This text of New Mexico § 27-1-13 (Financial institution data matches) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
A. "Financial institution" means:
(1)a depository institution, as defined in Section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)); (2)an institution-affiliated party, as defined in Section 3(u) of that act (12 U.S.C. 1813(u)); (3)any federal credit union or state credit union, as defined in Section 101 of the Federal Credit Union Act (12 U.S.C. 1752), including an institution-affiliated party of such a credit union, as defined in Section 206(r) of that act (12 U.S.C. 1786(r)); and (4) any benefit association, insurance company, safe deposit company, money-market mutual fund or similar entity authorized to do business in the state. B. "Account" means a demand deposit account, checking or negotiable withdrawal order account, savings account, time deposit account or money- Free access — add to your briefcase to read the full text and ask questions with AI
A. "Financial institution" means: (1) a depository institution, as defined in Section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)); (2) an institution-affiliated party, as defined in Section 3(u) of that act (12 U.S.C. 1813(u)); (3) any federal credit union or state credit union, as defined in Section 101 of the Federal Credit Union Act (12 U.S.C. 1752), including an institution-affiliated party of such a credit union, as defined in Section 206(r) of that act (12 U.S.C. 1786(r)); and (4) any benefit association, insurance company, safe deposit company, money-market mutual fund or similar entity authorized to do business in the state. B. "Account" means a demand deposit account, checking or negotiable withdrawal order account, savings account, time deposit account or money-market mutual fund account. C. "Past-due support" means the amount of support determined under a court order or an order of an administrative process established under state law for support and maintenance of a child or of a child and the parent with whom the child is living that has not been paid. D. The health care authority, acting as the state's child support enforcement agency pursuant to Title 4-D of the Social Security Act, shall enter into agreements with financial institutions doing business in the state to develop and operate, in coordination with such financial institutions, a data match system to be operational by October 1, 2000, using automated data exchanges to the maximum extent feasible, in which each such financial institution is required to provide the information. E. The health care authority shall establish standard procedures and formats for the financial institutions. Such procedures shall include administrative due process for child support obligors before funds or assets may be seized by the health care authority. F. Each financial institution in New Mexico shall provide to the health care authority for each calendar quarter the name, record address, social security number or other taxpayer identification number and other identifying information for each noncustodial parent who maintains an account at such institution and who owes past-due support, as identified by the authority, by name and social security number or other taxpayer identification number. G. Upon receipt of a notice of lien or levy from the health care authority, financial institutions shall encumber and surrender assets held by the institution on behalf of any noncustodial parent who is subject to a child support lien. H. The health care authority may establish and pay a reasonable fee to a financial institution for conducting the data match provided for in this section, not to exceed the actual costs incurred by such financial institutions. I. A financial institution shall not be liable under any state law to any person for disclosing of information to the health care authority under this section or for freezing or surrendering any assets held by the financial institution in response to a notice of lien or seizure issued by the authority or for any other action taken in good faith to comply with the requirements of this section. J. A state child support enforcement agency that obtains a financial record of a person from a financial institution may disclose the financial record only for the purpose of, and to the extent necessary in, establishing, modifying or enforcing a child support obligation of the person.