In addition to other powers provided for the director and for state banks in the Banking Act notwithstanding any other provision of laws, the director may grant to state banks any of the powers and authority that national banks or federally chartered or insured depository institutions are or may be authorized, empowered, permitted or otherwise allowed to exercise. As used in this section and in Section 58-1-34 NMSA 1978, "federally chartered or insured depository institution" means a bank, savings bank, savings and loan association or credit union.

History: 1953 Comp., § 48-22-42.1, enacted by Laws 1973, ch. 130, § 1; 1997, ch. 23, § 6; 1999, ch. 213, § 7.

The 1999 amendment, effective June 18, 1999, in the first sentence substituted "any other provision of laws" for "anything to the contrary in that act", inserted "or federally chartered or insured depository institutions", and made a minor stylistic change; and added the second sentence.

The 1997 amendment, effective July 1, 1997, substituted "director" for "commissioner of banking" in the section heading and near the beginning of the section, substituted "director may grant" for "commissioner of banking may adopt such rules and regulations as he deems necessary and proper, granting" near the middle of the section, substituted "may be authorized" for "may hereafter be authorized" and deleted "under federal statutes, rules or regulations" following "allowed to exercise" at the end of the section.

Issuance of preferred stock may be authorized by regulation. — Since the Banking Act does not expressly prohibit the issuance of preferred stock by state banks, such authority may be conferred by regulation adopted by the director of the financial institutions division, in his discretion, pursuant to his power under this section. 1979 Op. Att'y Gen. No. 79-06.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 9 C.J.S. Banks and Banking § 10 et seq.