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Can you summarize Article 11, Chapter 58 NMSA?
Financial Institutions and Regulations > Credit Unions
Short Summary
The provided legal document content pertains to the Credit Union Act in New Mexico. It governs credit unions in the state and provides definitions for various terms used in the Act. The Act includes historical information about amendments and repeals of certain sections. It outlines the process for the formation of a credit union, including the requirements for articles of organization, bylaws, and selection of board members and supervisory committee. The Act allows credit unions to do business outside the state if it is legal in the foreign state or territory involved. It also requires credit unions to report to the director on a quarterly basis and provides provisions for examination and supervision of credit unions. The Act specifies the requirements for maintaining books, records, and accounting systems, as well as the record retention time. The document mentions the director’s supervisory control over credit unions and the process for obtaining a review of the director’s final order. The Act does not mention specific exemptions or penalties. Overall, the Credit Union Act in New Mexico provides comprehensive regulations and guidelines for the establishment and operation of credit unions in the state.
Whom does it apply to?
Credit unions in New Mexico
What does it govern?
Credit Unions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New Mexico