0001| HOUSE BILL 529
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| MURRAY RYAN
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0005|
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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| AN ACT
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0011| RELATING TO BANKING; CHANGING PROVISIONS IN THE BANKING ACT AND
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0012| IN THE CONSUMER CREDIT BANK ACT.
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0013|
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0014| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015| Section 1. Section 58-1-1 NMSA 1978 (being Laws 1963,
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0016| Chapter 305, Section 1) is amended to read:
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0017| "58-1-1. SHORT TITLE. [This act, and all of Articles 1
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0018| through 13 of Chapter 48, New Mexico Statutes Annotated, 1953
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0019| Compilation] Chapter 58, Articles 1, 2 through 6 and 8 NMSA
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0020| 1978 may be cited as the "Banking Act"."
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0021| Section 2. Section 58-1-21 NMSA 1978 (being Laws 1963,
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0022| Chapter 305, Section 21, as amended) is amended to read:
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0023| "58-1-21. LOANS.--
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0024| A. A state bank may lend on the security of the
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0025| personal obligation of the borrower.
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0001| B. A state bank may lend on the security of
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0002| personal property but shall not make any loan on the security
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0003| of its own stock, [of stock of a holding company of which the
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0004| bank is a part] of stock of another bank where the borrower
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0005| owns, controls or holds with the power to vote ten percent or
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0006| more of the outstanding voting securities of both [such]
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0007| that bank and the lending bank or of its obligation subor-
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0008|
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0009| dinate to deposits.
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0010| C. Any state bank may make real estate loans
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0011| secured by liens upon unimproved real estate, upon improved
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0012| real estate, including improved farmland and improved business
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0013| and residential properties, and upon real estate to be improved
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0014| by a building [or buildings] to be constructed or in the
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0015| process of construction in an amount [which] that when
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0016| added to the amount unpaid upon prior mortgages, liens and
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0017| encumbrances, if any, upon [such] the real estate does not
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0018| exceed the respective proportions of appraised value as
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0019| provided in this section. A loan secured by real estate within
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0020| the meaning of this section shall be in the form of an
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0021| obligation [or obligations] secured by a mortgage, trust deed
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0022| or other instrument, which shall constitute a lien on real
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0023| estate in fee or under such rules and regulations as may be
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0024| prescribed by the [commissioner on a leasehold under a lease
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0025| which does not expire for at least ten years beyond maturity
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0001| date of the loan] director and any state bank may purchase
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0002| or sell any obligations so secured in whole or in part. The
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0003| amount of any such loan [hereafter] made shall not exceed
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0004| sixty-six and two-thirds percent of the appraised value if
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0005| [such] the real estate is unimproved, [seventy-five]
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0006| eighty percent of the appraised value if [such] the real
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0007| estate is improved by off-site improvements such as streets,
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0008| water, sewers or other utilities, seventy-five percent of the
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0009| appraised value if [such] the real estate is in the process
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0010| of being improved by a building [or buildings] to be con-
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0011|
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0012| structed or in the process of construction or ninety percent of
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0013| the appraised value if [such] the real estate is improved
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0014| by a building [or buildings]. If any such loan exceeds
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0015| sixty-six and two-thirds percent of the appraised value of the
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0016| real estate or if the real estate is improved with a one to
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0017| four-family dwelling, installment payments shall be required
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0018| [which] that are sufficient to amortize the entire
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0019| principal of the loan within a period of not more than thirty
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0020| years. However:
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0021| (1) the limitations and restrictions set forth
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0022| in this subsection [C of this section] shall not prevent
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0023| the renewal or extension of loans heretofore made and shall not
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0024| apply to real estate loans [which] that are guaranteed or
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0025| insured by the United States or an agency thereof or by a state
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0001| or agency or instrumentality thereof; and
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0002| (2) loans [which] that are guaranteed or
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0003| insured as described in Paragraph (1) of this subsection shall
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0004| not be taken into account in determining the amount of real
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0005| estate loans [which] that a state bank may make in relation
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0006| to its capital and surplus or its time and savings deposits or
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0007| in determining the amount of real estate loans secured by other
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0008| than first liens; and where the collateral for any loan
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0009| consists partly of real estate security and partly [or] of
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0010| other security, only the amount by which the loan exceeds the
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0011| value as collateral of such other security shall be considered
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0012| a loan upon the security of real estate, and in no event shall
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0013| a loan be considered as a real estate loan where there is a
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0014| valid and binding agreement [which] that is entered into by
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0015| a financially responsible lender or other party either directly
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0016| with the bank [which] that is for the benefit of or has
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0017| been assigned to the bank and pursuant to which agreement the
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0018| lender or other party is required to advance to the bank within
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0019| sixty months from the date of the making of [such] the loan
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0020| the full amount of the loan to be made by the bank upon the
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0021| security of real estate. [Except as otherwise provided, no
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0022| such bank shall make real estate loans in an aggregate sum in
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0023| excess of the amount of the capital stock of such bank paid in
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0024| and unimpaired plus the amount of its unimpaired surplus fund,
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0025| or in excess of the amount of its time and savings deposits,
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0001| whichever is greater; provided that] The amount unpaid upon
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0002| any real estate loan secured by other than a first lien, when
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0003| added to the amount unpaid upon prior mortgages, liens and
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0004| encumbrances, shall not exceed in an aggregate sum twenty
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0005| percent of the amount of the capital stock of [such] the
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0006| bank paid in and unimpaired plus twenty percent of the amount
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0007| of its unimpaired surplus fund.
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0008| D. Any state bank may make real estate loans
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0009| secured by liens upon forest tracts [which] that are
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0010| properly managed in all respects. [Such] The loans shall be
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0011| in the form of an secured by mortgage, trust deed or other such
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0012| instrument; and any state bank may purchase or sell any
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0013| obligations so secured in whole or in part. The amount of any
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0014| such loan, when added to the amount unpaid upon prior
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0015| mortgages, liens and encumbrances, if any, shall not exceed
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0016| sixty-six and two-thirds percent of the appraised fair market
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0017| value of the growing timber, lands and improvements thereon
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0018| offered as security, and the loan shall be made upon such terms
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0019| and conditions as to assure that at no time shall the loan
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0020| balance, when added to the amount unpaid upon prior mortgages,
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0021| liens and encumbrances, if any, exceed sixty-six and two-thirds
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0022| percent of the original appraised total value of the property
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0023| then remaining. No such loan shall be made for a longer term
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0024| than three years; except that [any such] a loan may be made
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0025| for a term not longer than fifteen years if the loan is secured
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0001| by an amortized mortgage, deed of trust or other such
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0002| instrument under the terms of which the installment payments
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0003| are sufficient to amortize the principal of the loan within a
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0004| period of not more than fifteen years and at a rate of at least
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0005| six and two-thirds percent per [annum] year. All such
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0006| loans secured by liens upon forest tracts shall be included in
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0007| the permissible aggregate of all real estate loans and, when
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0008| secured by other than first liens, in the [permissable]
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0009| permissible aggregate of all real estate loans secured by
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0010| other than first liens prescribed in Paragraph (2) of
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0011| Subsection C of this section, but no state bank shall make
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0012| forest tract loans in an aggregate sum in excess of fifty
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0013| percent of its capital stock paid in and unimpaired plus fifty
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0014| percent of its unimpaired surplus fund.
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0015| E. Loans made to finance the construction of a
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0016| building [or buildings] and having maturities of not to
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0017| exceed sixty months where there is a valid and binding
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0018| agreement entered into by a financially responsible lender or
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0019| other party to advance the full amount of the bank's loan upon
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0020| completion of the building [or buildings] and loans made to
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0021| finance the construction of residential or farm buildings and
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0022| having maturities of not to exceed forty-two months may be
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0023| considered as real estate loans if the loans qualify under this
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0024| section, or such loans may be classed as commercial loans
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0025| whether or not secured by a mortgage or similar lien on the
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0001| real estate upon which the building [or buildings are] is
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0002| being constructed, at the option of each state bank that may
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0003| have an interest in [such] the loan; provided that no state
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0004| bank shall invest in or be liable on any such loans classed as
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0005| commercial loans under this subsection in an aggregate amount
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0006| in excess of one hundred percent of its actually paid-in and
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0007| unimpaired capital plus one hundred percent of its unimpaired
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0008| surplus fund.
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0009| F. Notes representing loans made under this section
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0010| to finance the construction of residential or farm buildings
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0011| and having maturities of not to exceed nine months shall be
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0012| eligible for discount as commercial paper if accompanied by a
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0013| valid and binding agreement to advance the full amount of the
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0014| loan upon the completion of the building entered into by an
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0015| individual, partnership, association or corporation acceptable
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0016| to the discounting bank.
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0017| G. Loans made to any borrower [1)] where the bank
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0018| looks for repayment by relying primarily on the borrower's
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0019| general credit standing and forecast of income, with or without
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0020| other security, or [2)] loans secured by an assignment of
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0021| rents under a lease and where [in either case described in 1)
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0022| or 2) above] the bank wishes to take a mortgage, deed of trust
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0023| or other instrument upon real estate, whether or not
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0024| constituting a first lien, as a precaution against
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0025| contingencies and loans in which the small business
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0001| administration cooperates through agreements to participate in
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0002| an immediate or deferred or guaranteed basis under the Small
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0003| Business Act shall not be considered as real estate loans
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0004| within the meaning of this section but shall be classed as
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0005| commercial loans.
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0006| H. A state bank may make loans upon the security of
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0007| real estate that do not comply with the limitations and
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0008| restrictions in this section if the total unpaid amount loaned,
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0009| exclusive of loans [which] that subsequently comply with
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0010| [such] those limitations and restrictions, does not exceed
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0011| five percent of the amount that a state bank may invest in real
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0012| estate loans. The total unpaid amount so loaned shall be in-
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0013|
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0014| cluded in the aggregate sum that [such] the bank may invest
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0015| in real estate loans.
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0016| I. Loans made pursuant to this section shall be
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0017| subject to such conditions and limitations as the
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0018| [commissioner] director may prescribe by rule or
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0019| regulation."
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0020| Section 3. Section 58-1-22 NMSA 1978 (being Laws 1963,
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0021| Chapter 305, Section 22, as amended) is amended to read:
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0022| "58-1-22. INVESTMENTS.--
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0023| A. In addition to other investments expressly
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0024| authorized by the Banking Act, a state bank may:
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0025| (1) purchase or discount obligations [which]
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0001| that satisfy the requirements of the Banking Act for loans;
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0002| (2) purchase or discount obligations of the
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0003| United States or a state of the United States or bonds or
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0004| debentures issued pursuant to the Federal Farm Loan Act, as
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0005| amended, and the Farm Credit Act of 1933, as amended;
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0006| (3) purchase or discount obligations in
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0007| amounts not to exceed ten percent of its capital and surplus
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0008| for each of the following: the inter-American development
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0009| bank, the African development bank, the Asian development bank
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0010| and the international bank for reconstruction and
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0011| redevelopment;
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0012| (4) purchase or discount obligations of a
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0013| territory of the United States, a subdivision or
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0014| instrumentality of a state or territory of the United States or
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0015| an authority organized under either state law, an interstate
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0016| compact or by substantially identical legislation adopted by
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0017| two or more states;
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0018| (5) purchase or discount obligations of a
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0019| corporation chartered by the United States or a state thereof
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0020| doing business in the United States [which] that are
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0021| approved by the director for investment;
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0022| (6) invest in industrial revenue bonds issued
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0023| by the state or any of its political subdivisions up to twenty
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0024| percent of its capital and surplus for any one issue, with a
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0025| total in all such issues not to exceed fifty percent of its
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0001| capital and surplus;
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0002| (7) invest an amount not exceeding twenty
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0003| percent of its capital and surplus in any one issue for revenue
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0004| obligations issued to provide, enlarge or improve electric
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0005| power, gas, water, sewer facilities and other public facilities
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0006| by any city or town located in the state; and
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0007| (8) invest in any obligation in which a
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0008| national bank is authorized to invest at the time of making the
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0009| investment, notwithstanding any provisions to the contrary in
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0010| the Banking Act.
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0011| B. A state bank authorized to exercise trust powers
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0012| may invest an amount not exceeding ten percent of its capital
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0013| in the stock of a corporation owned entirely by banks and
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0014| exclusively engaged in a trust company business and maintaining
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0015| its offices on the premises used by the bank or another bank
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0016| also owning part of its capital stock or adjacent to the
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0017| premises of any bank owning part of its stock.
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0018| C. A state bank may invest an amount not exceeding
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0019| twenty-five percent of its capital and surplus in the stock and
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0020| obligations of a corporation owning the premises occupied by
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0021| the bank for the transaction of its business.
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0022| D. A state bank may purchase or sell without
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0023| recourse against it any security upon the order of a customer
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0024| and for his account.
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0025| E. A state bank may invest an amount approved by
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0001| the director in the stock of a corporation owned entirely by
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0002| banks and engaged in providing record-keeping services using
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0003| electronic or other similar machines.
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0004| F. A state bank may make an investment or conduct
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0005| an activity the director determines is a part of or is
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0006| incidental to the business of banking notwithstanding any
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0007| provision to the contrary in the Banking Act."
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0008| Section 4. Section 58-1-41 NMSA 1978 (being Laws 1985,
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0009| Chapter 30, Section 1, as amended) is amended to read:
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0010| "58-1-41. SUPERVISION FEES.--
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0011| A. Each state bank shall annually pay to the
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0012| director a supervision fee. The amount of the supervision fee
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0013| paid by each state bank is computed as follows, based upon
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0014| assets as of December 31:
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0015| If the bank's total assets are-- The assessment is--
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0016| Over- But not over- This amount- Plus- Of excess over-
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0017| (Thousand) (Thousand)
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0018| (Thousand)
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0019| - 0 - 30,000 - 0 - .000210 -
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0020| 0 -
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0021| 30,000 60,000 6,300 .000182 30,000
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0022| 60,000 100,000 11,745 .000168 60,000
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0023| 100,000 150,000 18,465 .000158 100,000
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0024| 150,000 200,000 26,340 .000147 150,000
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0025| 200,000 33,690 .000143 200,000.
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0001| B. The fee shall be paid on or before the March 1
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0002| following the asset computation. For failure to pay the
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0003| supervision fee when due, unless excused for cause by the
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0004| director, the bank shall pay to the [financial institutions]
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0005| division one hundred dollars ($100) for every day of its
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0006| delinquency.
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0007| C. The director may proscribe lower supervision
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0008| fees by regulation. In determining the amounts of the lower
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0009| fees, the director may use criteria other than total assets of
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0010| banks."
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0011| Section 5. Section 58-1-52 NMSA 1978 (being Laws 1963,
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0012| Chapter 305, Section 41) is amended to read:
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0013| "58-1-52. INCORPORATORS.--A state bank may be organized
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0014| by five or more individual incorporators or a bank holding
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0015| company subject to the requirements of the Banking Act. A
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0016| majority of the incorporators shall be residents of the state.
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0017| Each incorporator shall subscribe and pay in full in cash for
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0018| stock having a value of not less than one percent of the
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0019| authorized capital structure."
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0020| Section 6. Section 58-1-54 NMSA 1978 (being Laws 1973,
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0021| Chapter 130, Section 1) is amended to read:
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0022| "58-1-54. POWERS OF [COMMISSIONER OF BANKING]
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0023| DIRECTOR AND OF STATE BANKS.--In addition to other powers
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0024| provided for the [commissioner of banking] director and for
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0025| state banks in the Banking Act and notwithstanding anything to
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0001| the contrary in that act, the [commissioner of banking]
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0002| director may [adopt such rules and regulations as he deems
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0003| necessary and proper, granting] grant to state banks any of
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0004| the powers and authority that national banks are or may
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0005| [hereafter] be authorized, empowered, permitted or otherwise
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0006| allowed to exercise [under federal statutes, rules or
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0007| regulations]."
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0008| Section 7. Section 58-1-76 NMSA 1978 (being Laws 1963,
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0009| Chapter 305, Section 64) is amended to read:
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0010| "58-1-76. UNAUTHORIZED CONDUCT OF BANKING BUSINESS.--It
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0011| is unlawful for any unauthorized person to engage in the
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0012| business of [receiving] holding deposits [discounting
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0013| evidences of indebtedness or receiving money for transmission]
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0014| or to represent that he is or is acting for a bank or to use
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0015| an artificial or corporate name [which] that purports to be
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0016| or suggests that it is the name of a bank."
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0017| Section 8. Section 58-1A-3 NMSA 1978 (being Laws 1993,
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0018| Chapter 11, Section 3, as amended) is amended to read:
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0019| "58-1A-3. ORGANIZATION OF CONSUMER CREDIT BANK.--With the
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0020| approval of the director, a domestic bank, foreign bank,
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0021| international bank or holding company may organize, own and
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0022| control a consumer credit bank in accordance with the following
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0023| terms and conditions:
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0024| A. in connection with the application to organize
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0025| or to own and control a consumer credit bank, the applicant
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0001| shall pay to the director a filing fee of six thousand dollars
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0002| ($6,000) and a nonrefundable investigation fee of one thousand
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0003| dollars ($1,000);
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0004| B. the shares of a consumer credit bank shall be
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0005| owned solely by a domestic bank, foreign bank, international
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0006| bank or holding company;
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0007| C. a consumer credit bank shall accept deposits
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0008| only at a single location in this state;
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0009| D. a consumer credit bank shall maintain capital
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0010| stock and paid-in surplus of not less than [four million
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0011| dollars ($4,000,000)] two million dollars ($2,000,000);
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0012| E. a consumer credit bank may engage in the
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0013| business of soliciting, processing and making loans pursuant to
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0014| credit card accounts and conducting other necessarily
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0015| incidental activities, including the taking of a security
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0016| interest in any property to secure a loan;
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0017| F. a consumer credit bank may accept deposits only
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0018| of one hundred thousand dollars ($100,000) or more and only
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0019| from affiliates of the consumer credit bank or from persons
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0020| having their principal place of business or residence outside
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0021| New Mexico; but the limitation provided pursuant to this
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0022| subsection shall not apply to deposits made for the purpose of
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0023| security taken pursuant to Subsection E of this section;
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0024| G. a consumer credit bank shall, prior to
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0025| commencing business, obtain and thereafter maintain insurance
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0001| of its deposits by the federal deposit insurance corporation;
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0002| H. a consumer credit bank may not engage in the
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0003| business of making commercial loans, but may issue credit cards
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0004| and create credit card accounts for commercial customers;
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0005| [I. a consumer credit bank shall have no less than
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0006| twenty-five employees located in this state engaged in credit
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0007| card activities on or before the first anniversary of its
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0008| commencement of operations;
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0009| J.] I. a consumer credit bank shall provide the
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0010| following services in this state:
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0011| (1) the initial distribution of credit cards
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0012| or other devices, or both, designed and effective to access
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0013| credit card accounts;
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0014| (2) the preparation of periodic statements of
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0015| amounts due under credit card accounts; and
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0016| (3) the maintenance of financial records
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0017| reflecting the status of credit card accounts from time to
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0018| time; and
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0019| [K.] J. the affairs of a consumer credit bank
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0020| shall be managed by a board of directors that shall exercise
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0021| the consumer credit bank's powers and be responsible for the
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0022| discharge of the consumer credit bank's duties. The number
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0023| of directors, which shall not be [less] fewer than three
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0024| [and not] or more than twenty-five, shall be fixed by the
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0025| bylaws. At least three-fourths of the directors shall be
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0001| United States citizens."
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0002| Section 9. EFFECTIVE DATE.--The effective date of the
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0003| provisions of this act is July 1, 1997.
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0004| State of New Mexico
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0005| House of Representatives
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0006|
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0007| FORTY-THIRD LEGISLATURE
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0008| FIRST SESSION, 1997
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0009|
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0010|
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0011| February 25, 1997
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0012|
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0013|
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0014| Mr. Speaker:
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0015|
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0016| Your BUSINESS AND INDUSTRY COMMITTEE, to whom
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0017| has been referred
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0018|
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0019| HOUSE BILL 529
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0020|
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0021| has had it under consideration and reports same with
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0022| recommendation that it DO PASS, amended as follows:
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0023|
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0024| 1. On page 12, between lines 16 and 17, insert the
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0025| following new section:
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0001|
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0002| "Section 7. Section 58-1-65 NMSA 1978 (being Laws 1963,
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0003| Chapter 305, Section 53, as amended) is amended to read:
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0004|
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0005| "58-1-65. DIRECTORS AND OFFICERS.--
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0006|
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0007| A. The affairs of a state bank shall be managed by a
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0008| board of directors, which shall exercise its powers and be
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0009| responsible for the discharge of its duties. The number of
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0010| directors, not less than three and not more than twenty-five,
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0011| shall be fixed by the bylaws and the number so fixed shall be the
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0012| board, regardless of vacancies. At least three-fourths of the
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0013| directors shall be citizens of the United States and two-thirds
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0014| shall be residents of the state. [Each director shall have full
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0015| record and beneficial ownership free of lien or encumbrance on
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0016| common stock of the bank, or, when a bank is controlled by a bank
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0017| holding company, either ownership of the common stock of the bank
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0018| or ownership in a similar manner of shares of common stock of the
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0019| bank holding company, of the book value of at least one thousand
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0020| dollars ($1,000).] Any director who becomes disqualified shall
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0021| forthwith resign his office, but, upon removal of the
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0022| disqualification, he shall be eligible for election. A director
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0023| who is disqualified may be removed by the board [of directors]
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0024| or by the director of the division. No action taken by a
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0025| director prior to the resignation or removal shall be subject to
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0001| attack on the ground of his disqualification.
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0002|
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0003| B. Directors shall receive such reasonable
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0004| compensation as the bylaws may prescribe and shall serve until
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0005| their successors are elected and qualify.
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0006|
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0007| C. Directors shall be elected by the stockholders at
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0008| the first meeting and thereafter at the annual meeting or at a
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0009| special meeting called for that purpose. If the articles of
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0010| incorporation provide for cumulative voting, the votes of each
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0011| share may be cast for one person or divided among two or more as
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0012| the stockholder may choose. The person or persons, according to
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0013| the number of directors to be elected, having the largest number
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0014| of votes shall be elected.
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0015|
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0016| D. The term of office of directors shall be one year
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0017| or, if the bylaws so provide, three years, in which case one-
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0018| third of the directors, or as near to one-third as possible,
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0019| shall be elected for each year following the first election of
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0020| directors. Vacancies at any one time, to the number of one-third
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0021| of the board, may be filled by vote of the board [of directors]
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0022| until the next meeting of the stockholders. The director of the
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0023| division may designate a director to fill a vacancy that has
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0024| continued for longer than three months, and a director so
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0025| designated shall serve until a successor is elected and has
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0001| qualified.
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0002|
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0003| E. A director may be removed by the stockholders at a
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0004| meeting. Where cumulative voting for directors is provided in
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0005| the articles of incorporation, no director shall be removed
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0006| unless the votes cast against a motion for his removal are less
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0007| than the total number of shares outstanding divided by the number
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0008| of authorized directors, but all of the directors shall be
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0009| removed if a majority of the outstanding shares approves a motion
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0010| for the removal of all.
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0011|
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0012| F. The officers designated by the bylaws shall be
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0013| elected by the board [of directors]. A member of the board
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0014| [of directors] shall be elected president. Officers shall be
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0015| elected or a contract executed for their employment in accordance
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0016| with the bylaws of the bank. An officer may be removed by the
|
0017| board [of directors] at any time, but removal shall not
|
0018| prejudice any rights that he may have to damages for breach of
|
0019| contract of employment.
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0020|
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0021| G. A bank shall report promptly to the director of
|
0022| the division any changes among executive officers and directors,
|
0023| including in its report a statement of the business and
|
0024| professional affiliations of new executive officers and
|
0025| directors."".
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0001|
|
0002| 2. Renumber the succeeding sections accordingly.,
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0003|
|
0004| and thence referred to the APPROPRIATIONS AND FINANCE
|
0005| COMMITTEE.
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0006|
|
0007| Respectfully submitted,
|
0008|
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0009|
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0010|
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0011|
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0012|
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0013| Fred Luna, Chairman
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0014|
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0015|
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0016| Adopted Not Adopted
|
0017|
|
0018| (Chief Clerk) (Chief Clerk)
|
0019|
|
0020| Date
|
0021|
|
0022| The roll call vote was 9 For 0 Against
|
0023| Yes: 9
|
0024| Excused: Hobbs, Olguin, J.G. Taylor
|
0025| Absent: Getty
|
0001|
|
0002|
|
0003| .117686.1
|
0004| G:\BILLTEXT\BILLW_97\H0529
|
0005|
|
0006| FORTY-THIRD LEGISLATURE
|
0007| FIRST SESSION, 1997
|
0008|
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0009|
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0010| March 12, 1997
|
0011|
|
0012| Mr. President:
|
0013|
|
0014| Your CORPORATIONS & TRANSPORTATION COMMITTEE, to
|
0015| whom has been referred
|
0016|
|
0017| HOUSE BILL 529, as amended
|
0018|
|
0019| has had it under consideration and reports same with
|
0020| recommendation that it DO PASS.
|
0021|
|
0022| Respectfully submitted,
|
0023|
|
0024|
|
0025|
|
0001|
|
0002| __________________________________
|
0003| Roman M. Maes, III, Chairman
|
0004|
|
0005|
|
0006|
|
0007| Adopted_______________________ Not
|
0008| Adopted_______________________
|
0009| (Chief Clerk) (Chief Clerk)
|
0010|
|
0011|
|
0012|
|
0013| Date ________________________
|
0014|
|
0015|
|
0016| The roll call vote was 7 For 0 Against
|
0017| Yes: 7
|
0018| No: 0
|
0019| Excused: Fidel, Griego, Howes
|
0020| Absent: None
|
0021|
|
0022|
|
0023| H0529CT1
|