2018 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 11 - Credit Unions
Section 58-11-1 - Short title.

Chapter 58, Article 11 NMSA 1978 may be cited as the "Credit Union Act".

History: Laws 1987, ch. 311, § 1; 1997, ch. 195, § 1.

Cross references. — For credit union share insurance corporations, see Chapter 58 Article 12 NMSA 1978.

For exemption of director of financial institutions division, director of securities division, and chief of savings and loan bureau from authority of superintendent of regulation and licensing, see 9-16-11 NMSA 1978.

Repeals and reenactments. — Laws 1987, Chapter 311 repeals 58-11-1 NMSA 1978, as amended by Laws 1977, ch. 245, § 113, relating to organization and definition of credit unions, effective June 19, 1987, and enacts the present section.

The 1997 amendment, effective July 1, 1997, substituted "Chapter 58, Article 11 NMSA 1978" for "Section 1 through 65 of this act" and substituted "Credit Union Act" for "Credit Union Regulatory Act".

Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of Credit Union Regulation Act, 58-11-1 to 58-11-65 NMSA 1978, on July 1, 1997.

Large credit union is a "public figure" within the law of libel when the credit union has suspended the payments of dividends and circulates data to its members indicating that it has experienced management and investment problems. Coronado Credit Union v. KOAT Television, Inc., 1982-NMCA-176, 99 N.M. 233, 656 P.2d 896 (decided under prior law).

Act patterned after Federal Credit Union Act. — The New Mexico Credit Union Act is patterned closely after the Federal Credit Union Act, which act's interpretations may be persuasive before the New Mexico courts. Op. Att'y Gen. No. 82-03.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 13 Am. Jur. 2d Building and Loan Associations § 1 et seq.

12 C.J.S. Building and Loan Associations § 1 et seq.