New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 17 - CREDIT UNIONS
Part 13 - APPLICABILITY OF HOME LOAN PROTECTION ACT
Section 12.17.13.8 - FINDINGS

Universal Citation: 12 NM Admin Code 12.17.13.8

Current through Register Vol. 35, No. 18, September 24, 2024

A. Section 58-11-20 NMSA 1978, authorizes the director to grant by regulation the powers and authority that federal credit unions are authorized, empowered, permitted or otherwise allowed to exercise under federal statutes, rules or regulations.

B. The national credit union administration ("NCUA") is authorized by federal legislation to regulate and supervise federally chartered credit unions throughout the United States.

C. By regulation, the NCUA has determined that federal law preempts any state law that regulates the rates, terms of repayment and other conditions of federally chartered credit union loans and lines of credit to members. (Code of Federal Regulations Section 701.21(b)).

D. On February 10, 2004, the NCUA issued a letter ruling regarding "preemption of the New Mexico Home Loan Protection Act" ("NCUA Preemption") clarifying the fact that the New Mexico Home Loan Protection Act is preempted by federal law from applying to federally chartered credit unions operating in New Mexico.

Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.