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Can you summarize Article 3, Chapter 58 NMSA?
Financial Institutions and Regulations > Accounts
Short Summary
The provision found in the New Mexico Statutes Annotated 1978 under the section on Financial Institutions and Regulations governs the payment of interest on accounts by state banks. It allows state banks to maintain time and savings deposit accounts and pay interest on balances at rates that do not need to be uniform. The director of the financial institutions division has the authority to set maximum rates of interest through general regulations. The provision also states that time or savings account deposits shall be repaid to depositors under regulations adopted by the board of directors. These regulations must be available for inspection by depositors upon request. The provision does not mention any exemptions or penalties.
Whom does it apply to?
State banks
What does it govern?
Payment of interest on accounts by state banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Mexico