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Desert State Life Management Updates:
August 8, 2017: Judge Nash grants Petition for Injunction and Receivership for DSLM; Christopher Moya, Acting Director of the FID, appointed Receiver for DSLM
RECEIVER ORDER ENTERED BY COURT - D-202-CV-2017-0038 - FID-v-DSLM-etal-Order-Granting-Petition-for- Permanent- Injunction-and-Appointing-Receiver
May 31, 2017: Case filed in the Second Judicial District Court, County of Bernalillo
Petition of Declaratory Judgment, Permanent Injunctive Relief and Appointment of Receiver
July 5, 2017: Judge Nash grants motion for expedited hearing and TRO
Order Granting Motion for Expedited Hearing and Temporary Restraining Order
August 3, 2017: Judge Nash orders declaratory judgment, permanent injunctive relief and appoints NM FID as receiver for DSLM
Order for Declaratory Judgement, Permanent Injunctive Relief and Granting Application for Appointment of Receiver
FDIC Releases Consumer News Summer 2017
The Summer 2017 FDIC Consumer News alerts the public to common scams and provides basic tips for protecting personal information and money. Topics include:
- An overview of 10 schemes bank customers need to be aware of, starting with the crime that occurs when thieves pose as government employees with false claims about needing a payment or valuable information, such as Social Security or bank account numbers;
- Basic defenses to consider in your everyday life, especially when engaging in financial transactions with strangers through e-mail, over the phone or on the Internet; and
- Resources to turn to for more information on how to avoid becoming a victim of financial scams.
Additionally, the latest FDIC Consumer News helps answer questions on topics like how to get a good interest rate, the ability to negotiate with a lender, and how seniors may borrow money after owning a home by taking out a "reverse mortgage." Also in this issue is a look at how the FDIC is working with banks, nonprofit organizations and other government agencies to bring more low- and moderate-income Americans into the financial mainstream by improving access to safe, secure and affordable banking services.
Overview
Mission
- The primary mission of the Financial Institutions Division is to license and regulate financial entities within its jurisdiction to promote a sound financial and economic environment and to safeguard consumer rights.
- The Division regulates state-chartered banks, trust companies, savings & loan, credit unions, mortgage loan companies, small loan companies, money service businesses, and escrow companies. The Division also licenses other financial establishments such as small loan companies, collection agencies, mortgage firms and escrows.
- Consumer protection is the underlying purpose of this Division that regulates over 8,300 financial institutions in New Mexico.
- Compliance is the primary focus in the administration of different rules, regulations, and 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 service businesses).
- 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, and the National Credit Union Administration.
Contacts
Licensing Questions
Michelle Medina, Licensing Specialist
Phone (505)-476-4819
email: michelle.medina@state.nm.us
Johanna Sandoval, Licensing Specialist
Phone (505) 476-4559
email: johanna.sandoval@state.nm.us
Bank and Trust Questions
Rebecca Moore, Bank Industry Manager
Phone (505)-476-4567
email: rebecca.moore@state.nm.us
Credit Union and Endowed Care Cemetary Questions
David Gee, Credit Union Industry Manager
Phone (505)- 476-4563
email: david.gee@state.nm.us
Small Loan, Collection Agency, Money Service Business, Motor Vehicle Sales Finance Company and Repossessor Questions
David Mora, Consumer Industry Manager
Phone (505)-476-4569
email: david.mora@state.nm.us
Mortgage and Escrow Questions
Joe Cruz, Mortgage Industry Manager
Phone (505)-476-4519
email: joe.cruz@state.nm.us
For more information contact:
Financial Institutions Division
P.O. Box 25101
Santa Fe, NM 87504
Phone: (505) 476-4885
Fax: (505) 476-4670
Regulatory Alert: Small Loan Reforms
During the 2017 legislative session, the New Mexico legislature enacted new small loan reforms through the passage of House Bill 347. The bill amended some provisions of the New Mexico Small Loan Act of 1955 (SLA), the New Mexico Bank Installment Loan Act of 1959 (BILA), and the Money, Interest, and Usury statute (Usury). House Bill 347 was signed into law by Governor Susana Martinez on April 6, 2017 and will become effective on January 1, 2018.
Click on the links below to review the Regulatory Alert issued by the Division and the finalized version of House Bill 347 in its entirety.
Licensing Instructions for the Money Services Business Industry
Please click the link below for NMLS information and instruction for licensing through the NMLS.
Regulatory Alert: Home Loan Protection Act
- Click here for regulatory guidance regarding the Home Loan Protection Act 58-21A-4(N)(7).