Credit Union Act
New Mexico · Financial Institutions and Regulations · §§ 58-11-1 to 58-11-9 · 67 sections
Overview
The act governs the chartering, regulation, and internal governance of credit unions — member-owned cooperative financial institutions organized under state law. It establishes how a credit union is formed, running from the application and articles of incorporation through investigation and approval by the state regulator, with an appeal to a supervisory commission, and it sets conditions for commencing business, amending governing documents, maintaining offices, and admitting credit unions chartered elsewhere. It further defines who may become a member and how members vote, prescribes the election, qualification, compensation, bonding, and indemnification of directors and officers along with conflict-of-interest limits, and imposes ongoing reporting, audit, capital, and reserve requirements.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- § 58-11-1 NMSA 1978Short title
- § 58-11-10 NMSA 1978Formation of credit union
- § 58-11-11 NMSA 1978Forms of articles and bylaws
- § 58-11-12 NMSA 1978Amendments
- § 58-11-13 NMSA 1978Use of name exclusive
- § 58-11-14 NMSA 1978Service facilities
- § 58-11-15 NMSA 1978Fiscal year
- § 58-11-16 NMSA 1978Out-of-state credit unions; approval to conduct business; director's duties and powers
- § 58-11-17 NMSA 1978Doing business outside this state
- § 58-11-18 NMSA 1978Powers of credit unions
- § 58-11-19 NMSA 1978Incidental powers
- § 58-11-2 NMSA 1978Definitions
- § 58-11-20 NMSA 1978Advantageous federal powers
- § 58-11-21 NMSA 1978Membership
- § 58-11-22 NMSA 1978Central credit unions
- § 58-11-23 NMSA 1978Other credit unions
- § 58-11-24 NMSA 1978Member eligibility
- § 58-11-25 NMSA 1978Liability of members
- § 58-11-26 NMSA 1978Meetings of members
- § 58-11-27 NMSA 1978Direction of affairs
- § 58-11-28 NMSA 1978Record of officials
- § 58-11-29 NMSA 1978Vacancies
- § 58-11-3 NMSA 1978Supervision and regulation
- § 58-11-30 NMSA 1978Compensation of officials
- § 58-11-31 NMSA 1978Conflicts of interest
- § 58-11-32 NMSA 1978Officers
- § 58-11-32.1 NMSA 19781, 58-11-32.2. Repealed
- § 58-11-33 NMSA 1978Authority and responsibility of board members
- § 58-11-34 NMSA 1978Repealed
- § 58-11-35 NMSA 1978Meetings of board members
- § 58-11-36 NMSA 1978Duties of board members
- § 58-11-37 NMSA 1978Repealed
- § 58-11-38 NMSA 1978Supervisory committee
- § 58-11-39 NMSA 1978Members' accounts
- § 58-11-4 NMSA 1978Appeal rights and court review
- § 58-11-40 NMSA 1978Dividends and interest
- § 58-11-41 NMSA 1978Withdrawals
- § 58-11-42 NMSA 1978Accounts of minors
- § 58-11-43 NMSA 1978Joint accounts
- § 58-11-44 NMSA 1978Trust accounts
- § 58-11-45 NMSA 1978Payable-on-death accounts
- § 58-11-46 NMSA 1978Liens
- § 58-11-47 NMSA 1978Dormant accounts
- § 58-11-48 NMSA 1978Share and deposit insurance
- § 58-11-49 NMSA 1978Loan policies
- § 58-11-5 NMSA 1978Examinations; supervision fees
- § 58-11-50 NMSA 1978Insurance for members
- § 58-11-51 NMSA 1978Liability and fidelity insurance for officials and employees
- § 58-11-52 NMSA 1978Group purchasing
- § 58-11-53 NMSA 1978Money-type instruments
- § 58-11-54 NMSA 1978Retirement accounts
- § 58-11-55 NMSA 1978Trust authority
- § 58-11-56 NMSA 1978Investments
- § 58-11-57 NMSA 1978Repealed
- § 58-11-57.1 NMSA 1978Capitalization and reserves
- § 58-11-58 NMSA 1978Dissolution
- § 58-11-59 NMSA 1978Merger of credit unions
- § 58-11-6 NMSA 1978Records
- § 58-11-60 NMSA 1978Conversion
- § 58-11-61 NMSA 1978Taxation
- § 58-11-62 NMSA 1978Criminal liability
- § 58-11-63 NMSA 1978Slander; libel
- § 58-11-64 NMSA 1978Repealed
- § 58-11-65 NMSA 1978False affidavit; penalty
- § 58-11-7 NMSA 1978Reports
- § 58-11-8 NMSA 1978Records of the division
- § 58-11-9 NMSA 1978Conflicts of interest
Enacted in other states
Connecticut, Florida, Iowa, Idaho, Illinois, Maryland, Montana, Nebraska, New Hampshire, Oregon, South Carolina, Texas
All New Mexico named statutes →
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