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Can you summarize Article 1A, Chapter 58 NMSA?
Financial Institutions and Regulations > Consumer Credit Banks
Short Summary
The provided legal document content covers three main areas related to consumer credit banks. Firstly, it governs credit card accounts between a domestic bank or consumer credit bank and a borrower. The laws of New Mexico and federal law, where applicable, apply to these accounts. The document allows the bank to modify the terms or conditions of the credit card account with prior written notice. Secondly, it governs the supervision fees for consumer credit banks in New Mexico. Each consumer credit bank is required to pay an annual supervision fee to the director based on their total assets. The fee must be paid on or before March 1 of each year, and failure to pay on time will result in a penalty. The director is also responsible for examining the condition of the consumer credit bank and sending a report of examination to the bank’s board of directors. Lastly, the document governs the organization, ownership, and control of consumer credit banks. It outlines various terms and conditions for organizing or owning and controlling a consumer credit bank, including filing and investigation fees, ownership restrictions, deposit acceptance limitations, capital stock requirements, permitted activities, deposit insurance requirements, restrictions on commercial loans, required services in the state, and board of directors management. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Domestic banks, consumer credit banks, borrowers
What does it govern?
Credit card accounts between a domestic bank or consumer credit bank and a borrower, supervision fees for consumer credit banks, organization, ownership, and control of consumer credit banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Failure to pay the supervision fee on time will result in a penalty of $100 per day of delinquency, unless excused by the director for cause.
Jurisdiction
New Mexico