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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 14,700 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.
***NOTICE REGARDING CREDIT CARD PAYMENTS***
Effective December 1, 2017
- As of Friday, December 1, 2017, RLD will no longer accept Credit Card payments in person at RLD offices, nor by electronic mail (email), or direct mail.
- RLD will continue to accept checks and money orders (no cash) at all RLD offices (Santa Fe, Albuquerque and Las Cruces) or by direct mail. However, please do not send Credit Card information to RLD by electronic mail (e-mail) or by direct mail. On and after December 1, 2017, credit card information received via email or regular mail will be destroyed without processing.
- RLD will continue to accept Credit Card payments through our existing secure online systems that can be accessed via the Internet from your home, place of business, or mobile Internet device.
- No credit card breach of data incidents have occurred to date. However, RLD is changing credit card processing to ensure a secure system is maintained in the future.
Desert State Life Management Updates
April 4, 2018: FID files monthly report with court
Receiver's April Monthly Report to Court
March 3, 2018: FID files monthly report with court
Receiver's March Monthly Report to Court
February 2, 2018: FID files monthly report with court
Receiver's February Monthly Report to Court
January 5, 2018: FID files monthly report with court, including current known losses
Receiver's January Monthly Report to Court
December 5, 2017: FID files monthly report with court
Receiver's December Monthly Report to Court
November 27, 2017: Paul A. Donisthorpe Pleads Guilty to Federal Wire Fraud and Money Laundering Charges, Sentencing Date to be Announced
U.S. Attorney's Office Press Release
November 2, 2017: FID files Receiver's Final Inventory and Report (Subject to Addendum as may be Authorized by the Court)
Receiver - Final Inventory Report - Subject to Addendum as Approved by Court
October 4, 2017: FID files second monthly report
Receiver's Second Monthly Report to Court
September 5, 2017: FID files initial inventory and monthly report with court
Receiver's Initial Inventory and First Monthly Report to Court
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
August 3, 2017: Judge Nash orders declaratory judgment, permanent injunctive relief and appoints NM FID as receiver for DSLM
Order for Declaratory Judgment, Permanent Injunctive Relief and Granting Application for 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
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
Equifax Data Breach
Steps you can take:
Equifax has set up a website for consumers to check if their information was exposed: www.equifaxsecurity2017.com. Click the “Potential Impact” tab, enter your last name and the last 6 digits of your social security number. Anyone using this service should make sure to be on a secure computer and use an encrypted network connection. The website will let you know if you have been affected by the breach.
The Federal Trade Commission put out some steps to help protect consumers after a data breach:
- Check your credit reports from Equifax, Experian, and TransUnion — for free — by visiting annualcreditreport.com. Accounts or activity that you don’t recognize could indicate identity theft. Visit IdentityTheft.gov to find out what to do.
- Consider placing a credit freeze on your files. A credit freeze makes it harder for someone to open a new account in your name. Keep in mind that a credit freeze won’t prevent a thief from making charges to your existing accounts.
- Monitor your existing credit card and bank accounts closely for charges you don’t recognize.
- If you decide against a credit freeze, consider placing a fraud alert on your files. A fraud alert warns creditors that you may be an identity theft victim and that they should verify that anyone seeking credit in your name really is you.
- File your taxes early — as soon as you have the tax information you need, before a scammer can. Tax identity theft happens when someone uses your Social Security number to get a tax refund or a job. Respond right away to letters from the IRS.
Visit Identitytheft.gov/databreach to learn more about protecting yourself after a data breach.
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 Cemetery 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).