N.M. Code R. § 12.17.13.8

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

Section 12.17.13.8 - FINDINGS

A. Section 58-11-20 NMSA 1978, authorizes the director to grant by regulation the powers and authority that federal credit unions are authorized, empowered, permitted or otherwise allowed to exercise under federal statutes, rules or regulations.

B. The national credit union administration ("NCUA") is authorized by federal legislation to regulate and supervise federally chartered credit unions throughout the United States.

C. By regulation, the NCUA has determined that federal law preempts any state law that regulates the rates, terms of repayment and other conditions of federally chartered credit union loans and lines of credit to members. (Code of Federal Regulations Section 701.21(b)).

D. On February 10, 2004, the NCUA issued a letter ruling regarding "preemption of the New Mexico Home Loan Protection Act" ("NCUA Preemption") clarifying the fact that the New Mexico Home Loan Protection Act is preempted by federal law from applying to federally chartered credit unions operating in New Mexico.

N.M. Code R. § 12.17.13.8

12.17.13.8 NMAC - N, 3/31/2004