N.M. Admin. Code § 2.60.2.10

Current through Register Vol. 35, No. 23, December 10, 2024

Section 2.60.2.10 - DEPOSIT LIMITATION

Section 1, 6-10-24.1 chapter 9, Laws of 1982: "No person depositing or investing state funds in banks or savings and loan associations in New Mexico shall deposit or invest funds if that deposit or investment when added to state funds already in that bank or savings and loan association would be in excess of four hundred percent of equity capital of the bank or four hundred percent of net worth of the savings and loan association or more than twenty-five percent of the total of that financial institution's deposits, whichever is less, as shown by the most recent quarterly statement of financial condition required by federal or state financial authorities as certified by an authorized officer of that institution..." 3/2/84; 4/30/96; Recompiled 10/01/01