New Mexico § 58-16-2 Purpose of act

New Mexico Statutes

§ 58-16-2 — Purpose of act

New Mexico § 58-16-2

Ch. 58Financial Institutions and Regulations

Art. 16Remote Financial Service Units

This text of New Mexico § 58-16-2 (Purpose of act) 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.

Bluebook

N.M. Stat. Ann. § 58-16-2 (2026).

Text

The purposes of the Remote Financial Service Unit Act are: A. to provide greater convenience for the consumer by authorizing financial institutions and merchants to offer certain financial services in convenient ways and locations; B. to enable the use of remote financial service units at business locations for purposes of authorizing debit and certain credit transactions and verifying or guaranteeing payment of negotiable instruments or nonnegotiable share drafts to reduce the loss exposure of businesses; C. to permit certain electronic transfers of funds to reduce the number of negotiable instruments processed and relieve the burden on the overall clearinghouse system; D. to permit financial institutions and merchants to share the use of remote financial service units through networks; a

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The purposes of the Remote Financial Service Unit Act are: A. to provide greater convenience for the consumer by authorizing financial institutions and merchants to offer certain financial services in convenient ways and locations; B. to enable the use of remote financial service units at business locations for purposes of authorizing debit and certain credit transactions and verifying or guaranteeing payment of negotiable instruments or nonnegotiable share drafts to reduce the loss exposure of businesses; C. to permit certain electronic transfers of funds to reduce the number of negotiable instruments processed and relieve the burden on the overall clearinghouse system; D. to permit financial institutions and merchants to share the use of remote financial service units through networks; and E. to maintain equal competitive opportunities for merchants and for financial institutions.