Chapter 58, Article 9 NMSA 1978 may be cited as the “Trust Company Act”. History: 1953 Comp., § 48-24-1, enacted by Laws 1973, ch. 191, § 1; 2013, ch. 88, § 1; 2013, ch. 97, § 1. ANNOTATIONS Cross references. — For the Banking Act, see 58-1-1 NMSA 1978. For fiduciaries, see Chapter 46 NMSA […]
A. If it appears to the director that the capital of a trust company is either reduced or impaired below the minimum capital requirements set forth in Section 58-9-6 NMSA 1978, except for nonprofit corporations, the director shall order the company to make good any deficit within sixty days of the date of the order […]
A. Whenever any corporation desires to discontinue doing a trust business and surrenders its certificate or if its certificate is suspended or revoked, the company shall continue to be subject to the Trust Company Act for so long as it acts as a fiduciary with respect to any trust business previously undertaken. B. A trust […]
A. It is unlawful for any corporation to carry on or conduct a trust company business or to advertise or hold itself out as being engaged in or doing a trust company business or to use in connection with its business the words “trust company” or words of similar import without first having complied with […]
History: 1953 Comp., § 48-24-13, enacted by Laws 1973, ch. 191, § 13; repealed by Laws 2018, ch. 64, § 12. ANNOTATIONS Repeals. — Laws 2018, ch. 64, § 12 repealed 58-9-13 NMSA 1978, as enacted by Laws 1973, ch. 191, § 13, relating to effect on existing corporations, effective July 1, 2018. For provisions […]
A. A person aggrieved by a final order of the director may appeal to the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978. B. The commencement of proceedings pursuant to Subsection A of this section does not, unless specifically ordered by the court, operate as a stay of the director’s order. History: […]
As used in the Trust Company Act: A. “director” means the director of the financial institutions division of the regulation and licensing department; B. “trust business” means the holding out by a person, legal entity or corporation to the public at large by advertising, solicitation or other means that the person, legal entity or corporation […]
A. For the purposes of the Trust Company Act [Chapter 58, Article 9 NMSA 1978], a person, legal entity or corporation does not engage in the trust business by: (1) rendering services as an attorney-at-law in the performance of duties as such; (2) rendering services as a certified or registered public accountant in the performance […]
A. No person, legal entity or corporation shall engage in the trust business without first obtaining a certificate from the director; provided, however, that a bank having its principal office in this state or an out-of-state bank not having an established office in this state otherwise authorized under state or federal laws to engage in […]
A. An application for a certificate shall be in writing, in such form as the director prescribes, verified under oath and supported by such information, data and records as the director may require. B. Each application for a certificate shall be accompanied by an application fee of one thousand dollars ($1,000), made payable to the […]
A. A certificate shall not be issued to an applicant for certification pursuant to the Trust Company Act having capital of less than five hundred thousand dollars ($500,000). B. The minimum capital requirement shall be waived for nonprofit corporations. History: 1953 Comp., § 48-24-6, enacted by Laws 1973, ch. 191, § 6; 1991, ch. 250, […]
A certificate shall not be issued to an applicant other than a corporation organized under the laws of this state. History: 1978 Comp., § 58-9-6.1, enacted by Laws 1979, ch. 190, § 4.
A. No corporation shall obtain a certificate without securing and filing with the director a fidelity bond in the following amounts: Trust Assets Managed by a Fiduciary Fidelity Bond Amounts $3,000,000 or less $500,000 More than $3,000,000 but not more than $15,000,000 $750,000 More than $15,000,000 but not more than $25,000,000 $1,000,000 More than $25,000,000 […]
A. Upon the filing of an application for a certificate, the director shall make or cause to be made a careful investigation and examination and shall issue a certificate if the director finds: (1) that the persons who will serve as directors or officers, insofar as those persons are known, are qualified to be fiduciaries […]
A. A trust company may establish its principal office in any county. B. A trust company actively engaged in trust business may establish one or more branch offices subject to the restrictions in Subsection D of this section and after obtaining the approval of the director as provided in Subsection C of this section. C. […]
In addition to other powers conferred by the Trust Company Act, the director may: A. examine the business and affairs of each trust company at least once each year and at such other times and to such extent as the director deems necessary or advisable. The expense of every examination shall be paid by the […]
