2019 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 16 - Remote Financial Service Units
Section 58-16-11 - Restrictions on owning, leasing and operating.
A. Notwithstanding any provision to the contrary in the Remote Financial Service Unit Act, no ATM shall be owned or leased by a person other than an in-state financial institution.
B. Notwithstanding any provision to the contrary in the Remote Financial Service Unit Act, no POS terminal shall be operated by any person other than a merchant or an in-state financial institution.
History: 1978 Comp., § 58-16-11, enacted by Laws 1990, ch. 123, § 11; 1991, ch. 120, § 9; 1995, ch. 190, § 17; 1996, ch. 2, § 30.
ANNOTATIONSRepeals and reenactments. — Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
The 1996 amendment, effective June 1, 1996, rewrote the section heading, deleted "having its main office, a manned branch office or any other authorized branch in the county in which the ATM is located" from the end of Subsection A, and deleted Subsection C relating to owning and operating off-premises ATM machines.
The 1995 amendment, effective June 16, 1995, added Subsection C.
The 1991 amendment, effective June 14, 1991, in Subsection B, substituted "operated by any person other than a merchant or an in-state financial institution" for "owned or leased by any person other than" and former Paragraphs (1) and (2), pertaining to ownership by financial institutions and merchants.
