New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 16 - BANKING
Part 69 - BANK SERVICE CORPORATIONS
Section 12.16.69.8 - BANK SERVICE CORPORATIONS
Universal Citation: 12 NM Admin Code 12.16.69.8
Current through Register Vol. 35, No. 6, March 26, 2024
A. New Mexico state banks may invest and participate in bank service corporations under the Bank Service Corporation Act and subject to its provisions.
B. Requests for approval:
(1) No regulatory approval is required for a
New Mexico state bank to invest in a bank service corporation that will perform
only the services described in
12
U.S.C. Section 1863.
(2) New Mexico state banks shall apply for
the approval of the director of the financial institutions division prior to
investing in a bank service corporation that will perform services other than
those described in
12
U.S.C. Section 1863. The application shall
include a business plan for the proposed organization, with form and content
acceptable to the director.
C. Each bank service corporation in which a New Mexico state bank is the principal bank investor shall be subject to examination and supervision by the director of the financial institutions division to the same extent as the investing bank, and shall be assessed a fee determined by the director to cover the costs of examination.
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