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| New Mexico- Financial Institutions Division |
The function of the New Mexico Financial Institutions Division is to administer the statutory requirements of the Banking Act (for State Chartered Banks only); NM Bank Installment Loan Act; Savings and Loan Act (State Chartered); Credit Union Act (State Chartered); Remote Financial Service Unit Act; Trust Company Act; Collection Agency Regulatory Act; Endowed Care Cemetery Act; Consumer Credit Banking Act; NM Small Loan Act; Motor Vehicle Sales Finance Act; Mortgage Loan Company and Loan Broker Act; Escrow Company Act; and an Act pertaining to the issuing of money orders.
Consumer protection is the underlying purpose of the acts used to regulate over 4,000 financial institutions overseen by the Division.
Compliance is the primary focus in the administration of the acts related to non-depository industries (trust companies, collection agencies, endowed care cemeteries, small loan companies, motor vehicle sales finance companies, mortgage companies and loan brokers, escrow companies and money order companies).
Safety and soundness are the primary focus in the administration of the acts related to depository institutions (banks, credit unions, savings and loans).
To accomplish these goals the Division works closely with the Federal Deposit Insurance Corporation, the Federal Reserve Banks, the National Credit Union Administration and the Office of Thrift Supervision.
Use the attached link to access more current information on the New Mexico Financial Institutions Division.
http://www.rld.state.nm.us/fid/index.htm
Contact and Location Information
Financial Institutions Division
2550 Cerrillos Road, 3rd Floor,
Santa Fe, NM 87505
Phone: (505) 476-4885
Fax: (505) 476-4670
Complaints
Use the following link to access current information and the necessary forms for filing a complaint.
http://www.rld.state.nm.us/fid/Complaints/complaint.htm
The Financial Institutions Division only mediates complaints regarding its licensees.
Below you will find the contact information necessary to get more information or file a complaint concerning other Financial Institutions that do not fall under the Financial Institutions Division. Also, included is contact information for agencies that provide other financially-related information and regulation.
National Complaints/Assistance Information
National Banks:
Comptroller of the Currency
Consumer Assistance Group
1301 McKinney Street, Suite 37101
Houston, TX 77010
Consumer Hotline 1-800-613-7643
Failed Thrift Institutions (Savings and Loans):
Federal Deposit Insurance Corporation Ombudsman
Phone: 1-800-568-9161
Federal Credit Unions:
National Credit Union Administration
1230 W. Washington Street, Suite 301
Tempe, AZ
Phone: (602)302-6000
Laws and Regulations
Use the attached link to access information on the laws and regulations the Financial Institutions Division is responsible for enforcing.
http://www.rld.state.nm.us/fid/Rules%20&%20Law/rules-and-law.htm
A sample list of the laws and regulations follows.
- The Banking Act Chapter 58
- Insurance of Bank Deposits
- Merger and Consolidation of Banks
- Organization and Management
- Miscellaneous Loans
- National Housing Act Loans and Obligations
- Consumer Credit Bank Act Ch. 58, Article 1A
- Interstate Bank Acquisition Act Ch. 58, Article 1B
- Interstate Bank Branching Act Ch. 58, Article 1C
- Interstate Depository Institutions Act Ch. 58, Article 26
- Remote Financial Service Units Ch. 58, Article 16
- Trust Company Act Ch. 58, Article 09
- Home Loan Protection Act - General Provisions 12.15.3 NMAC
- Home Loan Protection Act - High Cost Loans: Repayment Ability, Financial Ratios and Guidelines 12.15.4 NMAC
- Home Loan Protection Act - Flipping 12.15.5 NMAC
- Home Loan Protection Act - Reasonable Due Diligence Standard for Determining High-Cost Home Loans 12.15.6 NMAC
Entities Regulated
The Financial Institutions Division is responsible for regulating the entities associated with the following acts.
Banking Act (for State Chartered Banks only)
- NM Bank Installment Loan Act
- Savings and Loan Act (State Chartered); Credit Union Act (State Chartered)
- Remote Financial Service Unit Act
- Trust Company Act; Collection Agency Regulatory Act
- Endowed Care Cemetery Act
- Consumer Credit Banking Act
- NM Small Loan Act
- Motor Vehicle Sales Finance Act
- Mortgage Loan Company and Loan Broker Act
- Escrow Company Act
- Act pertaining to the issuing of money orders
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT.
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