 1981, Chapter 263, Section 2D for
				business, commercial and agricultural loans or credit sales of $50,000.00 or
				less and henceforth will require all lenders and credit sellers supervised by
				the financial institutions division to meet the above described disclosure
				standards. Use of those standards will be deemed to comply with New Mexico Laws
				1981, Chapter 263, Section 2D.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS › Section 12.15.3.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS › Section 12.15.3.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All persons subject to the Home Loan Protection Act, Sections
				  58-21A-1
				  to -14 NMSA 1978 (2003, as amended through 2004) ("Act").
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS › Section 12.15.3.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-21A-13
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS › Section 12.15.3.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 23, 2004, unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS › Section 12.15.3.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this rule is to clarify and interpret
				  certain terms used in the act.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS › Section 12.15.3.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
For purposes of this rule, the definitions set forth in the
				  act shall apply unless otherwise noted.
A.
"Grossed up income"
means
				income that is not taxable by the federal government and has been increased to
				reflect the amount of tax savings attributed to this type of income. The
				maximum amount of grossed up income allowable is twenty-five percent, but could
				be less based on the tax savings of the borrower. (Example: Non-taxable income
				is $1000.00 per month. Assuming a tax savings of 25%, the allowable grossed up
				income would be $1250.00 per month.)
B.
"Scheduled long-term monthly debt
				payments"
means the monthly payments of all installment debts, revolving
				charge accounts, open accounts and lines of credit that would be used to
				determine a borrower's ability to repay per the current underwriting guidelines
				of the federal housing administration (FHA), the federal national mortgage
				association (FNMA), the federal home loan mortgage corporation (FHLMC) or the
				department of veteran's affairs (VA).
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS › Section 12.15.3.8 - ANNUAL PERCENTAGE RATE

Current through Register Vol. 35, No. 13, July 16, 2024
The phrase "annual percentage rate" as used in Section
				  58-21A-3(C) and (G) NMSA 1978, has the same meaning as the term "annual
				  percentage rate" defined in
				  15 U.S.C. Section
				  1606(a).
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS › Section 12.15.3.9 - PUBLISHED ANNUAL YIELD ON CONVENTIONAL MORTGAGES

Current through Register Vol. 35, No. 13, July 16, 2024
The phrases "most recently published annual yield on
				  conventional mortgages published by the board of governors of the federal
				  reserve system as of the fifteenth day of the month immediately preceding the
				  month in which the application for the extension of credit is received by the
				  creditor," as used in Section 58-21A-3(F) NMSA 1978, and "conventional mortgage
				  rate" as used in Section 58-21A-3(C) (F) and (G) (1) NMSA 1978, refer to the
				  conventional mortgage index published in the federal reserve "selected interest
				  rates" (statistical release H-15). The creditor must use the most recently
				  published weekly yield immediately preceding the 15th.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS › Section 12.15.3.10 - CONFORMING LOAN SIZE LIMIT

Current through Register Vol. 35, No. 13, July 16, 2024
The "conforming loan size limit for a single-family dwelling
				  established by the federal national mortgage association," referred to in
				  Section 58-21A-3(J) NMSA 1978, is the maximum original principal obligation set
				  forth in, and from time to time adjusted, according to the provisions of
				  12
				  U.S.C. Section 1454(a)(2),
				  applicable to first mortgages. "The federal national mortgage association"
				  refers to fannie mae, the corporation initially organized pursuant to
				  12 USC
				  1716(b).
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS › Section 12.15.3.11 - POINTS AND FEES

Current through Register Vol. 35, No. 13, July 16, 2024
The categories listed under the definition of "points and
				  fees" in Section 58-21A-3(M) NMSA 1978, are not exclusive.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS › Section 12.15.3.12 - RATE THRESHOLD

Current through Register Vol. 35, No. 13, July 16, 2024
The phrase "comparable periods of maturity", as used in
				  Section 58-21A-3(N) NMSA 1978, refers to the "treasury constant maturities"
				  published in the federal reserve "selected interest rates" (statistical release
				  H-15).
A. Creditors must use the yield
				corresponding to the constant maturity that is closest to the loan's maturity
				or the lower yield if the loan's maturity is midway between constant maturities
				published in the statistical release.
B. If the 15th day of the month immediately
				preceding the month in which the loan is made is not a business day, the
				creditor must use the yield calculated as of the business day immediately
				preceding the 15th.
C. A loan is
				considered "made," within the meaning of Section 58-21A-3(N), NMSA 1978, when
				the consumer becomes contractually obligated on a credit transaction.
D. When calculating the interest rate for
				adjustable rate loans, the creditor shall not use any introductory rate. The
				interest rate will be based on the loan's disclosed index plus the margin,
				which is the fully indexed rate, at the time the loan is made. As an example,
				if the index is 2% and the margin is 3% for a first lien mortgage, the interest
				rate is 5% (fully indexed rate).
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS › Section 12.15.3.13 - CREDIT PROPERTY INSURANCE

Current through Register Vol. 35, No. 13, July 16, 2024
For purposes of the act, the term "credit property
				  insurance," does not include fire and hazard insurance, flood insurance,
				  federal housing administration (FHA) mortgage insurance, veteran's
				  administration (VA) loan guarantees, guaranteed rural housing (GRH) loan
				  guarantees and private mortgage insurance that would compensate the holder of a
				  home loan directly for any shortfall between the value of the real property
				  securing the loan and the amount owed on an obligation in
				  default.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS › Section 12.15.3.14 - TOTAL PRINCIPAL LOAN AMOUNT

Current through Register Vol. 35, No. 13, July 16, 2024
For purposes of the act, the term "total principal loan
				  amount," as used in Section 58-21A-3(Q) (1) and (2), NMSA 1978, refers to the
				  total principal loan amount as stated in the promissory note.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS › Section 12.15.3.15 - "POINTS AND FEES" EXCLUSION FOR UPFRONT PREMIUM PRIVATE MORTGAGE INSURANCE

Current through Register Vol. 35, No. 13, July 16, 2024
In reference to 58-21A-3(M)(1)(d)(14) NMSA 1978, the
				  "percentage rate" will be set biannually on the financial institutions
				  division's mortgage lending website on the first business day in January and
				  July.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 4 - HOME LOAN PROTECTION ACT - HIGH COST LOANS: REPAYMENT ABILITY › Section 12.15.4.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 4 - HOME LOAN PROTECTION ACT - HIGH COST LOANS: REPAYMENT ABILITY › Section 12.15.4.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All creditors subject to the Home Loan Protection Act,
				  Sections
				  58-21A-1
				  to -14 NMSA 1978 (2003) ("Act").
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 4 - HOME LOAN PROTECTION ACT - HIGH COST LOANS: REPAYMENT ABILITY › Section 12.15.4.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-21A-13
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 4 - HOME LOAN PROTECTION ACT - HIGH COST LOANS: REPAYMENT ABILITY › Section 12.15.4.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 30, 2004, unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 4 - HOME LOAN PROTECTION ACT - HIGH COST LOANS: REPAYMENT ABILITY › Section 12.15.4.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to establish the reasonable
				  ability to repay a home loan required by Section 58-21A-4(C) NMSA
				  1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 4 - HOME LOAN PROTECTION ACT - HIGH COST LOANS: REPAYMENT ABILITY › Section 12.15.4.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
For purposes of this rule, the definitions set forth in the
				  act and regulations adopted pursuant to the act shall apply unless otherwise
				  noted.
"Reasonably reliable documentation"
means any documentation
				  that is required by a mortgage loan company to satisfy the requirements of a
				  loan product that meets the borrower's requested terms and qualifications,
				  documents the source of repayment and includes verifiable written documentation
				  obtained from the borrower or a third party. Reasonably reliable documentation
				  may include but may not be limited to verbal verifications.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 4 - HOME LOAN PROTECTION ACT - HIGH COST LOANS: REPAYMENT ABILITY › Section 12.15.4.8 - REASONABLE ABILITY TO REPAY

Current through Register Vol. 35, No. 13, July 16, 2024
The documentation of "reasonable ability to repay" in Section
				  58-21A-4(C) NMSA 1978, will depend upon the totality of facts and circumstances
				  relating to a specific residential mortgage loan transaction and the borrower's
				  financial condition and circumstances. While the documentation of certain
				  residential mortgage loan transactions may clearly demonstrate the borrower's
				  reasonable ability to repay, others may require closer scrutiny to determine
				  whether the documentation for a particular residential mortgage loan
				  transaction sufficiently demonstrates ability to repay. The "reasonable ability
				  to repay" standard shall be demonstrated through reasonably reliable
				  documentation.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 5 - HOME LOAN PROTECTION ACT - FLIPPING › Section 12.15.5.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 5 - HOME LOAN PROTECTION ACT - FLIPPING › Section 12.15.5.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All creditors subject to the Home Loan Protection Act,
				  Sections
				  58-21A-1
				  to -14 NMSA 1978 (2003, as amended through 2004) ("Act").
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 5 - HOME LOAN PROTECTION ACT - FLIPPING › Section 12.15.5.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-21A-13
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 5 - HOME LOAN PROTECTION ACT - FLIPPING › Section 12.15.5.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
June 30, 2004, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 5 - HOME LOAN PROTECTION ACT - FLIPPING › Section 12.15.5.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this rule is to provide guidance to
				  creditors covered by the act regarding the application of Section 58-21A-4(B)
				  NMSA 1978, which prohibits creditors from engaging in the unfair act or
				  practice of flipping a home loan.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 5 - HOME LOAN PROTECTION ACT - FLIPPING › Section 12.15.5.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
For purposes of this rule, the definitions set forth in the
				  act and regulations adopted pursuant to the act shall apply unless otherwise
				  noted.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 5 - HOME LOAN PROTECTION ACT - FLIPPING › Section 12.15.5.8 - KNOWINGLY AND INTENTIONALLY ENGAGING IN THE ACT OR PRACTICE OF FLIPPING

Current through Register Vol. 35, No. 13, July 16, 2024
For purposes of Section 58-21A-4(B) NMSA 1978, a creditor
				  shall not have "knowingly and intentionally" engaged in the unfair act or
				  practice of flipping a home loan when the new loan provides a "reasonable,
				  tangible net benefit" to the borrower. A creditor shall have "knowingly and
				  intentionally" engaged in the unfair act or practice of flipping a home loan
				  when the new loan does not provide a "reasonable, tangible net benefit" to the
				  borrower and the creditor made the new loan with the intent and knowledge that
				  the new loan did not provide a reasonable, tangible net benefit to the
				  borrower.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 6 - HOME LOAN PROTECTION ACT - REASONABLE DUE DILIGENCE STANDARD FOR DETERMINING HIGH-COST HOME LOANS › Section 12.15.6.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 6 - HOME LOAN PROTECTION ACT - REASONABLE DUE DILIGENCE STANDARD FOR DETERMINING HIGH-COST HOME LOANS › Section 12.15.6.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
Any person or his agent who purchases or is otherwise
				  assigned a high-cost home loan subject to the Home Loan Protection Act,
				  Sections
				  58-21A-1
				  to -14 NMSA 1978 (2003, as amended through 2004) ("Act").
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 6 - HOME LOAN PROTECTION ACT - REASONABLE DUE DILIGENCE STANDARD FOR DETERMINING HIGH-COST HOME LOANS › Section 12.15.6.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-21A-13
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 6 - HOME LOAN PROTECTION ACT - REASONABLE DUE DILIGENCE STANDARD FOR DETERMINING HIGH-COST HOME LOANS › Section 12.15.6.4 - DURATION

Current through Register Vol. 35, No. 13, July 16, 2024
Permanent.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 6 - HOME LOAN PROTECTION ACT - REASONABLE DUE DILIGENCE STANDARD FOR DETERMINING HIGH-COST HOME LOANS › Section 12.15.6.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
June 30, 2004, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 6 - HOME LOAN PROTECTION ACT - REASONABLE DUE DILIGENCE STANDARD FOR DETERMINING HIGH-COST HOME LOANS › Section 12.15.6.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this rule is to generally describe the type
				  of circumstances the financial institutions division will consider in
				  determining whether the reasonable due diligence standard set forth in Section
				  58-21A-11
				  of the act is satisfied.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 6 - HOME LOAN PROTECTION ACT - REASONABLE DUE DILIGENCE STANDARD FOR DETERMINING HIGH-COST HOME LOANS › Section 12.15.6.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
For purposes of this rule, the definitions set forth in the
				  act and regulations adopted pursuant to the act shall apply unless otherwise
				  noted.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 7 - HOME LOAN PROTECTION ACT - LIABILITY EXPOSURE OF CREDITORS AND ASSIGNEES › Section 12.15.7.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division of the Regulation and
				  Licensing Department.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 7 - HOME LOAN PROTECTION ACT - LIABILITY EXPOSURE OF CREDITORS AND ASSIGNEES › Section 12.15.7.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All creditors and assignees subject to the Home Loan
				  Protection Act, Sections
				  58-21A-1
				  to -14 NMSA 1978 (2003 as amended through 2004) ("Act").
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 7 - HOME LOAN PROTECTION ACT - LIABILITY EXPOSURE OF CREDITORS AND ASSIGNEES › Section 12.15.7.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-21A-13
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 7 - HOME LOAN PROTECTION ACT - LIABILITY EXPOSURE OF CREDITORS AND ASSIGNEES › Section 12.15.7.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
June 30, 2004, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 7 - HOME LOAN PROTECTION ACT - LIABILITY EXPOSURE OF CREDITORS AND ASSIGNEES › Section 12.15.7.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this rule is to clarify the legal liability
				  exposure of creditors and assignees for actions that may be brought for
				  violations of the act.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 7 - HOME LOAN PROTECTION ACT - LIABILITY EXPOSURE OF CREDITORS AND ASSIGNEES › Section 12.15.7.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
For purposes of this rule, the definitions set forth in the
				  act and regulations adopted pursuant to the act shall apply unless otherwise
				  noted.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 15 - LINKED DEPOSIT PROGRAM › Section 12.15.15.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
Insured banks, (trust and) thrift institutions, and credit
				  unions participating in and/or desiring to participate in the Linked Deposit
				  Program.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 15 - LINKED DEPOSIT PROGRAM › Section 12.15.15.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  6-10-24.2
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 15 - LINKED DEPOSIT PROGRAM › Section 12.15.15.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
November 30, 2007 unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 15 - LINKED DEPOSIT PROGRAM › Section 12.15.15.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this rule is to provide rules implementing
				  Section
				  6-10-24.2
				  NMSA 1978, including eligibility criteria, application procedures, and
				  verification criteria.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 15 - LINKED DEPOSIT PROGRAM › Section 12.15.15.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Depository
				institution" means any bank, [trust institution,] savings and loan association
				(thrift), or credit union whose deposits, including but not limited to deposits
				of public money, are insured by an agency of the United States.
B. "Linked deposit program" means a qualified
				depository institution's participation in the deposit program established
				pursuant to Section
				6-10-24.2
				NMSA 1978.
C. "Qualified depository
				institution" means a depository institution qualified pursuant to Sectrion
				6-10-15 NMSA
				1978.
D. "Qualifying branch" means
				an office of a qualified depository institution that is regularly open five
				days a week (except for federal holidays), has a night deposit box, and
				provides banking services to residents of a financially at risk rural
				community.
E. "Financially at risk
				rural community" means a community in New Mexico with the following
				characteristics:
(1) no more than one
				depository institution within the community;
(2) a population not exceeding three thousand
				five hundred (3500); and either
(3)
				a declining population, as evidenced by a decrease in population as shown by
				the two most recent federal decennial censuses; or
(4) a median household income less than 80%
				of the state median household income.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 15 - LINKED DEPOSIT PROGRAM › Section 12.15.15.8 - ELIGIBILITY CRITERIA

Current through Register Vol. 35, No. 13, July 16, 2024
To participate in the linked deposit program a qualified
				  depository institution must have a qualifying branch located in a financially
				  at risk rural community.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 15 - LINKED DEPOSIT PROGRAM › Section 12.15.15.9 - APPLICATION PROCEDURES

Current through Register Vol. 35, No. 13, July 16, 2024
Qualified depository institutions desiring to participate in
				  the linked deposit program must submit the following information to the
				  director of the financial institutions division of the regulation and licensing
				  department (the "director"):
A. a
				letter from the depository institution requesting certification of eligibility
				to participate in the linked deposit program;
B. an affidavit from an officer of the
				depository institution verifying the following information:
(1) that the depository institution is a
				qualified depository institution pursuant to Section
				6-10-15 NMSA
				1978;
(2) that the depository
				institution has a qualifying branch (an office that is regularly open five days
				a week [except for federal holidays], has a night deposit box, and provides
				banking services to residents of a financially at risk rural
				community);
(3) that the qualifying
				branch is located in a financially at risk rural community (as that term is
				used in Section
				6-10-24.2
				NMSA 1978); and (4) that the depository institution and the qualifying branch
				are meeting the banking service needs of the rural community where the
				qualifying branch is located;
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 15 - LINKED DEPOSIT PROGRAM › Section 12.15.15.10 - VERIFICATION CRITERIA

Current through Register Vol. 35, No. 13, July 16, 2024
Upon receipt of an application from a qualified depository
				  institution the director shall promptly review the application and the
				  documentation submitted therewith. The director may request additional
				  information or clarification from an applicant. The director may, but shall not
				  be required to, investigate any fact alleged in an application and/or obtain
				  additional information from any source.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 15 - LINKED DEPOSIT PROGRAM › Section 12.15.15.11 - CERTIFICATION TO STATE TREASURER

Current through Register Vol. 35, No. 13, July 16, 2024
Based upon the information provided by a qualified depository
				  institution, and any additional information obtained by the director from any
				  source, if the director reasonably believes that the qualified depository
				  institution is eligible to participate in the linked deposit program the
				  director shall promptly certify said eligibility to the state treasurer. Unless
				  a qualified depository institution is decertified by the director, any such
				  certification of eligibility shall remain effective without any need for
				  recertification by the director.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 15 - LINKED DEPOSIT PROGRAM › Section 12.15.15.12 - ANNUAL REPORTING BY QUALIFIED DEPOSITORY INSTITUTIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Each qualified depository institution certified by the
				  director as eligible to participate in the linked deposit program shall on an
				  annual basis after certification of eligibility provide the director with the
				  following information.
A. An affidavit
				from an officer of the depository institution verifying the following
				information:
(1) that the depository
				institution is a qualified depository institution pursuant to Section
				6-10-15 NMSA
				1978;
(2) that the depository
				institution has a qualifying branch (an office that is regularly open five days
				a week [except for federal holidays], has a night deposit box, and provides
				banking services to residents of a financially at risk rural
				community);
(3) that the qualifying
				branch is located in a financially at risk rural community (as that term is
				used in Section
				6-10-24.2
				NMSA 1978); and
(4) that the
				depository institution and the qualifying branch are meeting the banking
				service needs of the rural community where the qualifying branch is
				located.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 15 - LINKED DEPOSIT PROGRAM › Section 12.15.15.13 - ANNUAL REVIEW BY DIRECTOR; AND DECERTIFICATION

Current through Register Vol. 35, No. 13, July 16, 2024
Upon receipt of annual reporting information from a qualified
				  depository institution the director shall promptly review the information and
				  the documentation submitted therewith. The director may request additional
				  information or clarification. The director may, but shall not be required to,
				  investigate any fact alleged and/or obtain additional information from any
				  source. No further action is required if the director reasonably believes that
				  the qualified depository institution is eligible to participate in the linked
				  deposit program. However, if after written request by the director a qualified
				  depository institution fails to provide the required annual reporting
				  information, or if the director reasonably believes the depository institution
				  is no longer eligible to participate in the linked deposit program, the
				  director shall so notify the state treasurer and the depository institution of
				  said decertification.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 2 - PREPARING INCOME TAX RETURNS › Section 12.16.2.1 - 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 2 - PREPARING INCOME TAX RETURNS › Section 12.16.2.3 - 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 2 - PREPARING INCOME TAX RETURNS › Section 12.16.2.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
February 8, 1985, unless a later date is cited at the end of
				  a section or pagagraph. 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 2 - PREPARING INCOME TAX RETURNS › Section 12.16.2.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The object of this sub-part [now part] is to bring to state
				  banks powers provided to national banks by interpretative ruling of the
				  comptroller of the currency, as set forth in 12 C.F.R.
				  7.7430.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 2 - PREPARING INCOME TAX RETURNS › Section 12.16.2.8 - PREPARING INCOME TAX RETURNS

Current through Register Vol. 35, No. 13, July 16, 2024
While a bank chartered under the laws of New Mexico may not
				  serve as an expert tax consultant, it may assist its customers in preparing
				  their tax returns, either gratuitously or for reasonable
				  fees.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 3 - FORMULA FOR DETERMINING THE NET WORTH OF BANK MAIN OFFICES AND BRANCHES › Section 12.16.3.1 - 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 3 - FORMULA FOR DETERMINING THE NET WORTH OF BANK MAIN OFFICES AND BRANCHES › Section 12.16.3.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
Depositors of public money subject to the referenced
				  statutory authority.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 3 - FORMULA FOR DETERMINING THE NET WORTH OF BANK MAIN OFFICES AND BRANCHES › Section 12.16.3.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  6-10-36
				  C and
				  22-8-40
				  D NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 3 - FORMULA FOR DETERMINING THE NET WORTH OF BANK MAIN OFFICES AND BRANCHES › Section 12.16.3.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
February 28, 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 3 - FORMULA FOR DETERMINING THE NET WORTH OF BANK MAIN OFFICES AND BRANCHES › Section 12.16.3.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to provide a
				  formula for determining the net worth of bank main offices and branches for the
				  purpose of the distribution of public money as required by the above referenced
				  statutory authority. The formula is necessary, because bank main offices and
				  branches do not have a "net worth" separate and apart from the net worth of the
				  bank as a whole. The formula provides a means of allocating portions of the
				  bank's net worth to its individual facilities.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 3 - FORMULA FOR DETERMINING THE NET WORTH OF BANK MAIN OFFICES AND BRANCHES › Section 12.16.3.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Deposits in a
				manned branch" means deposits accepted by that branch, exclusive of deposits
				accepted at other manned branches or the main office facility.
B. "Deposits in main office" means deposits
				accepted by the main office facility of the bank, exclusive of deposits
				accepted at manned branch facilities of the bank.
C. "Total equity capital" means that amount
				reported by the bank in schedule RC of the federal financial institutions
				examination council ("FFIEC") report of condition with the same date as the
				date of the deposit data.
D. "Total
				deposits" means that amount reported by the bank in schedule RC of the FFIEC
				report of condition with the same date as the date of the deposit
				data.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 3 - FORMULA FOR DETERMINING THE NET WORTH OF BANK MAIN OFFICES AND BRANCHES › Section 12.16.3.8 - FORMULA FOR DETERMINING THE NET WORTH OF BANK MAIN OFFICES AND BRANCHES

Current through Register Vol. 35, No. 13, July 16, 2024
A. The net worth of
				a main office of a bank and/or its manned branches within the geographical
				boundaries of a governmental unit or local school district is the total equity
				capital of the bank multiplied by the percentage that deposits of the main
				office and/or its manned branches within the geographical boundaries of the
				governmental unit are of the total deposits of the bank.
B. The formula is as follows: Total equity
				capital times the sum of deposits in the main office and/or all manned branches
				of the same bank within the boundary divided by total deposits equals net worth
				of main office and/or manned branches within the boundary.
C. Branch deposit data used shall be the most
				current available. Bank deposits by county within the state and for each bank
				and banking office are surveyed by the federal deposit insurance corporation
				each year as of June 30 and published in book six of the data book. Additional
				geographic distributions are published in the national data book. The most
				current of these publications may be used. The required information is
				available on the internet at
www.fdic.gov
. The national data book may be
				obtained from: FDIC Public Information Center. 801 17th Street, NW, Room 100,
				Washington, DC 20434-0001.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 5 - LAND TITLE TRUST FUND ACT › Section 12.16.5.1 - 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 5 - LAND TITLE TRUST FUND ACT › Section 12.16.5.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  58-18B-5
				  F and
				  58-28-4
				  I NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 5 - LAND TITLE TRUST FUND ACT › Section 12.16.5.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
June 30, 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 5 - LAND TITLE TRUST FUND ACT › Section 12.16.5.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to set
				  procedures for state chartered depository institutions for establishing and
				  operating pooled interest bearing escrow or transaction
				  accounts.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 5 - LAND TITLE TRUST FUND ACT › Section 12.16.5.8 - LAND TITLE TRUST FUND ACT AND LOW INCOME HOUSING TRUST ACT

Current through Register Vol. 35, No. 13, July 16, 2024
A. The following
				procedures and forms should be used in establishing and operating pooled
				interest-bearing escrow or transaction accounts.
(1) Form 5828-1, instructions for financial
				institutions regarding processing Land Title Trust Fund Act and Low Income
				Housing Trust Act accounts.
(2)
				Form 5828-2, account enrollment and agreement between company and financial
				institution.
(3) Form 5828-3,
				financial institution report of interest remittance.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 21 - AUTHORITY OF STATE BANKS TO ISSUE PREFERRED STOCK › Section 12.16.21.1 - 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 21 - AUTHORITY OF STATE BANKS TO ISSUE PREFERRED STOCK › Section 12.16.21.3 - 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 21 - AUTHORITY OF STATE BANKS TO ISSUE PREFERRED STOCK › Section 12.16.21.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 19, 1987, 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 21 - AUTHORITY OF STATE BANKS TO ISSUE PREFERRED STOCK › Section 12.16.21.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this sub-part [now part] is to allow state
				  chartered banks to issue preferred stock. This sub-part [now part] parallels
				  12
				  U.S.C. 51 a, 51b and 51b-1, and Section
				  325.2(p) of Subchapter B of the regulations of the federal deposit insurance
				  corporation [
				  12
				  C.F.R. Section 325.2 ].
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 16 - BANKING › Part 21 - AUTHORITY OF STATE BANKS TO ISSUE PREFERRED STOCK › Section 12.16.21.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
The term "perpetual preferred stock" means a preferred stock
				  that does not have a stated maturity date or that cannot be redeemed at the
				  option of the holder. It includes those issues of preferred stock that
				  automatically convert into common stock at a stated date. It excludes those
				  issues, the rate on which increases, or can increase, in such a manner that
				  would effectively require the issuer to redeem the issue; provided, however,
				  that banks may issue floating rate preferred stock issues where the rate is
				  constant in relation to some base rate.