Banking Act
New Mexico · Financial Institutions and Regulations · §§ 58-1-1 to 58-1-9 · 88 sections
Overview
A state banking act of this kind governs who may conduct a banking business and sets the terms on which state-chartered banks are formed, capitalized, and operated — covering the certificate of formation, the charter application and its review, corporate governance matters such as share classes and shareholder inspection rights, and the liability of directors and officers, while barring unauthorized banking and the unauthorized holding out of a person as a bank. It vests supervision in a state banking commissioner, who issues rules, interpretive statements, and opinions, examines banks and related entities, collects periodic call reports, and enforces compliance through orders and penalties, with hearings, informal disposition, and judicial review in the courts available to affected parties. It also makes supervisory information confidential, allowing disclosure only to specified parties and agencies, funds regulation through assessments on the institutions supervised, and ties the permissible powers and financial activities of state banks to those of national banks so the two charters remain broadly comparable.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 1 court decision.
Most-cited authority: 239 FRD 508 - Lawrence E. Jaffe Pension Plan v. Household International, Inc.
Sections covered
- § 58-1-1 NMSA 1978Short title
- § 58-1-10 NMSA 1978Authority to engage in leasing safe deposit facilities; subsidiary company
- § 58-1-11 NMSA 1978Access by fiduciaries
- § 58-1-12 NMSA 1978Effect of lessee's death or incapacity
- § 58-1-13 NMSA 1978Lease to minor
- § 58-1-14 NMSA 1978Search procedure on death
- § 58-1-15 NMSA 1978Adverse claims to contents of safe deposit box
- § 58-1-16 NMSA 1978Special remedies for nonpayment of rent
- § 58-1-17 NMSA 1978Qualification and fiduciary powers
- § 58-1-18 NMSA 1978Fiduciary bond or oath excused
- § 58-1-19 NMSA 1978Identification and segregation of fiduciary assets; investment and deposit of cash
- § 58-1-2 NMSA 1978Definitions of banks
- § 58-1-20 NMSA 1978Reserves against deposits
- § 58-1-21 NMSA 1978Loans
- § 58-1-2.1 NMSA 1978Prohibition
- § 58-1-22 NMSA 1978Investments
- § 58-1-23 NMSA 1978Acceptances
- § 58-1-24 NMSA 1978Diversification of loans and investments
- § 58-1-25 NMSA 1978Acquisition of property to satisfy or protect previous loan
- § 58-1-26 NMSA 1978Acquisition of banking premises and equipment
- § 58-1-27 NMSA 1978Sale of assets in ordinary course
- § 58-1-28 NMSA 1978Borrowing
- § 58-1-29 NMSA 1978Issuance of capital debentures or notes
- § 58-1-3 NMSA 1978Definitions
- § 58-1-30 NMSA 1978Pledge of assets
- § 58-1-31 NMSA 1978Endorsement and signature guaranty and unauthorized assumption of liability
- § 58-1-32 NMSA 1978Director of the financial institutions division; appointment and qualifications; salary
- § 58-1-33 NMSA 1978Oath of secrecy; surety bonds
- § 58-1-34 NMSA 1978Powers of director
- § 58-1-35 NMSA 1978Employees [Examiners] and clerks; designation of deputy
- § 58-1-36 NMSA 1978Seal of the director
- § 58-1-37 NMSA 1978Office of the commissioner [director]; delegation of powers
- § 58-1-38 NMSA 1978Divulging information prohibited; exchange of information with United States; violation a misdemeanor
- § 58-1-39 NMSA 1978Bank records; prescribing manner of keeping
- § 58-1-4 NMSA 1978Effect on existing banks
- § 58-1-40 NMSA 1978Reports of condition; special reports; failure to make; penalty
- § 58-1-41 NMSA 1978Supervision fees
- § 58-1-41.1 NMSA 1978Trust department examination; fees
- § 58-1-41.2 NMSA 1978Additional examinations
- § 58-1-42 NMSA 1978Repealed
- § 58-1-43 NMSA 1978Fees and penalties; disposition
- § 58-1-44 NMSA 1978Copies of reports and records; evidence; fees
- § 58-1-45 NMSA 1978Court review
- § 58-1-46 NMSA 1978Examinations and reports
- § 58-1-47 NMSA 1978Commissioner's [Director's] annual report
- § 58-1-48 NMSA 1978Records of division1 cite
- § 58-1-49 NMSA 1978Banking interests of officers and employees of the department of banking [financial institutions division]
- § 58-1-5 NMSA 1978Deposit of minor; school or institutional deposits
- § 58-1-50 NMSA 1978Limitation of personal liability
- § 58-1-51 NMSA 1978Standards in regulations
- § 58-1-52 NMSA 1978Incorporators
- § 58-1-53 NMSA 1978General corporate powers
- § 58-1-54 NMSA 1978Powers of director and of state banks
- § 58-1-55 NMSA 1978Capital structure; impairment of capital
- § 58-1-56 NMSA 1978Notice of intention
- § 58-1-57 NMSA 1978Application for permission to file corporate papers
- § 58-1-58 NMSA 1978Determination on application for permission to file with the corporation commission [public regulation commission]
- § 58-1-59 NMSA 1978Subscription calls
- § 58-1-6 NMSA 1978Designating agent
- § 58-1-60 NMSA 1978First meetings of stockholders and directors; adoption of bylaws
- § 58-1-61 NMSA 1978Certificate of authority
- § 58-1-62 NMSA 1978Amendment of articles of incorporation
- § 58-1-63 NMSA 1978Repealed
- § 58-1-64 NMSA 1978Meetings of stockholders; voting; proxies; voting trusts; preemptive right; transfer of stock; report of holdings
- § 58-1-65 NMSA 1978Directors and officers
- § 58-1-66 NMSA 1978Directors; meetings and duties
- § 58-1-67 NMSA 1978Fidelity bonds and other insurance
- § 58-1-68 NMSA 1978Authority to declare dividends
- § 58-1-69 NMSA 1978Capital, surplus and undivided profits; accounting requirements
- § 58-1-7 NMSA 1978Adverse claim to deposit
- § 58-1-70 NMSA 1978Deposit insurance; membership in federal reserve system
- § 58-1-71 NMSA 1978Waivers; corporate action by unanimously signed writing
- § 58-1-72 NMSA 1978Voluntary liquidation and dissolution
- § 58-1-73 NMSA 1978Director in possession
- § 58-1-74 NMSA 1978Requirements of reorganization plan
- § 58-1-75 NMSA 1978Liquidation by commissioner [director]
- § 58-1-76 NMSA 1978Unauthorized conduct of banking business
- § 58-1-77 NMSA 1978Receipt of deposits while insolvent
- § 58-1-78 NMSA 1978Unlawful service as officer or director
- § 58-1-79 NMSA 1978Unlawful gratuity or compensation; transactions of persons connected with state bank
- § 58-1-8 NMSA 1978Payment from account when no executor or administrator has qualified
- § 58-1-80 NMSA 1978Unlawful concealment of transaction
- § 58-1-81 NMSA 1978Improper maintenance of accounts; false or deceptive entries and statements
- § 58-1-82 NMSA 1978Reimbursement for fines and penalties
- § 58-1-83 NMSA 1978Unlawful use of words "safe deposit."
- § 58-1-84 NMSA 1978Unlawful sanctions; violations of rules and orders
- § 58-1-85 NMSA 1978Injunction
- § 58-1-9 NMSA 1978Transmitting money; foreign exchange
Enacted in other states
All New Mexico named statutes →
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