A. Except as to matters covered by, or appealable under, Section 13 [ 58-10-13 NMSA 1978] of the Savings and Loan Act, any association or person aggrieved and directly affected by a decision, order or regulation of, or failure to act by, the supervisor, may appeal to the district court of the county in which the person resides or maintains its principal office within thirty days after issuance of the order or within thirty days after it becomes reviewable. The filing of an appeal does not stay enforcement of an order unless the court orders a stay upon terms it deems proper.
B. The district court may affirm the order of the supervisor, may direct the supervisor to take action as affirmatively required by law or may reverse or modify the order of the supervisor if the court finds the order was:
(1) issued pursuant to an unconstitutional statutory provision;
(2) in excess of statutory authority;
(3) arbitrary or capricious;
(4) issued upon unlawful procedure; or
(5) not supported by substantial evidence in the record.
C. The decision of the district court may be appealed to the court of appeals as in other civil cases.