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Regulatory Alert
Update Regarding Desert State Life Management: Case filed in the Second Judicial District Court, County of Bernalillo
Petition of Declaratory Judgment, Permanent Injunctive Relief and 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.
Contact
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.
Regulatory Alert- Small Loan Reforms
House Bill 347- Installment Loan Fee Limits & Literacy Fund
Director Cynthia Richards Retires; Deputy Director Christopher Moya named as Acting Director
Cynthia Richards, Director of the Financial Institutions Division of the New Mexico Regulation and Licensing Department, has announced her retirement from state service. Ms. Richards was appointed to the position of Director of the Financial Institutions Division in July, 2011, by Governor Susana Martinez. As Director of the Division, Ms. Richards has served as the state’s top regulator for the New Mexico financial industry.
Upon announcing her retirement, Director Richards stated: “It has been an honor to serve the people of the State of New Mexico and to work alongside such capable and dedicated professionals both in our government service and in the New Mexico financial industry. My goals have always been to protect the people of our state, to insure the soundness of our financial industries and to promote the professionalism of the Financial Institutions Division.”
Director Richards’ final day of service was August 31, 2016. Going forward, Christopher Moya, Deputy Director of the Financial Institutions Division, will assume the role of Acting Director of the Division.
New Mexico to add Money Service Business Licenses to NMLS September 1, 2016
Starting September 1st, 2016, NMLS will begin receiving new application filings for the following New Mexico Financial Institutions Division licenses: Money Transmission License, Check Casher License and Currency Exchange License. New applicants will be able to submit these records through NMLS. Checklists can are located on the Money Services Business page.
Licensing Instructions for the Money Services Business Industry
Please click the link below for NMLS information and instruction for licensing through the NMLS.
Important Notice about Money Services Business Regulations
The administrative and legal staff of the Financial Institutions Division (FID) are currently in the process of drafting proposed rules to be included within the New Mexico Administrative Code concerning the implementation and operation of the Uniform Money Services Act (UMSA) which was passed into law during the 2016 New Mexico legislative session. Initial drafts of rules covering definitions of words and terms utilized in the Act as well as an administrative review and appeal process are coming together. Also in development are proposed rules for licensing procedures, fees processing and advertising/marketing of services. Proposed rules covering the transition from the current licensing system for the business of selling negotiable checks, drafts and money orders over to the system created under the UMSA are also underway. When the FID staff has the initial proposed rules drafted and formatted, the entire package of proposed rules will be submitted for public review, comment and suggestion. A public hearing will also be held where interested members of the public, as well as members of the money services industry, will be invited to be heard regarding the proposed rules. Following the public hearing, a final version of the rules package will be completed and authorized for publication by the Director of the FID. The FID will issue periodic updates on the progress of the rule drafting and implementation process over the next few months.
MEDIA RELEASE: FID RECEIVES CERTIFICATE OF MORTGAGE ACCREDITATION
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On June 24, 2015 the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) announced that the New Mexico Financial Institutions Division has received a certificate of accreditation for mortgage supervision. This accreditation demonstrates the Division's commitment to superior supervision of the residential mortgage industry in the state of New Mexico.
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Conference of State Bank Supervisors (CSBS) Media Release
REGULATORY ALERT: HOME LOAN PROTECTION ACT
- Click here for regulatory guidance regarding the Home Loan Protection Act 58-21A-4(N)(7).
REGULATORY ALERT: ESCROW COMPANY REGULATIONS
- Proposed amendments to the Escrow Company Regulations 12.25.2 NMAC are available at the link below.
Escrow Company Regulations (Revised 2015)
- A Public Rule Hearing will be held to consider adoption of the amended rules on July 28, 2015 at 10:00am at the Toney Anaya Building, located at 2550 Cerrillos Road in Santa Fe, NM. Please click the link below for additional information.
Notice of Public Rule Hearing
REGULATORY ALERT: ESCROW COMPANY ACT
- Click on the link below for a summary of amendments passed during the 2015 Legislative Session to the Escrow Company Act, NMSA 1978, Sections 58-22-1 to -33 (1983, as amended through 2015).
- Click on the link below to review Senate Bill 412 in its entirety, containing the full text of the amendments to the Escrow Company Act.