N.M. Admin. Code § 2.60.8.7

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

Section 2.60.8.7 - DEFINITIONS

A. "Agency" means each department, agency, branch, commission, and board of government of the state of New Mexico.

B. "Board" means state board of finance.

C. "Electronic fund transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument which is initiated through an electronic terminal, telephonic instrument, or computer or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account.

D. "Fiscal agent" means the bank or savings and loan association designated as the fiscal agent of New Mexico by the board.

E. "Fiscal agent agreement" means the agreement between the board and the fiscal agent that defines the terms, conditions, and procedures of the fiscal agent designation. The fiscal agent agreement includes a merchant agreement that addresses the terms and conditions for use of payment cards.

F. "Payment card" means a card, code, or other means of access to a consumer's account for the purpose of initiating electronic fund transfers when the person to whom such card or other means of access was issued has requested and received or has signed or has used, or authorized another to use, such card or other means of access for the purpose of transferring money between accounts or obtaining money, property, labor, or services. Cards must be authorized and accepted by the fiscal agent per the state's fiscal agent agreement and pursuant to current contracts between payment card companies and the board. Payment cards are linked to a cardholder's deposit account, credit account, or loan account. Payment cards may include credit cards, debit cards, stored-value cards, and other similar cards.

G. "Payment gateway" means a service of the fiscal agent that allows members of the public to make payments by payment card to an agency using the agency's website, via touch-tone or, where available, voice commands over the telephone.

H. "Public body" means any department, board, agency or instrumentality of the state, any county, city, town, village, school district, other district, educational institution or any other governmental agency or political subdivision of the state.

I. "Third-party processor" means a payment card processor of transactions on behalf of an agency that is not the fiscal agent.

N.M. Admin. Code § 2.60.8.7

2.60.8.7 NMAC - N, 8-31-2000; A, 11-27-2002

Amended by New Mexico Register, Volume XXVI, Issue 15, August 14, 2015, eff. 8/14/2015