N.M. Admin. Code § 12.15.15.9

Current through Register Vol. 35, No. 21, November 5, 2024

Section 12.15.15.9 - APPLICATION PROCEDURES

Qualified depository institutions desiring to participate in the linked deposit program must submit the following information to the director of the financial institutions division of the regulation and licensing department (the "director"):

A. a letter from the depository institution requesting certification of eligibility to participate in the linked deposit program;

B. an affidavit from an officer of the depository institution verifying the following information:

(1) that the depository institution is a qualified depository institution pursuant to Section 6-10-15 NMSA 1978;

(2) that the depository institution has a qualifying branch (an office 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);

(3) that the qualifying branch is located in a financially at risk rural community (as that term is used in Section 6-10-24.2 NMSA 1978); and (4) that the depository institution and the qualifying branch are meeting the banking service needs of the rural community where the qualifying branch is located;

C. some sort of documentation reasonably acceptable to the director indicating:

(1) that the population of the financially at risk rural community does not exceed 3500 people,

(2) that the financially at risk rural community has either a declining population (as shown by the two most recent federal decennial censuses) or a median household income less than 80% of the state median household income;

(3) the address and phone number of the qualifying branch; and

(4) that the depository institution and the qualifying branch are meeting the banking service needs of the rural community where the qualifying branch is located; meeting the banking service needs of the financially at risk rural community may be shown by a summary statement listing the current number of deposit accounts at the depository institution held by residents of said rural community, the number of current loans to residents of said rural community, and a summary of other services provided to residents of the rural community by the depository institution.

N.M. Admin. Code § 12.15.15.9

12.15.15.9 NMAC - N, 11/30/07