N.M. Admin. Code § 12.20.71.8

Current through Register Vol. 35, No. 23, December 10, 2024

Section 12.20.71.8 - FINDINGS

A. Section 58-10-50 NMSA 1978, authorizes the director to grant by regulation the rights, powers, privileges, immunities and exceptions possessed by federally chartered savings associations.

B. The office of thrift supervision, department of the treasury, the "OTS," is authorized by federal legislation to regulate and supervise federally chartered savings associations throughout the United States.

C. On September 2, 2003 the OTS issued a letter ruling (the "OTS preemption") clarifying the fact that the following sections and subsections of the act (the "preempted sections of the act") are pre-empted by federal law from applying to federally chartered savings associations operating in New Mexico:

(1) Section 58-21A-4.A. and B. (Prohibited practices and provisions regarding home loans);

(2) Section 58-21A-5.A., B., C., D., E., G., H., I., J., K., L., M., N., O., and P (Limitations and prohibited practices for high-cost home loans);

(3) Section 58-21A-6.A., B., C., D., and E. (default; notice; right to cure);

(4) Section 58-21A-9.A., B., and C. (civil action);

(5) Section 58-21A-11.B. and C. (actions based on home loans);

(6) Section 58-21A-12. (application of Unfair Practices Act); and

(7) Section 58-21A-13. (attorney general; enforcement of rules).

N.M. Admin. Code § 12.20.71.8

12.20.71.8 NMAC - N, 3/3/2004