Section 58-1A-1 – Short title.
This act [58-1A-1 to 58-1A-8 NMSA 1978] may be cited as the “Consumer Credit Bank Act”. History: Laws 1993, ch. 11, § 1.
Section 58-1A-2 – Definitions.
As used in the Consumer Credit Bank Act: A.. “consumer credit bank” means a national bank located in the state or a bank organized pursuant to the laws of this state that has those powers and limitations provided for pursuant to the Consumer Credit Bank Act; B. “credit card” means an arrangement or loan agreement […]
Section 58-1A-3 – Organization of consumer credit bank.
With the approval of the director, a domestic bank, foreign bank, international bank or holding company may organize, own and control a consumer credit bank in accordance with the following terms and conditions: A. in connection with the application to organize or to own and control a consumer credit bank, the applicant shall pay to […]
Section 58-1A-4 – Domestic banks; exemption.
A domestic bank shall not be required to establish a consumer credit bank to issue credit cards and create credit card accounts. History: Laws 1993, ch. 11, § 4.
Section 58-1A-5 – Credit card account; terms and conditions.
A credit card account between a domestic bank or consumer credit bank and a borrower, wherever the borrower’s place of residence, shall be governed solely by the laws of New Mexico and federal law, where applicable. Unless otherwise expressly agreed in writing by the parties, a credit card account between a consumer credit bank and […]
Section 58-1A-6 – Regulation of consumer credit banks.
A. A consumer credit bank organized under the laws of New Mexico shall be subject to the supervision, regulation and examination of the director. B. The director shall adopt and promulgate rules and regulations implementing the provisions of the Consumer Credit Bank Act, including provisions for the formation and organization of a consumer credit bank. […]
Section 58-1A-7 – Supervision fees.
A. Each consumer credit bank shall annually pay to the director a supervision fee, calculated on the basis of total assets as of December 31 of the immediately previous year: Total assets (000): Assessment: Over But not This Plus Of excess over amount over (000) 0 200,000 7,500 0.0000250 100,000 200,000 500,000 10,000 0.0006667 200,000 […]
Section 58-1A-8 – Applicability.
A consumer credit bank shall be subject to the laws governing financial institutions except when the rights, powers, privileges or provisions of those laws are inconsistent with the rights, powers, privileges, provisions or limitations of the Consumer Credit Bank Act, in which case the latter shall control. History: Laws 1993, ch. 11, § 8. ANNOTATIONS […]