A. No foreign corporation or foreign association shall transact the business of an association within this state beyond a radius of one hundred miles from its principal office.

B. Any foreign corporation or foreign association seeking to transact business within this state shall:

(1) comply with all laws of this state pertaining to the admission of foreign corporations to do business within this state; and

(2) after receiving permission to do business in New Mexico by complying with all requirements set forth in Subsection B(1) of this section, apply to the supervisor for final approval before doing any business within New Mexico, submitting to the supervisor all information concerning the business of the foreign corporation or foreign association he may require by regulation. The supervisor may approve the admission to do business upon a reciprocity basis if he determines that the state containing the principal office of the foreign corporation or foreign association provides equal consideration to New Mexico corporations and associations.

C. This section does not limit participation in real estate loans with New Mexico associations.

D. The district court shall enjoin any person, firm, association or corporation from violating or continuing to violate the provisions of this section.

E. Any person, firm, association or corporation violating any provision of this section is guilty of a misdemeanor and shall be punished by a fine of not more than one thousand dollars ($1,000) for each violation.

History: 1953 Comp., § 48-15-141, enacted by Laws 1967, ch. 61, § 97.

Cross references. — For licensing of foreign corporations, see N.M. Const., art. XI, § 6.

For corporation acquiring security interest in real property being excepted from foreign admission requirements, see 53-17-1 NMSA 1978.

Compliance with section not required if loaning money on mortgages. — A foreign savings and loan association wishing only to make real estate loans as set forth in Section 38-1-18 NMSA 1978 and not doing any other business of a savings and loan association within this state would have to comply only with the requirements set forth in the above section and would not have to comply with the requirements for "transacting business of an association" as enumerated in this section. 1969 Op. Att'y Gen. No. 69-13.

Law reviews. — For article, "Attachment in New Mexico - Part I," see 1 Nat. Resources J. 303 (1961).

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

9 C.J.S. Banks and Banking §§ 28, 29, 30; 12 C.J.S. Building and Loan Associations § 122.