Chapter 58, Article 16 NMSA 1978 may be cited as the “Remote Financial Service Unit Act”. History: 1953 Comp., § 48-25-1, enacted by Laws 1977, ch. 359, § 1; 1978 Comp., § 58-16-1; repealed and reenacted by Laws 1990, ch. 123, § 1; 1996, ch. 2, § 28. ANNOTATIONS Repeals and reenactments. — Laws 1990, […]
Any financial institution desiring to utilize an off-premises ATM shall give the director written notice of its intention to do so in a form required by the director. The notice shall be delivered to the director not less than thirty days prior to the implementation of the off-premises ATM. The director may require any financial […]
ANNOTATIONS Repeals. — Laws 1990, ch. 123, § 18 repealed 58-16-10.1 NMSA 1978, as enacted by Laws 1985, ch. 231, § 6, relating to accessibility and advertising, effective May 16, 1990. For provisions of former section, see the 1989 NMSA 1978 on NMOneSource.com.
A. Notwithstanding any provision to the contrary in the Remote Financial Service Unit Act, no ATM shall be owned or leased by a person other than an in-state financial institution. B. Notwithstanding any provision to the contrary in the Remote Financial Service Unit Act, no POS terminal shall be operated by any person other than […]
A. Two or more financial institutions, separately or in combination with any other person, may establish one or more networks through which the financial institutions are interconnected for on-line data interchange. B. Membership or participation by any financial institution in one network or other proprietary or shared EFT system shall not preclude membership or participation […]
A. Every merchant having a POS terminal on its premises and every financial institution contracting for use of or operating a remote financial service unit shall adopt and maintain safeguards to insure the safety of funds of any third party in situations where deposits are accepted or cash advances or withdrawals are made and to […]
A. No card that will actuate a remote financial service unit shall be issued except in response to a request or application therefor. The prohibition does not apply to the issuance of a card in renewal of or in substitution for a card or as an adjunct to an established account. B. A cardholder shall […]
A. A financial institution may charge a reasonable foreign transaction fee 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 […]
A. A cardholder who is authorized to engage in transactions through or by means of remote financial service units may bring a civil action against a person violating the Remote Financial Service Unit Act for an amount equal to the sum of any actual damages sustained by the cardholder. Upon adverse adjudication, the defendant shall […]
A. Any person who knowingly and willfully violates any of the provisions of Section 14 [58-16-14 NMSA 1978] of the Remote Financial Service Unit Act may be found guilty of a petty misdemeanor. B. Any person who makes an unauthorized withdrawal from the account of another person with a financial institution, or who steals the […]
Single subscriber terminals shall be exempted from: A. ownership limitations otherwise imposed on off-premises ATMs; B. restricted geographic location; C. consideration as a financial institution branch office; and D. requirements for notice to the director. History: 1978 Comp., § 58-16-17, enacted by Laws 1990, ch. 123, § 17. ANNOTATIONS Repeals and reenactments. — Laws 1990, […]
ANNOTATIONS Repeals. — Laws 1990, ch. 123, § 18 repealed 58-16-18 NMSA 1978, as enacted by Laws 1983, ch. 33, § 7, relating to exemption of single subscriber terminals, effective May 16, 1990. For provisions of former section, see the 1989 NMSA 1978 on NMOneSource.com. For present comparable provisions, see 58-16-17 NMSA 1978.
The purposes of the Remote Financial Service Unit Act are: A. to provide greater convenience for the consumer by authorizing financial institutions and merchants to offer certain financial services in convenient ways and locations; B. to enable the use of remote financial service units at business locations for purposes of authorizing debit and certain credit […]
A. As used in the Remote Financial Service Unit Act: (1) “account” means an account maintained by a cardholder or merchant with a financial institution or with a state agency, which term shall include demand deposit, checking, negotiable order of withdrawal (NOW) share, share draft, public assistance benefit or other consumer or asset accounts or […]
A. Nothing in the Remote Financial Service Unit Act shall be construed as authority for any person to provide financial services in a manner not otherwise permitted or restricted by applicable law nor as authority to enlarge upon the financial services that financial institutions are permitted by applicable law to perform. B. Except as provided […]
A. Subject to the provisions of Subsection B of this section, a POS terminal may be used to perform internal business functions in addition to all functions defined as POS transactions. B. In conjunction with the performance of any POS transaction, the transfer or deposit of funds to the account of a merchant or to […]
A. An ATM may only be used to initiate and complete one or more ATM transactions. B. Any lobby or teller-line ATM and any on-premises ATM, including the associated structures, shall be owned or leased by one in-state financial institution. C. An off-premises ATM, excluding the associated structure, shall be owned or leased and operated […]
A POS terminal installed and operated pursuant to the Remote Financial Service Unit Act is not a branch office of a financial institution and shall not be construed to be a branch office of a financial institution under New Mexico law. If any court of competent jurisdiction construes a POS terminal to be installed or […]
No lobby or teller-line ATM or on-premises ATM shall be construed for any purpose to be a branch office of a financial institution under New Mexico law. History: 1953 Comp., § 48-25-8, enacted by Laws 1977, ch. 359, § 8; 1989, ch. 218, §3; repealed and reenacted by Laws 1990, ch. 123, § 8. ANNOTATIONS […]
A. An off-premises ATM is a branch office of a financial institution. Subject to the limitations contained in the Remote Financial Service Unit Act [this article], in-state financial institutions are authorized to install one or more off-premises ATMs. Before installing or operating an off-premises ATM, the in-state financial institution shall first obtain the approval of […]
