0001| HOUSE BILL 38
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| MURRAY RYAN
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0006|
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0007|
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0008|
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0009|
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0010|
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0011| AN ACT
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0012| RELATING TO INTERSTATE BANKING; PROVIDING FOR THE INTERSTATE
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0013| ACQUISITION OF NEW MEXICO BANKS AND NEW MEXICO BANK HOLDING
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0014| COMPANIES AND FOR INTERSTATE BANK BRANCHING BY MERGER; AMENDING
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0015| AND ENACTING SECTIONS OF THE NMSA 1978.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. [NEW MATERIAL] SHORT TITLE.--Sections 1
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0019| through 12 of this act may be cited as the "Interstate Bank
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0020| Acquisition Act".
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0021| Section 2. [NEW MATERIAL] DEFINITIONS.--As used in the
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0022| Interstate Bank Acquisition Act:
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0023| A. "acquire" means:
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0024| (1) for a company to merge or consolidate with
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0025| a bank holding company;
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0001| (2) for a company to assume direct or indirect
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0002| ownership or control of:
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0003| (a) more than twenty-five percent of any
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0004| class of voting shares of a bank holding company or a bank, if
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0005| the acquiring company was not a bank holding company prior to
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0006| the acquisition;
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0007| (b) more than five percent of any class
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0008| of voting shares of a bank holding company or a bank, if the
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0009| acquiring company was a bank holding company prior to the
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0010| acquisition; or
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0011| (c) all or substantially all of the
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0012| assets of a bank holding company or a bank; or
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0013| (3) for a company to take any other action that
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0014| results in the direct or indirect acquisition by the company of
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0015| control of a bank holding company or a bank;
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0016| B. "affiliate" means that term as defined in 12
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0017| U.S.C.A. Section 371c(b);
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0018| C. "bank" means that term as defined in 12 U.S.C.A.
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0019| Section 1841(c);
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0020| D. "bank holding company" means that term as defined
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0021| in 12 U.S.C.A. Section 1841(a) and includes a New Mexico bank
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0022| holding company, an out-of-state bank holding company and a
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0023| foreign bank holding company;
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0024| E. "Bank Holding Company Act" means the federal Bank
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0025| Holding Company Act of 1956, 12 U.S.C.A. Section 1841 et seq.;
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0001| F. "bank supervisory agency" means:
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0002| (1) an agency of another state with primary
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0003| responsibility for chartering and supervising banks; and
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0004| (2) the office of the comptroller of the
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0005| currency, the federal deposit insurance corporation, the board
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0006| of governors of the federal reserve system and any successor to
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0007| these agencies;
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0008| G. "branch" means that term as defined in Subsection
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0009| C of Section 58-5-2 NMSA 1978;
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0010| H. "company" means that term as defined in 12
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0011| U.S.C.A. Section 1841(b);
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0012| I. "control" means that term as defined in 12
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0013| U.S.C.A. Section 1841(a)(2);
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0014| J. "deposit" means that term as defined in 12
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0015| U.S.C.A. Section 1813(l);
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0016| K. "depository institution" means an institution
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0017| defined as an "insured depository institution" in 12 U.S.C.A.
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0018| Sections 1813(c)(2) and (c)(3);
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0019| L. "director" means the director of the financial
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0020| institutions division of the regulation and licensing
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0021| department;
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0022| M. "foreign bank holding company" means a bank
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0023| holding company that is organized under the laws of a country
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0024| other than the United States or a territory or possession of the
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0025| United States;
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0001| N. "home state regulator" means, with respect to an
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0002| out-of-state bank holding company, the primary bank supervisory
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0003| agency of the state in which the company maintains its principal
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0004| place of business;
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0005| O. "New Mexico bank" means a bank that is:
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0006| (1) organized under the laws of this state; or
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0007| (2) organized under federal law and having its
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0008| principal place of business in this state;
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0009| P. "New Mexico bank holding company" means a bank
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0010| holding company that:
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0011| (1) had its principal place of business in this
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0012| state on July 1, 1966 or the date on which it became a bank
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0013| holding company, whichever is later; and
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0014| (2) is not controlled by an out-of-state bank
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0015| holding company;
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0016| Q. "New Mexico state bank" means a bank chartered by
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0017| the state of New Mexico;
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0018| R. "out-of-state bank holding company" means a bank
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0019| holding company that is not a New Mexico bank holding company;
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0020| S. "principal place of business" of a bank holding
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0021| company means the state in which the largest percentage of the
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0022| total deposits of its bank subsidiaries was deposited on the
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0023| later of July 1, 1966 or the date on which the company became a
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0024| bank holding company;
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0025| T. "state" means the District of Columbia or a
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0001| state, territory or possession of the United States; and
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0002| U. "subsidiary" means that term as defined in 12
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0003| U.S.C.A. Section 1841(d).
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0004| Section 3. [NEW MATERIAL] PURPOSE AND INTENT OF ACT.--
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0005| The purpose of the Interstate Bank Acquisition Act is to
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0006| establish the conditions under which a company may acquire a New
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0007| Mexico bank or a New Mexico bank holding company. In enacting
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0008| it the legislature intends to avoid discrimination against out-of-state bank holding companies or foreign bank holding
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0009| companies in any manner that would violate Section 3(d) of the
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0010| Bank Holding Company Act.
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0011| Section 4. [NEW MATERIAL] PERMITTED ACQUISITIONS.--
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0012| A. Except as provided in Subsection B of this
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0013| section, a company may not acquire a New Mexico state bank or a
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0014| New Mexico bank holding company without the prior approval of
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0015| the director unless federal law expressly permits the
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0016| acquisition without that approval.
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0017| B. The prohibition of Subsection A of this section
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0018| does not apply if the acquisition is made:
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0019| (1) solely for the purpose of facilitating an
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0020| acquisition otherwise permitted pursuant to the Interstate Bank
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0021| Acquisition Act;
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0022| (2) in a transaction arranged by the director
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0023| or another bank supervisory agency to prevent the insolvency or
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0024| closing of the acquired bank; or
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0025| (3) in a transaction in which a bank forms its
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0001| own bank holding company, if the ownership rights of the former
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0002| bank shareholders are substantially similar to those of the
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0003| shareholders of the new bank holding company.
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0004| C. In a transaction for which the director's
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0005| approval is not required under this section, the acquiring
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0006| company shall give written notice to the director at least
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0007| ninety days before the effective date of the acquisition unless
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0008| a shorter period of notice is required under applicable federal
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0009| law.
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0010| Section 5. [NEW MATERIAL] REQUIRED APPLICATION--FORMS.--
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0011| A. A company that proposes to make an acquisition
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0012| pursuant to the Interstate Bank Acquisition Act shall:
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0013| (1) file with the director a copy of the
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0014| application that the company has filed with the responsible
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0015| federal bank supervisory agency and any additional information
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0016| prescribed by the director; and
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0017| (2) pay to the director any application fee
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0018| prescribed by the director.
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0019| B. As long as they are consistent with the effective
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0020| discharge of the director's responsibilities, the application
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0021| and reporting forms established pursuant to the Interstate Bank
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0022| Acquisition Act shall conform to those established for the same
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0023| purposes by the board of governors of the federal reserve system
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0024| pursuant to the Bank Holding Company Act.
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0025| Section 6. [NEW MATERIAL] STANDARDS FOR APPROVAL.--
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0001| A. In deciding whether to approve an application for
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0002| a proposed acquisition pursuant to the Interstate Bank
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0003| Acquisition Act, the director shall consider whether the
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0004| acquisition may:
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0005| (1) be detrimental to the safety and soundness
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0006| of the New Mexico state bank or the New Mexico bank holding
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0007| company to be acquired;
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0008| (2) result in a substantial reduction of
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0009| competition in this state; or
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0010| (3) have a significantly adverse effect on the
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0011| convenience and needs of a community in this state served by the
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0012| New Mexico state bank or the New Mexico bank holding company to
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0013| be acquired.
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0014| B. Except as otherwise expressly provided in this
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0015| section, the director shall not approve an acquisition pursuant
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0016| to the Interstate Bank Acquisition Act if upon effecting the
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0017| transaction it would result in the applicant, including a
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0018| depository institution affiliated with the applicant, holding an
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0019| undue concentration of deposits totaling forty percent or more
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0020| of the total deposits in all depository institutions in New
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0021| Mexico.
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0022| C. The director may adopt a regulation establishing
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0023| a procedure authorizing the waiver of the limitation on deposit
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0024| concentration set forth in Subsection B of this section to
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0025| prevent the insolvency or closing of a New Mexico state bank.
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0001| D. The director shall not approve an application for
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0002| an acquisition pursuant to the Interstate Bank Acquisition Act
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0003| unless either the New Mexico bank to be acquired, or at least
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0004| one New Mexico bank subsidiary of the bank holding company to be
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0005| acquired, has as of the proposed date of acquisition been in
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0006| existence and in continuous operation under an active charter
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0007| for a period of at least five years, except that the director
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0008| may approve an application for an acquisition of a consumer
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0009| credit bank chartered pursuant to the Consumer Credit Bank Act
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0010| even though the consumer credit bank has not been in continuous
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0011| operation under an active charter for a period of at least five
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0012| years.
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0013| Section 7. [NEW MATERIAL] PROCEDURES RELATING TO
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0014| APPLICATIONS.--
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0015| A. The director shall approve or disapprove an
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0016| application for acquisition pursuant to the Interstate Bank
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0017| Acquisition Act within ninety days after receipt of a completed
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0018| application unless the director requests additional information
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0019| from the applicant following receipt of a completed application
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0020| in which case the time limit for decision by the director is the
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0021| later of:
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0022| (1) the date set forth in this subsection; or
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0023| (2) thirty days after the director's receipt of
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0024| the requested additional information.
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0025| B. The director may hold a public hearing in
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0001| connection with an application if a significant issue of law or
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0002| fact has been raised with respect to the proposed acquisition.
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0003| C. If the director holds a public hearing in
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0004| connection with an application, the time limit specified in
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0005| Subsection A of this section shall be extended to thirty days
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0006| after the conclusion of the public hearing.
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0007| D. An application is deemed approved if the director
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0008| takes no action on the application within the time limits
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0009| specified in this section.
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0010| Section 8. [NEW MATERIAL] REPORTS--EXAMINATIONS.--
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0011| A. To the extent specified by the director by
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0012| regulation, order or written request, each bank holding company
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0013| that directly or indirectly controls a New Mexico state bank or
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0014| a New Mexico bank holding company, or the home state regulator
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0015| of the company, shall submit to the director copies of each
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0016| financial report filed by the company with any bank supervisory
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0017| agency within fifteen days after the report is filed with the
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0018| agency unless the report is one the disclosure of which is
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0019| prohibited by federal or state law.
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0020| B. To the extent disclosure is permitted by state or
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0021| federal law, a bank holding company that controls a New Mexico
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0022| state bank or a New Mexico bank holding company, or the home
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0023| state regulator of the controlling bank holding company, shall
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0024| provide the director copies of any reports of examination of
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0025| that bank holding company or of the New Mexico bank holding
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0001| company.
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0002| C. The director may examine a New Mexico bank
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0003| holding company whenever the director has reason to believe that
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0004| the company is not being operated in compliance with the laws of
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0005| this state or in accordance with safe and sound banking
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0006| practices. The provisions of Section 58-1-46 NMSA 1978 shall
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0007| apply to the examination.
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0008| Section 9. [NEW MATERIAL] AGENCY ACTIVITIES.--
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0009| A. If it complies with the requirements of this
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0010| section, a New Mexico state bank may agree to act as an agent
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0011| for any affiliated bank depository institution to receive
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0012| deposits, renew time deposits, close loans, service loans,
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0013| receive payments on loans and other obligations and perform
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0014| other services for which it has received the prior approval of
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0015| the director.
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0016| B. A New Mexico state bank that proposes to enter
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0017| into an agency agreement pursuant to this section shall file
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0018| with the director, at least thirty days before the effective
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0019| date of the agreement:
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0020| (1) a notice of intention to enter into an
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0021| agency agreement with an affiliated depository institution;
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0022| (2) a description of the services proposed to
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0023| be performed under the agency agreement; and
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0024| (3) a copy of the agency agreement.
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0025| C. If any proposed service is not specifically
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0001| designated in Subsection A of this section and has not been
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0002| approved previously in a regulation issued by the director, the
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0003| director shall decide, within thirty days after receipt of the
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0004| notice required by Subsection B of this section, whether to
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0005| approve the offering of the service. If the director requests
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0006| additional information after reviewing the notice, the time
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0007| limit for the director's decision is thirty days after receiving
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0008| the additional information. In deciding whether to approve a
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0009| proposed service, the director shall consider whether the
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0010| service would be consistent with state and federal law and the
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0011| safety and soundness of the principal and agent institutions.
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0012| The New Mexico state bank shall give appropriate notice to the
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0013| public of each approval.
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0014| D. Any proposed service offered pursuant to
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0015| Subsection C of this section is deemed approved if the director
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0016| takes no action after receiving the notice required by
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0017| Subsection B of this section within the time limits specified in
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0018| Subsection C of this section.
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0019| E. A New Mexico state bank may not pursuant to an
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0020| agency agreement:
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0021| (1) conduct any activity as an agent that it
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0022| would be prohibited from conducting as a principal under
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0023| applicable state or federal law; or
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0024| (2) have an agent conduct any activity that the
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0025| bank as principal would be prohibited from conducting under
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0001| applicable state or federal law.
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0002| F. The director may order a New Mexico state bank or
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0003| any other depository institution that is subject to the
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0004| director's enforcement powers to cease acting as an agent or
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0005| principal under an agency agreement with an affiliated
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0006| depository institution if the director finds the provisions of
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0007| the agency agreement or the actions of the parties pursuant to
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0008| it to be inconsistent with safe and sound banking practices.
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0009| G. A New Mexico state bank acting as an agent for an
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0010| affiliated depository institution in accordance with this
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0011| section is not a branch bank of that institution. Section 10. [NEW MATERIAL] AUTHORITY TO ISSUE
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0012| REGULATIONS--COOPERATIVE AGREEMENTS--FEES.--To carry out the
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0013| purposes of the Interstate Bank Acquisition Act, the director
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0014| may:
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0015| A. adopt regulations;
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0016| B. enter into cooperative, coordinating or
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0017| information-sharing agreements with a bank supervisory agency or
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0018| an organization affiliated with or representing a bank
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0019| supervisory agency;
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0020| C. accept a report of examination or investigation
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0021| by a bank supervisory agency having concurrent jurisdiction over
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0022| a New Mexico state bank or a bank holding company that controls
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0023| a New Mexico state bank in lieu of conducting an examination or
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0024| investigation of the bank or bank holding company;
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0025| D. enter into a sole source contract pursuant to
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0001| Section 13-1-126 NMSA 1978 with a bank supervisory agency having
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0002| concurrent jurisdiction over a New Mexico state bank or a bank
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0003| holding company that controls a New Mexico state bank to engage
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0004| the services of that agency's examiners at a reasonable rate of
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0005| compensation, or to provide the services of the director's
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0006| examiners to that agency at a reasonable rate of compensation;
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0007| E. conduct joint examinations or joint enforcement
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0008| actions with a bank supervisory agency having concurrent
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0009| jurisdiction over a New Mexico state bank or a bank holding
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0010| company that controls a New Mexico state bank, but if the
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0011| examination or enforcement action involves an out-of-state bank
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0012| holding company, the director shall recognize the exclusive
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0013| authority of the home state regulator over corporate governance
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0014| matters and the primary responsibility of the home state
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0015| regulator with respect to safety and soundness matters;
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0016| F. conduct examinations and enforcement actions of a
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0017| New Mexico state bank or a New Mexico bank holding company that
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0018| controls a New Mexico state bank if the director determines
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0019| that the action is necessary to carry out the director's
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0020| responsibilities pursuant to the Interstate Bank Acquisition Act
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0021| or to enforce compliance with the laws of this state; and
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0022| G. include in regulations adopted provisions for:
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0023| (1) the assessment of supervisory and
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0024| examination fees to be paid by New Mexico banks and New Mexico
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0025| bank holding companies in connection with the director's
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0001| performance of his duties; and
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0002| (2) sharing of fees assessed pursuant to
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0003| Paragraph (1) of this subsection with a bank supervisory agency
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0004| or an organization affiliated with or representing a bank
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0005| supervisory agency in accordance with an agreement between it
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0006| and the director.
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0007| Section 11. [NEW MATERIAL] ENFORCEMENT.--The director
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0008| may enforce the provisions of the Interstate Bank Acquisition
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0009| Act by an action for injunctive relief in the district court of
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0010| Santa Fe county. The director shall give notice promptly to the
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0011| home state regulator of any action commenced by the director
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0012| against an out-of-state bank holding company and, to the extent
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0013| practicable, shall consult and cooperate with that regulator in
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0014| pursuing and resolving the enforcement action.
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0015| Section 12. [NEW MATERIAL] SEVERABILITY.--If any part
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0016| or application of the Interstate Bank Acquisition Act is held
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0017| invalid or to be superseded, the remainder or its application to
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0018| other situations or persons shall not be affected.
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0019| Section 13. Section 58-26-4 NMSA 1978 (being Laws 1988,
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0020| Chapter 5, Section 4, as amended) is amended to read:
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0021| "58-26-4. INTERSTATE ACQUISITIONS PERMITTED.--Notwithstanding the provisions of Section 58-5-11 NMSA 1978
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0022| restricting interstate acquisition:
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0023| A. interstate acquisitions of domestic depository
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0024| institutions that are savings institutions or domestic holding
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0025| companies whose subsidiary depository institutions are savings
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0001| institutions are permitted by out-of-state depository
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0002| institutions and out-of-state holding companies effective
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0003| January l, l989; provided, however, until July 1, 1992, if a
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0004| domestic depository institution is to be so acquired, [such]
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0005| the acquired institution shall have been continuously operated
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0006| for at least five years, or if a domestic holding company is to
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0007| be so acquired, at least one of its subsidiary depository
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0008| institutions shall have been continuously operated for at least
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0009| five years; and
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0010| [B. interstate acquisitions of domestic depository
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institutions that are banks or domestic holding companies whose
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subsidiary depository institutions are banks are permitted by
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out-of-state depository institutions and out-of-state holding
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companies; provided, however, until July 1, 1992, if a domestic
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depository institution is to be so acquired, such acquired
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institution shall have been continuously operated for at least
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five years, or if a domestic holding company is to be so
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acquired, at least one of its subsidiary depository institutions
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shall have been continuously operated for at least five years;
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and
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C.] B. an interstate acquisition pursuant to this
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0022| section may not otherwise be contrary to law and shall not
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0023| result in undue concentration of deposits totaling forty percent
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0024| or more of the total deposits in all financial institutions in
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0025| New Mexico."
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0001| Section 14. [NEW MATERIAL] SHORT TITLE.--Sections 14
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0002| through 27 of this act may be cited as the "Interstate Bank
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0003| Branching Act".
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0004| Section 15. [NEW MATERIAL] PURPOSE.--The purpose of the
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0005| Interstate Bank Branching Act is to permit interstate bank
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0006| branching by merger pursuant to the provisions of the federal
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0007| Regle-Neal Interstate Banking and Branching Efficiency Act of
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0008| 1994, PL. 103-328. Section 16. [NEW MATERIAL] DEFINITIONS.--As used in the
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0009| Interstate Bank Branching Act:
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0010| A. "bank" means that term as defined in 12 U.S.C.A.
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0011| Section 1813(h), but "bank" does not include any "foreign bank"
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0012| as defined in 12 U.S.C.A. Section 3101(7), unless the foreign
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0013| bank is organized under the laws of a territory of the United
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0014| States, Puerto Rico, Guam, American Samoa or the Virgin Islands
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0015| and its deposits are insured by the federal deposit insurance
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0016| corporation;
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0017| B. "bank holding company" means that term as defined
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0018| in 12 U.S.C.A. Section 1841(a)(1);
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0019| C. "bank supervisory agency" means:
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0020| (1) an agency of another state with primary
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0021| responsibility for chartering and supervising banks; and
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0022| (2) the office of the comptroller of the
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0023| currency, the federal deposit insurance corporation, the board
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0024| of governors of the federal reserve system, and any successor to
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0025| these agencies;
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0001| D. "branch" means that term as defined in Subsection
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0002| C of Section 58-5-2 NMSA 1978;
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0003| E. "control" means that term as defined in 12
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0004| U.S.C.A. Section 1841(a)(2);
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0005| F. "director" means the director of the financial
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0006| institutions division of the regulation and licensing
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0007| department;
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0008| G. "home state" means:
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0009| (1) with respect to a state bank, the state in
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0010| which the bank is chartered;
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0011| (2) with respect to a national bank, the state
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0012| in which the main office of the bank is located; and
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0013| (3) with respect to a foreign bank, the state
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0014| determined to be the home state of the foreign bank pursuant to
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0015| 12 U.S.C.A. Section 3103(c);
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0016| H. "home state regulator" means the bank supervisory
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0017| agency of the state in which an out-of-state state bank is
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0018| chartered;
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0019| I. "host state" means a state, other than the home
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0020| state of a bank, in which the bank maintains, or seeks to
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0021| establish and maintain, a branch;
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0022| J. "insured depository institution" means that term
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0023| as defined in 12 U.S.C.A. Section 1813(c)(2);
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0024| K. "interstate merger transaction" means:
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0025| (1) the merger or consolidation of banks with
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0001| different home states and the conversion of branches of any bank
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0002| involved in the merger or consolidation into branches of the
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0003| resulting bank; or
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0004| (2) the purchase of all or substantially all of
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0005| the assets and branches of a bank whose home state is different
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0006| from the home state of the acquiring bank;
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0007| L. "main office" means the office declared by a
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0008| bank to its chartering bank supervisory agency to be its main
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0009| office;
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0010| M. "New Mexico bank" means a bank whose home state
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0011| is New Mexico;
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0012| N. "New Mexico state bank" means a bank chartered
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0013| under the laws of New Mexico;
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0014| O. "out-of-state bank" means a bank whose home state
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0015| is a state other than New Mexico;
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0016| P. "out-of-state state bank" means a bank chartered
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0017| under the laws of any state other than New Mexico;
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0018| Q. "resulting bank" means a bank that has resulted
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0019| from an interstate merger transaction under the Interstate Bank
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0020| Branching Act; and
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0021| R. "state" means a state of the United States, the
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0022| District of Columbia, a territory of the United States,
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0023| Puerto Rico, Guam, American Samoa, the Trust Territory of the
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0024| Pacific Islands, the Virgin Islands or the Northern Mariana
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0025| Islands.
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0001| Section 17. [NEW MATERIAL] AUTHORITY OF STATE BANKS TO
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0002| ESTABLISH INTERSTATE BRANCHES BY MERGER.--
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0003| A. If it obtains the prior approval of the director,
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0004| a New Mexico state bank may establish, maintain and operate one
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0005| or more branches in a state other than New Mexico pursuant to an
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0006| interstate merger transaction in which the New Mexico state bank
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0007| is the resulting bank.
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0008| B. Not later than the date on which the required
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0009| application for the interstate merger transaction is filed with
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0010| the responsible federal bank supervisory agency, the applicant
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0011| New Mexico state bank shall file the documents and information
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0012| required by Subsections A and B of Section 58-4-4 NMSA 1978 and
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0013| pay a fee in an amount that shall be prescribed by the director
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0014| by rule.
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0015| C. The director shall approve the interstate merger
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0016| transaction and the operation of branches outside of New Mexico
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0017| by the New Mexico state bank if he finds that:
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0018| (1) the proposed transaction will not be
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0019| detrimental to the safety and soundness of the applicant or the
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0020| resulting bank;
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0021| (2) any new officers and directors of the
|
0022| resulting bank are qualified by character, experience and
|
0023| financial responsibility to direct and manage the resulting
|
0024| bank; and
|
0025| (3) the proposed merger is consistent with the
|
0001| convenience and needs of the communities to be served by the
|
0002| resulting bank in this state and is otherwise in the public
|
0003| interest.
|
0004| D. The interstate merger transaction may be effected
|
0005| only after the applicant has received the director's written
|
0006| approval.
|
0007| Section 18. [NEW MATERIAL] INTERSTATE MERGER
|
0008| TRANSACTIONS AND BRANCHING PERMITTED.--
|
0009| A. One or more New Mexico banks may enter into an
|
0010| interstate merger transaction with one or more out-of-state
|
0011| banks pursuant to the Interstate Bank Branching Act, and an
|
0012| out-of-state bank resulting from the transaction may maintain
|
0013| and operate as branches in New Mexico the former New Mexico
|
0014| banks that participated in the transaction if the conditions and
|
0015| filing requirements of that act are met.
|
0016| B. Except as otherwise expressly provided in this
|
0017| subsection, an interstate merger transaction is not permitted
|
0018| pursuant to the Interstate Bank Branching Act if, upon effecting
|
0019| the transaction, the resulting bank, including all insured
|
0020| depository institutions that would be affiliates, as defined in
|
0021| 12 U.S.C.A. Section 1841(k), of the resulting bank, would result
|
0022| in an undue concentration of deposits totaling forty percent or
|
0023| more of the total deposits in all depository institutions in New
|
0024| Mexico. The director may by regulation adopt a procedure to
|
0025| waive the foregoing prohibition to prevent the insolvency or
|
0001| closing of a New Mexico state bank.
|
0002| C. An interstate merger transaction resulting in the
|
0003| acquisition by an out-of-state bank of a New Mexico bank is not
|
0004| permitted pursuant to the Interstate Bank Branching Act, unless
|
0005| the New Mexico bank on the date of the acquisition has been in
|
0006| continuous operation under an active charter for a period of at
|
0007| least five years.
|
0008| Section 19. [NEW MATERIAL] DE NOVO BRANCHING AND
|
0009| ACQUISITION OF INDIVIDUAL BRANCHES NOT PERMITTED.--Interstate
|
0010| branching, either de novo or by acquisition of one or more
|
0011| branches, not involving all or substantially all of the assets
|
0012| and branches of a New Mexico bank is prohibited.
|
0013| Section 20. [NEW MATERIAL] NOTICE AND FILING
|
0014| REQUIREMENTS.--An out-of-state bank that will be the resulting
|
0015| bank pursuant to an interstate merger transaction involving a
|
0016| New Mexico state bank shall notify the director of the proposed
|
0017| merger no later than the date on which it files an application
|
0018| for an interstate merger transaction with the responsible
|
0019| federal bank supervisory agency. The out-of-state bank shall
|
0020| submit a copy of that application to the director and pay a fee
|
0021| in an amount that the director shall prescribe by regulation.
|
0022| Any New Mexico state bank that is a party to the interstate
|
0023| merger transaction shall comply with all applicable state and
|
0024| federal laws.
|
0025| Section 21. [NEW MATERIAL] CONDITION FOR INTERSTATE
|
0001| MERGER PRIOR TO JUNE 1, 1997.--An interstate merger transaction
|
0002| prior to June 1, 1997 resulting in a New Mexico branch of an
|
0003| out-of-state bank shall not be consumated and any out-of-state
|
0004| bank resulting from such a merger shall not operate a branch in
|
0005| New Mexico, unless the director first:
|
0006| A. finds that the laws of the home state of each
|
0007| out-of-state bank involved in the interstate merger transaction
|
0008| permit New Mexico state banks, under substantially the same
|
0009| terms and conditions as are set forth in the Interstate Bank
|
0010| Branching Act, to acquire banks and establish and maintain
|
0011| branches in that state by means of interstate merger
|
0012| transactions;
|
0013| B. concludes that the resulting out-of-state bank
|
0014| has complied with all applicable requirements of New Mexico law
|
0015| and has agreed in writing to comply with the laws of this state
|
0016| applicable to its operation of branches in New Mexico; and
|
0017| C. certifies to the federal bank supervisory agency
|
0018| having authority to approve the interstate merger transaction
|
0019| that the conditions and requirements of the Interstate Bank
|
0020| Branching Act have been met.
|
0021| Section 22. [NEW MATERIAL] POWERS--ADDITIONAL
|
0022| BRANCHES.--
|
0023| A. An out-of-state state bank with branches in New
|
0024| Mexico authorized pursuant to the Interstate Bank Branching Act
|
0025| may conduct any activities at its branches that are authorized
|
0001| pursuant to the laws of this state for New Mexico state banks.
|
0002| B. A New Mexico state bank may conduct any
|
0003| activities at any branch outside New Mexico that are permissible
|
0004| for a bank chartered by the host state where the branch is
|
0005| located.
|
0006| C. An out-of-state bank that has acquired branches
|
0007| in New Mexico under the Interstate Bank Branching Act may
|
0008| establish or acquire additional branches in New Mexico to the
|
0009| same extent that any New Mexico bank may establish or acquire a
|
0010| branch in New Mexico pursuant to applicable federal and state
|
0011| law.
|
0012| Section 23. [NEW MATERIAL] EXAMINATIONS--PERIODIC
|
0013| REPORTS--COOPERATIVE AGREEMENTS--ASSESSMENT OF FEES.--
|
0014| A. To the extent consistent with Subsection C of
|
0015| this section, the director may make examinations of any branch
|
0016| established and maintained in this state by an out-of-state
|
0017| state bank pursuant to the Interstate Bank Branching Act as the
|
0018| director deems necessary to determine whether the branch is
|
0019| being operated in compliance with the laws of this state and in
|
0020| accordance with safe and sound banking practices. The
|
0021| provisions of Section 58-1-46 NMSA 1978 shall apply to the
|
0022| examinations.
|
0023| B. The director may prescribe requirements for
|
0024| periodic reports concerning an out-of-state bank that operates a
|
0025| branch in New Mexico pursuant to the Interstate Bank Branching
|
0001| Act. The required reports shall be provided by the bank or by
|
0002| the bank supervisory agency having primary responsibility for
|
0003| the bank. Reporting requirements prescribed by the director
|
0004| pursuant to this subsection shall be:
|
0005| (1) consistent with the reporting requirements
|
0006| applicable to New Mexico state banks; and
|
0007| (2) appropriate for the purpose of enabling the
|
0008| director to carry out his responsibilities under the Interstate
|
0009| Bank Branching Act.
|
0010| C. The director may enter into cooperative,
|
0011| coordinating and information-sharing agreements with any other
|
0012| bank supervisory agencies or any organization affiliated with or
|
0013| representing one or more bank supervisory agencies with respect
|
0014| to the periodic examination or other supervision of any branch
|
0015| in New Mexico of an out-of-state state bank, or any branch of a
|
0016| New Mexico state bank in any host state, and the director may
|
0017| accept the parties' reports of examination and reports of
|
0018| investigation in lieu of conducting his own examinations or
|
0019| investigations.
|
0020| D. The director may enter into a sole source
|
0021| contract pursuant to Section 13-1-126 NMSA 1978 with a bank
|
0022| supervisory agency having concurrent jurisdiction over a New
|
0023| Mexico state bank or an out-of-state state bank operating
|
0024| branches in this state pursuant to the Interstate Bank Branching
|
0025| Act to engage the services of the agency's examiners or to
|
0001| provide the services of the director's examiners to the agency.
|
0002| E. The director may conduct joint examinations or
|
0003| participate in joint enforcement actions with a bank supervisory
|
0004| agency having concurrent jurisdiction over any branch in New
|
0005| Mexico of an out-of-state state bank or any branch of a New
|
0006| Mexico state bank in any host state. The director may take the
|
0007| actions independently if the director deems the actions
|
0008| necessary or appropriate to carry out his responsibilities under
|
0009| the Interstate Bank Branching Act or to ensure compliance with
|
0010| the laws of this state, but, in the case of an out-of-state
|
0011| state bank, the director shall recognize the exclusive authority
|
0012| of the home state regulator over corporate governance matters
|
0013| and the primary responsibility of the home state regulator with
|
0014| respect to safety and soundness matters.
|
0015| F. An out-of-state state bank that maintains
|
0016| branches in this state may be assessed and shall pay supervisory
|
0017| and examination fees in accordance with the laws of this state
|
0018| and regulations of the director. The fees may be shared with
|
0019| other bank supervisory agencies or any organization affiliated
|
0020| with or representing one or more bank supervisory agencies in
|
0021| accordance with agreements between those entities and the
|
0022| director.
|
0023| Section 24. [NEW MATERIAL] ENFORCEMENT.--If the
|
0024| director determines that a branch maintained by an out-of-state
|
0025| state bank in this state is being operated in violation of the
|
0001| laws of this state, is not reasonably meeting the credit needs
|
0002| of the community served or is being operated in an unsafe and
|
0003| unsound manner, the director may take the same enforcement
|
0004| actions he could take if the branch were a New Mexico state
|
0005| bank. The director shall give notice promptly to the home state
|
0006| regulator of an enforcement action taken against an out-of-state
|
0007| state bank and, to the extent practicable, shall consult and
|
0008| cooperate with the home state regulator in pursuing and
|
0009| resolving the enforcement action.
|
0010| Section 25. [NEW MATERIAL] REGULATIONS.--The director
|
0011| may adopt regulations necessary or appropriate to implement the
|
0012| provisions of the Interstate Bank Branching Act.
|
0013| Section 26. [NEW MATERIAL] NOTICE OF SUBSEQUENT MERGER
|
0014| AND OTHER TRANSACTIONS.--An out-of-state state bank that has
|
0015| established and maintains a branch in this state pursuant to the
|
0016| Interstate Bank Branching Act shall give at least thirty days
|
0017| prior written notice or, in the case of an emergency
|
0018| transaction, shorter notice consistent with applicable state or
|
0019| federal law to the director of any merger, consolidation or
|
0020| other transaction that would cause a change of control with
|
0021| respect to the bank or any bank holding company that controls
|
0022| the bank if the result of the transaction would require an
|
0023| application to be filed pursuant to the federal Change in Bank
|
0024| Control Act of 1978, 12 U.S.C.A. Section 1817(j) or the federal
|
0025| Bank Holding Company Act of 1956, 12 U.S.C.A. Section 1841 et
|
0001| seq.
|
0002| Section 27. [NEW MATERIAL] SEVERABILITY.--If any part
|
0003| or application of the Interstate Bank Branching Act is held
|
0004| invalid or to be superseded, the remainder or its application to
|
0005| other situations or persons shall not be affected.
|
0006| Section 28. Section 58-16-1 NMSA 1978 (being Laws 1990,
|
0007| Chapter 123, Section 1) is amended to read:
|
0008| "58-16-1. SHORT TITLE.--[This act] Chapter 58, Article
|
0009| 16 NMSA 1978 may be cited as the "Remote Financial Service Unit
|
0010| Act"."
|
0011| Section 29. Section 58-16-3 NMSA 1978 (being Laws 1990,
|
0012| Chapter 123, Section 3, as amended) is amended to read:
|
0013| "58-16-3. DEFINITIONS.--
|
0014| A. As used in the Remote Financial Service Unit Act:
|
0015| (1) "account" means an account maintained by a
|
0016| cardholder or merchant with a financial institution, which term
|
0017| shall include demand deposit, checking, negotiable order of
|
0018| withdrawal (NOW) share, share draft or other consumer or asset
|
0019| accounts or pre-authorized credit card accounts;
|
0020| (2) "account transfer" means a transaction that
|
0021| enables movement of funds by a cardholder from one account to
|
0022| another account within the same financial institution;
|
0023| (3) "acquirer" means the intercept processor
|
0024| that acquires financial data relating to a transaction from a
|
0025| card acceptor or a merchant and puts the data into a network
|
0001| system and means "agent acquirer" unless specifically indicated
|
0002| otherwise;
|
0003| (4) "agent acquirer" means any financial
|
0004| institution acting as an authorized agent of the acquirer in
|
0005| enabling financial data relating to a POS transaction to be
|
0006| acquired by the acquirer from a card acceptor or merchant and
|
0007| means "acquirer" unless specifically indicated otherwise;
|
0008| (5) "ATM transaction" means any one or more of
|
0009| the following transactions undertaken at an automated teller
|
0010| machine (ATM):
|
0011| (a) a cash advance from an account;
|
0012| (b) a cash advance from an authorized
|
0013| line of credit;
|
0014| (c) a deposit to an account;
|
0015| (d) a balance inquiry;
|
0016| (e) an account transfer; and
|
0017| (f) a normal financial transaction for a
|
0018| cardholder involving the issuance of non-cash or cash-equivalent
|
0019| items; provided, however, that normal financial transactions at
|
0020| an ATM will expressly exclude any POS transaction;
|
0021| (6) "authorization" means the issuance of
|
0022| approval, by or on behalf of the financial institution holding
|
0023| the cardholder's account, to complete a transaction initiated or
|
0024| authorized by the cardholder;
|
0025| (7) "automated teller machine" or "ATM" means
|
0001| an unmanned device that is activated by the cardholder through a
|
0002| specially prepared card or by the transmission of a code via a
|
0003| keyboard or keyset or both and is capable of one or more of the
|
0004| following transactions:
|
0005| (a) dispensing cash to any cardholder
|
0006| from an account or against a preauthorized line of credit;
|
0007| (b) accepting deposits;
|
0008| (c) account transfers;
|
0009| (d) satisfying a balance inquiry in the
|
0010| cardholder's account or accounts; and
|
0011| (e) conducting normal financial
|
0012| transactions involving the issuance of non-cash or cash-equivalent items; provided, however, that normal financial
|
0013| transactions at an ATM will expressly exclude a transaction that
|
0014| can only be initiated and completed at a POS terminal;
|
0015| (8) "balance inquiry" means a transaction that
|
0016| permits a cardholder to obtain the current balance of the
|
0017| cardholder's account or accounts;
|
0018| (9) "card" means a plastic card or other
|
0019| instrument or any other access device issued by a financial
|
0020| institution to a cardholder that enables the cardholder to have
|
0021| access to and that processes transactions against one or more
|
0022| accounts, and the term shall be used when referring either to an
|
0023| ATM access card, a debit card or a credit card identifying a
|
0024| cardholder who has established a pre-approved credit line with
|
0025| the issuer of the credit card;
|
0001| (10) "card acceptor" means the party accepting
|
0002| the card and presenting transaction data to an acquirer;
|
0003| (11) "cardholder" means a person to whom a card
|
0004| has been issued by a financial institution or who is authorized
|
0005| to use the card;
|
0006| (12) "cash advance" means any transaction
|
0007| resulting in a cardholder receiving cash, whether initiated
|
0008| through an ATM or a POS terminal;
|
0009| (13) "chargeback" means the credit of all or a
|
0010| portion of an amount previously posted to a cardholder's
|
0011| account;
|
0012| (14) "clearing account" means an account or
|
0013| several accounts maintained for the purpose of settlement and
|
0014| payment of fees to the network manager;
|
0015| (15) "credit" means a claim for funds by the
|
0016| cardholder for the credit of the cardholder's account and
|
0017| provides details of funds acknowledged as payable by the
|
0018| acquirer or card acceptor to the issuer for credit to the
|
0019| cardholder's account;
|
0020| (16) "credit card cash advance" means a cash
|
0021| loan obtained by a cardholder against a pre-authorized line of
|
0022| credit through presentation of a card;
|
0023| (17) "data interchange" means the exchange of
|
0024| transaction data, authorization requests, transaction records or
|
0025| other data between intercept processors and acquirers and
|
0001| issuers through a shared system or network;
|
0002| (18) "debit" means a transaction initiated by a
|
0003| cardholder that results in the debit to the cardholder's
|
0004| account, through use of a card or otherwise, and results in a
|
0005| claim for funds made by the acquirer or card acceptor against
|
0006| the issuer;
|
0007| (19) "director" means the director of the
|
0008| financial institutions division of the regulation and licensing
|
0009| department;
|
0010| (20) "electronic funds transfer" or "EFT" means
|
0011| a system designed to facilitate the exchange of monetary value
|
0012| via electronic media utilizing electronic or mechanical signals
|
0013| or impulses or a combination of electronic or mechanical
|
0014| impulses and audio, radio or microwave transmissions;
|
0015| (21) "financial institution" means an insured
|
0016| state or national bank, a state or federal savings and loan
|
0017| association or savings bank, a state or federal credit union or
|
0018| authorized branches of each of the foregoing;
|
0019| (22) "in-state financial institutions" means a
|
0020| financial institution authorized to engage in and engaged in
|
0021| business in New Mexico and having its [principal and] main
|
0022| office or a staffed branch within the state;
|
0023| (23) "intercept processor" means any electronic
|
0024| data processor operating for a financial institution that passes
|
0025| transactions;
|
0001| (24) "issuer" means a financial institution
|
0002| that issues cards or accepts transactions for a card, is the
|
0003| acceptor of a transaction and is typically, but not always, the
|
0004| entity that maintains the account relationship with the
|
0005| cardholder;
|
0006| (25) "lobby or teller-line ATM" means any ATM
|
0007| located within the lobby of a financial institution or in its
|
0008| teller line, access to which is available only during regular
|
0009| banking hours;
|
0010| (26) "merchant" means a seller of goods or
|
0011| services, retailer or other person who, pursuant to an agreement
|
0012| with a financial institution, agrees to accept or causes its
|
0013| outlets to accept cards for EFT transactions when properly
|
0014| presented, is usually a card acceptor and is a seller of goods
|
0015| and services who is regularly and principally engaged in the
|
0016| business of selling, leasing or renting goods, selling or
|
0017| leasing services for any purpose or selling insurance, whether
|
0018| the business is a wholesale or retail business and whether the
|
0019| goods or services are for business, agricultural, personal,
|
0020| family or household purposes. "Merchant" includes a
|
0021| professional licensed by the state of New Mexico, but does not
|
0022| include financial institutions;
|
0023| (27) "modem" is a contraction of "modulator-demodulator" and means a functional unit that enables digital
|
0024| data to be transmitted over analog transmission facilities such
|
0025| as telephone lines, radio or microwave transmissions;
|
0001| (28) "network" means a computer-operated system
|
0002| of transmitting items and messages between ATM or POS terminals,
|
0003| intercept processor and financial institutions, and settling
|
0004| transactions between financial institutions, and includes
|
0005| without limitation, ATMs, POS terminals, all related computer
|
0006| hardware and software, modems, logos and service marks;
|
0007| (29) "network manager" means the person
|
0008| managing the business of a network;
|
0009| (30) "off-line" means not on-line;
|
0010| (31) "off-premise ATM" means ATMs installed
|
0011| away from the building or lobby of a financial institution by a
|
0012| distance of not less than five hundred feet;
|
0013| (32) "on-line" means a system in which all
|
0014| input data enters the computer at a financial institution, an
|
0015| intercept processor or the network from its point of origin and
|
0016| that is capable of transmitting information back to the point of
|
0017| origin after all input data is processed;
|
0018| (33) "on-premise ATM" means an ATM that stands
|
0019| in or immediately adjacent to the financial institution's
|
0020| building, such as in the financial institution's lobby, through
|
0021| the wall or a drive-up ATM within five hundred feet of the
|
0022| financial institution's building;
|
0023| (34) "person" means an individual, partnership,
|
0024| joint venture, corporation or other legal entity however
|
0025| organized;
|
0001| (35) "personal identification number" or "PIN"
|
0002| means a series of numbers or letters selected for or by the
|
0003| cardholder and used by the cardholder as a code or password in
|
0004| conjunction with a card to perform a transaction;
|
0005| (36) "point-of-sale or POS terminal" means an
|
0006| information processing device or machine, located upon the
|
0007| premises occupied by one or more merchants, through which
|
0008| transaction messages are initiated and electronically
|
0009| transmitted to an acquirer to effectuate a POS transaction and
|
0010| that accepts debit cards and credit cards;
|
0011| (37) "POS transaction" means any of the
|
0012| following transactions undertaken at a POS terminal:
|
0013| (a) purchases;
|
0014| (b) purchases that include cash back to
|
0015| the cardholder;
|
0016| (c) cash advances at POS terminals;
|
0017| (d) returned item transaction message
|
0018| resulting in a credit to the cardholder's account;
|
0019| (e) a credit;
|
0020| (f) an authorization;
|
0021| (g) chargebacks at POS terminals;
|
0022| (h) card verification whereby the
|
0023| validity of a card is determined at POS terminals;
|
0024| (i) balance inquiries at POS terminals;
|
0025| and
|
0001| (j) force post financial advice at POS
|
0002| terminals whereby any other transaction authorized by an issuer-approved stand-in processor requires settlement resulting in a
|
0003| debit to the cardholder's account.
|
0004| Nothing in this paragraph shall be construed to include
|
0005| credit card transactions;
|
0006| (38) "purchase" means a transaction that, if
|
0007| approved, results in a debit transaction for the payment of
|
0008| goods and services or may include cash paid to the cardholder of
|
0009| some part of the amount of the transaction;
|
0010| (39) "receipt" means a hard-copy description of
|
0011| a transaction:
|
0012| (a) for the purposes of the Remote
|
0013| Financial Service Unit Act, if the transaction is an ATM
|
0014| transaction, the receipt shall contain, at a minimum: 1) the
|
0015| date of the ATM transaction; 2) the amount of the ATM
|
0016| transaction, if any; 3) the account number; 4) the type of
|
0017| account accessed; 5) the location of the ATM used in the ATM
|
0018| transaction; 6) the identity of any party or account to which
|
0019| funds are transferred; and 7) the type of ATM transaction
|
0020| completed; and
|
0021| (b) for the purposes of the Remote
|
0022| Financial Service Unit Act, if the transaction is a POS
|
0023| transaction, the receipt shall contain, at a minimum: 1) the
|
0024| date of the POS transaction; 2) the amount of the POS
|
0025| transaction, if any; 3) the account number; 4) the type of
|
0001| account accessed; 5) the merchant's name and location; and
|
0002| 6) the type of POS transaction completed;
|
0003| (40) "remote financial service unit" means a
|
0004| POS terminal or an ATM;
|
0005| [(40)] (41) "returned item transaction
|
0006| message" means a credit message generated by the acquirer or by
|
0007| the merchant that returns the value of the returned item to the
|
0008| cardholder's account;
|
0009| [(41) "remote financial service unit" means a
|
POS terminal or an ATM]
|
0011| (42) "settlement" means the process by which
|
0012| funds are transferred between financial institutions, intercept
|
0013| processors or networks in the flow of a transaction or in the
|
0014| payment of fees associated with the transaction;
|
0015| (43) "shared ATM or POS terminals" means ATM or
|
0016| POS terminals that are shared among financial institutions by
|
0017| formal agreement for the purposes of cardholder convenience,
|
0018| reduction of capital investment and marketing advantage;
|
0019| (44) "single subscriber terminal" means any
|
0020| terminal or set of terminals used to connect a single customer
|
0021| of a financial institution to its financial institution through
|
0022| which EFT messages are sent and completed, other than
|
0023| transactions;
|
0024| (45) "switch" means a routing mechanism and any
|
0025| device attached thereto that is necessary for the processing of
|
0001| a transaction used to communicate information and transactions
|
0002| among participating financial institutions or their intercept
|
0003| processors in a shared system or network;
|
0004| (46) "transaction" means a collection of
|
0005| electronic messages concluded by:
|
0006| (a) a debit to or a credit from an
|
0007| account;
|
0008| (b) a balance inquiry;
|
0009| (c) the consummation of a normal
|
0010| financial transaction; or
|
0011| (d) a rejected attempt of any one of
|
0012| those matters provided in Subparagraphs (a) through (c) of this
|
0013| paragraph;
|
0014| (47) "unauthorized use of the card of another"
|
0015| means the utilization of the card in or through a remote
|
0016| financial service unit to affect the balance of or obtain
|
0017| information concerning the account of the cardholder by a person
|
0018| other than the cardholder, which person does not have the
|
0019| permission of the cardholder for such use; and
|
0020| (48) "unauthorized withdrawal from the account
|
0021| of another" means the debiting of or removal of funds from a
|
0022| cardholder's account, accomplished by means of the utilization
|
0023| of a remote financial service unit by a person other than the
|
0024| cardholder, which person does not have actual, implied or
|
0025| apparent authority for the debiting or removal and from which
|
0001| debiting or removal the cardholder receives no benefit.
|
0002| B.
|
0003| (1) Any of the information provided pursuant to
|
0004| Subparagraphs (a) and (b) of Paragraph (39) of Subsection A of
|
0005| this section may be provided using codes, numbers or other
|
0006| uniform explanations so long as they are explained elsewhere on
|
0007| the receipt.
|
0008| (2) No receipt shall be required in any
|
0009| transaction involving a negotiable instrument that will itself
|
0010| become a receipt.
|
0011| C. Any term used in the Remote Financial Service
|
0012| Unit Act but not specifically defined shall have the meaning
|
0013| given to that term by the Uniform Commercial Code."
|
0014| Section 30. Section 58-16-11 NMSA 1978 (being Laws 1990,
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0015| Chapter 123, Section 11, as amended) is amended to read:
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0016| "58-16-11. [INTERCOUNTY] RESTRICTIONS ON OWNING,
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0017| LEASING AND OPERATING.--
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0018| A. Notwithstanding any provision to the contrary in
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0019| the Remote Financial Service Unit Act, no ATM shall be owned or
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0020| leased by a person other than an in-state financial institution
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0021| [having its main office, a manned branch office or any other
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authorized branch in the county in which the ATM is located].
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0023| B. Notwithstanding any provision to the contrary in
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0024| the Remote Financial Service Unit Act, no POS terminal shall be
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0025| operated by any person other than a merchant or an in-state
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0001| financial institution.
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0002| [C. Notwithstanding the provisions of Subsection A
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of this section, an off-premises ATM may be owned and operated
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by an in-state financial institution not having its main office,
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a manned branch office or any authorized branch in the county in
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which the ATM is located if:
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(1) the financial institutions located in the
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county do not provide off-premises ATM service; and
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(2) the director approves the application of
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the in-state financial institutions to install and operate an
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off-premises ATM in the county.]"
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0012| Section 31. EFFECTIVE DATE.--The effective date of the
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0013| provisions of this act is June 1, 1996.
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0014| State of New Mexico
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0015| House of Representatives
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0016|
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0017| FORTY-SECOND LEGISLATURE
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0018| SECOND SESSION, 1996
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0019|
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0020|
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0021| January 25, 1996
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0022|
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0023|
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0024| Mr. Speaker:
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0025|
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0001| Your BUSINESS AND INDUSTRY COMMITTEE, to whom has
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0002| been referred
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0003|
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0004| HOUSE BILL 38
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0005|
|
0006| has had it under consideration and reports same with
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0007| recommendation that it DO PASS.
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0008|
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0009| Respectfully submitted,
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0010|
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0011|
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0012|
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0013|
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0014| Fred Luna, Chairman
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0015|
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0016|
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0017| Adopted Not Adopted
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0018|
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0019| (Chief Clerk) (Chief Clerk)
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0020|
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0021| Date
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0022|
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0023| The roll call vote was 9 For 0 Against
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0024| Yes: 9
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0025| Excused: Hobbs, Olguin, Varela
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0001| Absent: None
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0002|
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0003|
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0004|
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0005| H0038BI1
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0006|
|
0007| FORTY-SECOND LEGISLATURE
|
0008| SECOND SESSION, 1996
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0009|
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0010|
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0011| February 6, 1996
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0012|
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0013| Mr. President:
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0014|
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0015| Your CORPORATIONS & TRANSPORTATION COMMITTEE, to
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0016| whom has been referred
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0017|
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0018| HOUSE BILL 38
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0019|
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0020| has had it under consideration and reports same with
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0021| recommendation that it DO PASS.
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0022|
|
0023| Respectfully submitted,
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0024|
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0025|
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0001|
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0002| __________________________________
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0003| Roman M. Maes, III, Chairman
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0004|
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0005|
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0006|
|
0007| Adopted_______________________ Not Adopted_______________________
|
0008| (Chief Clerk) (Chief Clerk)
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0009|
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0010|
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0011|
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0012| Date ________________________
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0013|
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0014|
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0015| The roll call vote was 5 For 1 Against
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0016| Yes: 5
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0017| No: Rawson
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0018| Excused: Maloof, Robinson, Riley
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0019| Absent: None
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0020|
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0021|
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0022| H0038CT1
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0023|
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