Section 58-26-1 – Short title.

This act [58-26-1 to 58-26-8 NMSA 1978] may be cited as the “Interstate Depository Institutions Act”. History: Laws 1988, ch. 5, § 1.

Section 58-26-2 – Purpose of act.

The purpose of the Interstate Depository Institutions Act is to attract capital to New Mexico through interstate acquisitions and mergers of financial institutions to enhance economic development for the benefit of all New Mexicans. At the same time, the legislature encourages any such mergers or acquisitions to provide for local management discretion so that consumers […]

Section 58-26-3 – Definitions.

As used in the Interstate Depository Institutions Act: A. “bank” means: (1) an insured bank as defined in Section 3(h) of the Federal Deposit Insurance Act; or (2) any institution that is eligible to make application to become an insured bank pursuant to Section 5 of the Federal Deposit Insurance Act excepting and excluding an […]

Section 58-26-4 – Interstate acquisitions permitted.

Notwithstanding the provisions of Section 58-5-11 NMSA 1978 restricting interstate acquisition: A. interstate acquisitions of domestic depository institutions that are savings institutions or domestic holding companies whose subsidiary depository institutions are savings institutions are permitted by out-of-state depository institutions and out-of-state holding companies effective January 1, 1989; provided, however, until July 1, 1992, if a […]

Section 58-26-5 – Interstate acquisitions; notice.

At least ninety days prior to any interstate acquisition permitted by the Interstate Depository Institutions Act, the out-of-state depository institution or out-of-state holding company seeking to make an interstate acquisition shall file a notice of intent to make an interstate acquisition with the director. The director shall promulgate the form for such notice. Unless the […]

Section 58-26-6 – Formation of new depository institutions.

Until July 1, 1992, no out-of-state depository institution or out-of-state holding company may form a new depository institution in New Mexico. After July 1, 1992, an out-of-state depository institution or out-of-state holding company may form a new depository institution in New Mexico, provided that the new depository institution has a minimum capital stock structure of […]

Section 58-26-7 – Regulation.

Nothing contained in the Interstate Depository Institutions Act shall be construed to alter, amend or otherwise affect the powers and duties of the director as established by law. History: Laws 1988, ch. 5, § 7.

Section 58-26-8 – Existing law.

Nothing in the Interstate Depository Institutions Act shall be construed to modify or repeal the financial institution branching laws of this state or the provisions of Section 58-5-11 NMSA 1978. History: Laws 1988, ch. 5, § 8.