Section 58-11-65 – False affidavit; penalty.
Any person who makes a false statement in writing for the purpose of obtaining credit union funds is guilty of a third degree felony. History: Laws 1987, ch. 311, § 65. ANNOTATIONS Repeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this […]
Section 58-11-51 – Liability and fidelity insurance for officials and employees.
A credit union shall, unless otherwise specified by the director, purchase and maintain liability and fidelity insurance coverage on behalf of a person who is or was a board member, committee member, executive officer, employee or agent of the credit union or who is or was serving at the request of the credit union as […]
Section 58-11-52 – Group purchasing.
A credit union may enter into arrangements and joint ventures with other credit unions, organizations or financial institutions to facilitate its members’ voluntary purchase of goods, insurance and other services from third parties consistent with the purposes of the credit union, and in accordance with any applicable laws. A credit union may be compensated for […]
Section 58-11-53 – Money-type instruments.
A credit union may collect, receive and disburse money in connection with the providing of negotiable checks, money orders, travelers checks and other money-type instruments for its members and other persons within the credit union’s field of membership and in connection with the providing of services through service facilities, including automated terminal machines, and for […]
Section 58-11-54 – Retirement accounts.
A credit union may act as custodian of any form of self-directed retirement, pension, profit-sharing or deferred income accounts authorized under federal law or the laws of this state, including but not limited to individual retirement accounts, pension funds of self-employed individuals and pension funds of a company or organization whose employees or members are […]
Section 58-11-55 – Trust authority.
A credit union may accept, administer and execute trusts pursuant to prior approval by the director. History: Laws 1987, ch. 311, § 55. ANNOTATIONS Repeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
Section 58-11-46 – Liens.
A credit union shall have a lien on the membership shares, share accounts and deposit accounts and accumulated dividends and interest of a member’s individual, joint or trust account for any sum owed the credit union from that member or for any extension of credit endorsed or guaranteed by him. A credit union may refuse […]
Section 58-11-47 – Dormant accounts.
A. If there has been no activity in a share or deposit account for one year, except for the posting of dividends or interest, the credit union may impose a reasonable maintenance fee as provided in the bylaws. B. Any account presumed abandoned shall be disposed of in accordance with the Uniform Disposition of Unclaimed […]
Section 58-11-48 – Share and deposit insurance.
A. Before the organizers of a credit union submit the organizational documents to the director under Section 58-11-10 NMSA 1978, they shall apply for insurance of share accounts and deposit accounts by the national credit union administration’s share insurance fund or, alternatively, for insurance from an insuring organization approved by the director. Any membership share […]
Section 58-11-49 – Loan policies.
A. A credit union may extend credit to members for such purposes and upon such conditions as the bylaws may provide. B. The interest rates on extensions of credit shall be authorized and determined by the board of directors or any person or committee to which it has delegated that authority. C. A credit union […]