New Mexico Financial Institutions Division
Our function is to administer the statutory requirements of the Banking Act (for State Chartered Banks only); NM Bank Installment Loan Act; Savings and Loan Act (State Chartered); Credit Union Act (State Chartered); Remote Financial Service Unit Act; Trust Company Act; Collection Agency Regulatory Act; Endowed Care Cemetery Act; Consumer Credit Banking Act; NM Small Loan Act; Motor Vehicle Sales Finance Act; Mortgage Loan Company and Loan Broker Act; Escrow Company Act; and an Act pertaining to the issuing of money orders.
Consumer protection is the underlying purpose of the acts used to regulate over 5,000 financial institutions overseen by the Division.
Compliance is the primary focus in the administration of the acts related to non-depository industries (trust companies, collection agencies, endowed care cemeteries, small loan companies, motor vehicle sales finance companies, mortgage companies and loan brokers, escrow companies and money order companies).
Safety and soundness are the primary focus in the administration of the acts related to depository institutions (banks, credit unions, savings and loans).
To accomplish these goals the Division works closely with the Federal Deposit Insurance Corporation, the Federal Reserve Banks, the National Credit Union Administration and the Office of Thrift Supervision.
For more information contact:
Financial Institutions Division
2550 Cerrillos Road, 3rd Floor
Santa Fe, NM 87505
(505) 476-4885
(505) 476-4670 Fax
loretta.king@state.nm.us
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