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Can you summarize Article 1, Chapter 58 NMSA?
Financial Institutions and Regulations > Banking Generally
Short Summary
The provided legal document content covers various aspects of banking regulations in New Mexico. It includes provisions on the authority of agents to operate bank accounts, payment of funds from a deceased depositor’s account, adverse claims to deposits, operation of deposit accounts for minors and multiple individuals, acceptance and transmission of money, maintenance and lease of safe deposit boxes, access to safe deposit boxes by fiduciaries, operation of state banks under the Banking Act, lending activities of state banks, investments authorized for state banks, acceptance of drafts and issuance of letters of credit by banks, organization and dissolution of state banks, reimbursement for fines and penalties by state banks, qualifications for bank officers and directors, prohibition of receiving deposits while insolvent, plan of reorganization under the Banking Act, notice requirements for stockholders or directors, possession and management of state banks by the director, voluntary liquidation and dissolution of state banks, liquidation of state banks, unlawful use of bank names, prohibition of gratuities and compensation for bank actions, concealment of bank transactions, use of safe deposit box terminology, injunctions for threatened violations of the Banking Act, penalties for unlawful acts or omissions, insurance of deposits and membership in the federal reserve system, accounting requirements for capital, surplus, and undivided profits, meetings and duties of the board of directors of state banks, declaration of dividends from undivided profits, meetings of stockholders, voting, proxies, and preemptive right, application for permission to file with the corporation commission, fidelity bonds and insurance protection for state banks, banking interests of officers and employees of the department, annual report of the commissioner, examinations and reports for state banks, confidentiality of records, admissibility of certified copies of reports and records, and rules and regulations issued by the commissioner. These documents apply to various entities involved in banking activities in New Mexico, including banks, agents, lessors, lessees, depositors, creditors, stockholders, fiduciaries, directors, officers, employees, attorneys, and agents of banks, state banks, individuals or entities involved in transactions with banks, and officers and employees of the department. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks, agents, lessors, lessees, depositors, creditors, stockholders, fiduciaries, directors, officers, employees, attorneys, and agents of banks, state banks, individuals or entities involved in transactions with banks, officers and employees of the department
What does it govern?
Authority of agents to operate bank accounts, payment of funds from a deceased depositor's account, adverse claims to deposits, operation of deposit accounts for minors and multiple individuals, acceptance and transmission of money, maintenance and lease of safe deposit boxes, access to safe deposit boxes by fiduciaries, operation of state banks under the Banking Act, lending activities of state banks, investments authorized for state banks, acceptance of drafts and issuance of letters of credit by banks, organization and dissolution of state banks, reimbursement for fines and penalties by state banks, qualifications for bank officers and directors, prohibition of receiving deposits while insolvent, plan of reorganization under the Banking Act, notice requirements for stockholders or directors, possession and management of state banks by the director, voluntary liquidation and dissolution of state banks, liquidation of state banks, unlawful use of bank names, prohibition of gratuities and compensation for bank actions, concealment of bank transactions, use of safe deposit box terminology, injunctions for threatened violations of the Banking Act, penalties for unlawful acts or omissions, insurance of deposits and membership in the federal reserve system, accounting requirements for capital, surplus, and undivided profits, meetings and duties of the board of directors of state banks, declaration of dividends from undivided profits, meetings of stockholders, voting, proxies, and preemptive right, application for permission to file with the corporation commission, fidelity bonds and insurance protection for state banks, banking interests of officers and employees of the department, annual report of the commissioner, examinations and reports for state banks, confidentiality of records, admissibility of certified copies of reports and records, and rules and regulations issued by the commissioner
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New Mexico