Section 58-10-50 – Powers and privileges of association.
Notwithstanding any other provision of the Savings and Loan Act, every company, association or corporation licensed under the provisions of the savings and loan laws of this state whose accounts are insured by the federal savings and loan insurance corporation or its successor, and which is a member of a federal home loan bank or […]
Section 58-10-51 – Limitation on savings accounts.
There is no limit on the number and value of savings accounts an association may accept unless limits are fixed by its board of directors or by Section 67 [58-10-68 NMSA 1978] of the Savings and Loan Act. Any association may refuse to accept deposits as it deems advisable. History: 1953 Comp., § 48-15-95, enacted […]
Section 58-10-52 – Uninsured accounts; notice.
Within thirty days following the effective date of this section, each savings and loan association subject to the provisions of the Savings and Loan Act, including specifically those associations established or approved prior to the effective date of the Savings and Loan Act, whose accounts are not insured with the federal savings and loan insurance […]
Section 58-10-53 – Insurance of accounts; failure to obtain or maintain.
A. Any association subject to the provisions of the Savings and Loan Act, including specifically those associations established or approved prior to the effective date of the Savings and Loan Act, which on January 1, 1979, has not obtained insurance of its accounts with the federal savings and loan insurance corporation, an agency of this […]
Section 58-10-38 – Participation with others in real estate loans.
A. Subject to the requirements of any regulations of the supervisor, every association may: (1) participate with other lenders in real estate loans of any type that the association could originate; (2) sell, but only without recourse, any real estate loan it holds or any participating interest therein; and (3) service any real estate loans […]
Section 58-10-54 – Who may open a savings account.
Investments in savings accounts may be made only in cash and may be made by any person in his own right or in a trust or other fiduciary capacity and by any partnership, association, corporation [or] federal entities which are authorized to open such savings accounts, subject to any limitation fixed by the board of […]
Section 58-10-39 – Requirements in lending transactions.
In no event shall an association make a loan, purchase or sell a note or lien or enter into any participation transaction authorized in the Savings and Loan Act in violation of any regulation promulgated by the supervisor, and no association shall: A. make a real estate loan [on real estate] on which is located, […]
Section 58-10-55 – Savings contracts.
Each holder of a savings account shall execute a savings contract, the form of which is subject to approval of the supervisor, setting forth any special terms and provisions applicable to the account and the conditions upon which withdrawals may be made not inconsistent with the provisions of the Savings and Loan Act. The savings […]
Section 58-10-40 – Advances to protect security.
Any association may pay taxes, assessments, supplemental abstract or title search charges, insurance premiums and other similar charges for the protection of its interests in properties securing its real estate loans, which advances may be carried on its books as an asset of the association and for which it may charge and collect interest, or […]
Section 58-10-56 – Evidence of account ownership.
As evidence of each savings account, the association shall issue to the holder of the account either an account book or a certificate. History: 1953 Comp., § 48-15-98, enacted by Laws 1967, ch. 61, § 54. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 347 to 350. Certificate […]