As used in the Savings and Loan Act:

A. "association" means a savings association or savings and loan association or building and loan association subject to the provisions of the Savings and Loan Act;

B. "dividends or interest on savings accounts" means that part of the income of an association that is declared payable on savings accounts from time to time by the board of directors and is the cost of savings-money to the association;

C. "federal association" means a savings and loan association incorporated pursuant to the Home Owners Loan Act of 1933, as amended, whose principal business office is located within this state;

D. "loss reserves" means the aggregate amount of the reserves allocated by an association for the sole purpose of absorbing losses;

E. "member" means a person holding a savings account in an association, or borrowing from, assuming or obligated upon a loan in which an association has an interest or owning property that secures a loan in which an association has an interest;

F. "savings account" means that part of the savings liability of an association that is credited to a member by reason of the placement of funds in the association;

G. "savings and loan association" means an association whose primary purpose is to promote thrift and home financing and whose principal activity is the lending to its members of money accumulated in savings accounts of its members;

H. "savings liability" means the aggregate amount of the withdrawal value of the savings accounts of the members of an association at any particular time as shown by the books of the association;

I. "service corporation" means an organization, substantially all the activities of which consist of originating, purchasing, selling and servicing loans upon real estate and participating interests therein, or clerical, bookkeeping, accounting, statistical or similar functions performed primarily for financial institutions, plus such other activities as the supervisor may approve;

J. "state corporation commission" means the secretary of state;

K. "supervisor" means the chief of the savings and loan bureau appointed by and acting under supervision of the director of the financial institutions division of the regulation and licensing department or the director of the financial institutions division if the position is vacant;

L. "surplus" means the aggregate amount of the undistributed earnings of an association held as undivided profits or unallocated reserves for general corporate purposes and any paid-in surplus held by an association;

M. "withdrawal value of a savings account" means the credit balance of a savings account at any particular time as shown by the books of the association; and

N. "net worth" means the sum of all reserve accounts, undivided profits, surplus, capital stock and any other notwithdrawable accounts.

History: 1953 Comp., § 48-15-46, enacted by Laws 1967, ch. 61, § 2; 1977, ch. 245, § 36; 2013, ch. 75, § 17.

Cross references. — For the financial institutions division, see 9-16-4 NMSA 1978.

For the federal Home Owners Loan Act of 1933, see 12 U.S.C. § 1461 et seq.

The 2013 amendment, effective July 1, 2013, defined "state corporation commission" to mean the secretary of state; added Subsection J; and in Subsection K, after "division of the", deleted "commerce and industry" and added "regulation and licensing".

Special reserves included in net worth. — The special reserves provided for in Section 58-10-28 NMSA 1978 are to be included in the net worth of a savings and loan association. 1968 Op. Att'y Gen. No. 68-56 (overruled by 1982 Op. Att'y Gen. No. 82-19).

Special reserves. — Net worth of a savings and loan association as defined by Section 58-10-2 NMSA 1978 does not include special reserves established pursuant to Section 58-10-28 NMSA 1978, 1982 Op. Att'y Gen. No.82-19.

Net worth does not include outstanding capital debentures or notes. — In the Savings and Loan Act, outstanding capital debentures or notes may not be included in the definition of the net worth of an association. 1975 Op. Att'y Gen. No. 75-53.