2021 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 10 - Savings and Loan Associations
Section 58-10-50 - Powers and privileges of association.

Notwithstanding any other provision of the Savings and Loan Act, every company, association or corporation licensed under the provisions of the savings and loan laws of this state whose accounts are insured by the federal savings and loan insurance corporation or its successor, and which is a member of a federal home loan bank or its successor, shall possess in addition to the rights, powers, privileges, immunities and exceptions provided by the Savings and Loan Act, such additional rights, powers, privileges, immunities and exceptions which the supervisor may grant, extend and provide for by regulations promulgated pursuant to the provisions of Sections 58-10-72 and 58-10-73 NMSA 1978; provided, however, that every such additional right, power, privilege, immunity and exception so granted, extended and provided for by the supervisor are [is] also possessed by federally chartered associations at the time such regulation is promulgated. Provided, further, that the supervisor shall also adopt regulations controlling the aforesaid state associations to the same extent that federally chartered associations are controlled in those instances where state regulations are less restrictive than federal regulations.

History: 1953 Comp., § 48-15-94, enacted by Laws 1967, ch. 61, § 50; 1973, ch. 220, § 1.

Bracketed material. — The bracketed material was inserted by the compiler and is not a part of the law.

Cross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.

State and federal regulations need not be identical. — A state emergency regulation was not invalid, even though it sought to restrict state chartered savings and loan associations from making loans on timeshares at a time when similar loans were authorized by institutions chartered by the federal government. The regulatory provisions of the state and federal government need not be identical or in agreement with each other. State v. Grissom, 1987-NMCA-123, 106 N.M. 555, 746 P.2d 661, cert. denied, 106 N.M. 439, 744 P.2d 912.

State chartered banks and savings and loan associations are permitted to invest in mutual funds. 1987 Op. Att'y Gen. No. 87-04.

Mutual funds may not be pledged as collateral for deposits of public funds. 1987 Op. Att'y Gen. No. 87-04.

Section controls limitations in Section 58-10-17 NMSA 1978. — The prefatory clause of this section "notwithstanding any other provision of the Savings and Loan Act" resolves any possible conflict between this section and Section 58-10-17 NMSA 1978 and accords primacy to this section. Thus, notwithstanding the limitations expressed by Section 58-10-17 NMSA 1978, the provisions of this section are controlling. 1971 Op. Att'y Gen. No. 71-77. See also 1972 Op. Att'y Gen. No. 72-68.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 275, 282.

9 C.J.S. Banks and Banking §§ 669, 670; 12 C.J.S. Building and Loan Associations § 49.