§ 58-11-5 — Examinations; supervision fees

New Mexico § 58-11-5

• Jurisdiction: New Mexico
• Ch. 58: Financial Institutions and Regulations
• Art. 11: Credit Unions

Text

A. The director shall examine or cause to be examined each credit union. A credit union and any of its board members, executive officers, agents and employees shall give the director or his representatives full access to all books, papers, securities, records and other desired sources of information under their control. B. A copy of the report of any such examination shall be forwarded to the board of directors of the credit union examined within thirty days after completion of the report. The report shall contain comments relative to the management of the affairs of the credit union and its general financial condition. The board of directors shall meet to consider matters contained in the report and shall respond to the director in writing, acknowledging receipt of the report and setting forth corrective measures taken or contemplated with respect to any adverse comments by the examiner. C. In lieu of examination, the director may accept an audit report of the condition of a credit union, conducted by a certified public accountant or other qualified person or firm approved by the director. The cost of the audit shall be borne by the credit union. D. Each credit union shall annually pay to the director a supervision fee in accordance with the following schedule: If the credit union's total assets are — The fee is — Over But Not Over This Amount Plus Per Of Excess Over -0- 49,999 400.00 50,000 100,000 400.00 1.7227 1,000 50,000 100,001 250,000 400.00 1.1021 1,000 100,000 250,001 500,000 400.00 0.9095 1,000 250,000 500,001 1,000,000 575.13 0.5136 1,000 500,000 1,000,001 2,000,000 833.42 0.3959 1,000 1,000,000 2,000,001 5,000,000 1,226.04 0.3470 1,000 2,000,000 5,000,001 20,000,000 2,267.21 0.1800 1,000 5,000,000 20,000,001 50,000,000 4,898.96 0.1680 1,000 20,000,000 50,000,001 100,000,000 9,854.85 0.1551 1,000 50,000,000 100,000,001 17,642.07 0.1423 1,000 100,000,000 The supervision fee shall be calculated as of December 31. The fee shall be paid on or before the March 1 following the asset computation. For failure to pay the supervision fee when due, unless excused for cause by the director, the credit union shall pay to the division fifty dollars ($50.00) for each day of its delinquency. The director may prescribe lower supervision fees by regulation and in determining those fees, he may use criteria other than the total assets of the credit union paying the fee. E. If at any time the director deems it necessary to examine a credit union more than once in any calendar year and if the credit union is determined to have violated the Credit Union Act or other state laws or federal laws or regulations, the credit union shall pay to the director reimbursement of the actual costs of that examination or those examinations.

Legislative History

Laws 1987, ch. 311, § 5; 1989, ch. 209, § 8; 1991, ch. 51, § 3; 1997, ch. 195, §