2006 New Mexico Statutes - Section 58-10-2 — Definitions.

58-10-2. Definitions.

As used in the Savings and Loan Act:   

A.     "association" means a savings association or savings and loan association or building and loan association subject to the provisions of the Savings and Loan Act;   

B.     "dividends or interest on savings accounts" means that part of the income of an association which is declared payable on savings accounts from time to time by the board of directors and is the cost of savings-money to the association;   

C.     "federal association" means a savings and loan association incorporated pursuant to the Home Owners Loan Act of 1933, as amended, whose principal business office is located within this state;   

D.     "loss reserves" means the aggregate amount of the reserves allocated by an association for the sole purpose of absorbing losses;   

E.     "member" means a person holding a savings account in an association, or borrowing from, or assuming, or obligated upon a loan in which an association has an interest, or owning property which secures a loan in which an association has an interest;   

F.     "savings account" means that part of the savings liability of an association which is credited to a member by reason of the placement of funds in the association;   

G.     "savings and loan association" means an association whose primary purpose is to promote thrift and home financing and whose principal activity is the lending to its members of money accumulated in savings accounts of its members;   

H.     "savings liability" means the aggregate amount of the withdrawal value of the savings accounts of the members of an association at any particular time as shown by the books of the association;   

I.     "service corporation" means an organization, substantially all the activities of which consist of originating, purchasing, selling and servicing loans upon real estate and participating interests therein, or clerical, bookkeeping, accounting, statistical or similar functions performed primarily for financial institutions, plus such other activities as the supervisor may approve;   

J.     "supervisor" means the chief of the savings and loan bureau appointed by, and acting under supervision of the director of the financial institutions division of the commerce and industry department [regulation and licensing department], or the director of the financial institutions division if the position is vacant;   

K.     "surplus" means the aggregate amount of the undistributed earnings of an association held as undivided profits or unallocated reserves for general corporate purposes and any paid-in surplus held by an association;   

L.     "withdrawal value of a savings account" means the credit balance of a savings account at any particular time as shown by the books of the association; and   

M.     "net worth" means the sum of all reserve accounts, undivided profits, surplus, capital stock and any other nonwithdrawable accounts.