N.M. Code R. § 12.15.15.7

Current through Register Vol. 35, No. 11, June 11, 2024

Section 12.15.15.7 - DEFINITIONS

A. "Depository institution" means any bank, [trust institution,] savings and loan association (thrift), or credit union whose deposits, including but not limited to deposits of public money, are insured by an agency of the United States.

B. "Linked deposit program" means a qualified depository institution's participation in the deposit program established pursuant to Section 6-10-24.2 NMSA 1978.

C. "Qualified depository institution" means a depository institution qualified pursuant to Sectrion 6-10-15 NMSA 1978.

D. "Qualifying branch" means an office of a qualified depository institution that is regularly open five days a week (except for federal holidays), has a night deposit box, and provides banking services to residents of a financially at risk rural community.

E. "Financially at risk rural community" means a community in New Mexico with the following characteristics:

(1) no more than one depository institution within the community;

(2) a population not exceeding three thousand five hundred (3500); and either

(3) a declining population, as evidenced by a decrease in population as shown by the two most recent federal decennial censuses; or

(4) a median household income less than 80% of the state median household income.

F. "residents" of a financially at risk rural community include individuals living there.

G. "market rate" means the rate of return established by the state board of finance for deposits held by qualified depository institutions.

H. "state deposits" means public funds under the control of the state treasurer or the state treasurer's designee, and held by qualified depository institutions.

N.M. Code R. § 12.15.15.7

12.15.15.7 NMAC - N, 11/30/07