New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS
Part 4 - DEPOSITORY BANK REQUIREMENTS, COLLATERAL LEVEL REQUIREMENTS, AND CUSTODIAL BANK REQUIREMENTS
Section 2.60.4.8 - DESIGNATION AS A DEPOSITORY
Universal Citation: 2 NM Admin Code 2.60.4.8
Current through Register Vol. 35, No. 18, September 24, 2024
BANK:
A. A financial institution requesting to become a depository bank must submit the following information to the state treasurer:
(1) a letter from the financial
institution requesting to become a depository bank;
(2) copy of FDIC certification or the
national credit union administration certification;
(3) financial reports for the preceding four
quarters; a newly chartered financial institution must provide its most recent
financial report; and
(4) other
public information requested by the state treasurer.
B. Initial and continued appointment of financial institutions to serve as depository banks for the state of New Mexico is determined by the financial institution's risk assessment ratios and required collateral levels as specified in 2.60.4.9 below, and entry into and maintenance of a depository agreement consistent with Section 6-10-18 NMSA 1978.
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