44TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 1999

RELATING TO REMOTE FINANCIAL SERVICE UNITS; PROVIDING MAXIMUM TRANSACTION FEES FOR USE OF AN AUTOMATED TELLER MACHINE.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 58-16-14.1 NMSA 1978 (being Laws 1995, Chapter 190, Section 18) is amended to read:

"58-16-14.1. TRANSACTION FEE.--

A. A financial institution may charge a reasonable foreign transaction fee, in an amount not greater than fifty cents ($0.50), for use of an automated teller machine if the fee is disclosed:

(1) on a sign posted on the automated teller machine or in clear view of the customer while viewing the machine; or

(2) electronically during the course of the transaction in a manner that permits a customer to cancel the transaction without incurring the foreign transaction fee.

B. A financial institution shall not charge a transaction fee to a cardholder with whom the institution maintains the account relationship for the use of an automated teller machine owned by the institution.

C. A financial institution may charge a reasonable transaction fee, in an amount not greater than fifty cents ($0.50), to a cardholder with whom the institution maintains the account relationship for processing the use by the cardholder of an automated teller machine owned by another institution.

[B.] D. For the purpose of this section, "foreign transaction fee" means a fee charged for the use of an automated teller machine to a noncustomer of the financial institution that owns the machine."